The State of Louisiana has formulated pro-crypto legislation seeking to ban central bank digital currencies (CBDCs) while supporting Bitcoin mining.
This new legislation, dubbed the Blockchain Basics Act, will be enacted in August 2024. It offers clear definitions of node operators while supporting Bitcoin mining activities.
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
The act further protects the right to self-custody, ensuring individuals can hold digital assets. It also seeks to ensure that individuals and businesses can accept and spend Bitcoin legally.
Representative Mark Wright, who sponsored the legislation, noted that it will “pave the way in Louisiana for the changes and economic opportunities we will see from blockchain technology and digital assets.”
Louisiana Bans CBDCs
This amendment also includes a provision banning CBDCs in the state. It prohibits the state government from engaging in CBDC testing or accepting payments using a CBDC.
However, it does not impose a ban on other digital currencies. According to Wright, the goal was to ensure digital assets were protected and legally recognized.
Louisiana’s ban on CBDCs follows similar actions by states like Florida and North Carolina. CBDCs have also become a crucial topic in the ongoing US Presidential elections, with former US President Donald Trump saying a digital dollar was a “dangerous threat to freedom.”
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