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- The state enacts HB 488 to safeguard Bitcoin rights and ban Central Bank Digital Currencies (CBDCs).
- The new law is designed to attract investment and foster economic growth through Bitcoin mining.
According to today’s Forbes update, Louisiana has enacted a bill to protect Bitcoin (BTC) and ban Central Bank Digital Currencies (CBDCs). Governor Jeff Landry signed House Bill 488 into law, with bipartisan support from Representative Mark Wright and Senator Jean-Paul Coussan. This legislation ensures access to Bitcoin while restricting CBDCs.
As highlighted in previous CNF updates, cryptocurrency provides a digital financial system free from government control. Bitcoin, along with Ethereum, Cardano, and Polkadot, has transformed the investment market, enabling investors to diversify their portfolios with innovative tech projects.
Collin Brown, a blockchain researcher, notes that despite their innovation, cryptocurrencies struggle to fit within existing regulatory frameworks. This makes purchasing crypto complex, although resources like the Bitcoin price chart can aid in refining investment strategies.
Protection and Economic Impact
- Protection of Bitcoin Rights: Louisiana’s HB 488 guarantees the right to self-custody digital assets and use Bitcoin for transactions, promoting personal and commercial freedom. It also supports Bitcoin mining in designated industrial areas, aiming to boost the state’s economy.
- Economic Impact: The legislation is expected to attract investment and foster economic growth, leveraging Louisiana’s robust energy production capabilities to become a favorable location for Bitcoin mining operations.
Representative Mark Wright emphasized the importance of creating a welcoming economic environment for blockchain technology and digital assets, highlighting that Louisiana’s regulatory clarity will drive investment, jobs, and economic freedom.
Broader National Trend
Louisiana joins other states like Oklahoma, Georgia, and Kentucky in passing similar laws, reflecting a growing national trend to protect Bitcoin rights. This movement, led by the Satoshi Action Fund, is shaping state-level policies that could influence federal legislation.
Dennis Porter, CEO of the Satoshi Action Fund, praised Louisiana’s efforts, seeing them as a blueprint for national adoption. In his tweet, Porter noted the importance of state-level initiatives in shaping federal policy.
MASSIVE BREAKING: Bill to defend ‘#Bitcoin Rights’ and ban CBDCs passes into law.
🚨Satoshi Action Passes 4th law to defend #Bitcoin Rights in the USA.🚨
Louisiana joins Oklahoma, Montana, & Arkansas in setting pro-#Bitcoin policy blue print for the nation. 🇺🇸 pic.twitter.com/8NGaMtcW1U
— Dennis Porter (@Dennis_Porter_) June 24, 2024
By securing Bitcoin rights and resisting CBDCs, Louisiana sets a precedent for other states, positioning itself at the forefront of the digital financial revolution. At the time of writing, Bitcoin (BTC) trades at $60,317.28, with a decrease of 4.60% in the past day and 7.81% in the past week. See the BTC price chart below.
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