According to Odaily, the state of Louisiana has passed a Bitcoin bill aimed at protecting the rights of Bitcoin users and curbing the influence of Central Bank Digital Currency (CBDC). The legislation, led by Representative Mark Wright and backed by Senator Jean-Paul Coussan, seeks to ensure the continued right to use Bitcoin while imposing restrictions on CBDC.
The main provisions of HB 488, the new law, offer several key protections for Bitcoin holders and miners. Firstly, it ensures the right to self-custody, guaranteeing individuals can securely hold their own digital assets. Secondly, it guarantees the freedom to transact using Bitcoin, allowing individuals and businesses to spend and accept Bitcoin without additional legal barriers. Lastly, the law supports Bitcoin mining in industrial areas, aiming to stimulate Louisiana's economic development by attracting businesses and investments.
This move by Louisiana is a significant step in recognizing and legitimizing the use of Bitcoin and other digital currencies. It also represents a pushback against the growing influence of CBDCs, which some fear could undermine the decentralized nature of cryptocurrencies. The protections offered by the law could encourage more individuals and businesses to adopt Bitcoin, potentially driving further growth in the digital currency sector.