Bank

2024

Bitcoin

Louisiana has enacted new legislation aimed at banning the use of Central Bank Digital Currencies (CBDCs) while bolstering protections for Bitcoin users and miners.&nbsp; 
Effective August 2024, the Blockchain Basics Act prohibits the state from participating in CBDC trials and prohibits the acceptance or requirement of CBDC payments.&nbsp; 
The Bitcoin-enabling legislation is sponsored by State Representative Mark Wright and backed by State Senator Jean-Paul Coussan, and it brings about considerable measures to protect Bitcoin in the region of Louisiana. It guarantees individuals’ ability to safely store their assets in wallets and enhance their financial autonomy and freedom in transactions by enabling Bitcoin transactions without new regulations. 
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 MASSIVE BREAKING: Bill to defend ‘<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> Rights’ and ban CBDCs passes into law. 🚨Satoshi Action Passes 4th law to defend <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> Rights in the USA.🚨 Louisiana joins Oklahoma, Montana, &amp; Arkansas in setting pro-<a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> policy blue print for the nation. 🇺🇸 <a href="https://t.co/8NGaMtcW1U" target="_blank">pic.twitter.com/8NGaMtcW1U</a>— Dennis Porter (@Dennis_Porter_) <a href="https://twitter.com/Dennis_Porter_/status/1805209521519767945?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 24, 2024</a>
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In addition to its stance on CBDCs, Louisiana’s legislative <a href="https://legiscan.com/LA/text/HB488/id/3006883" target="_blank" rel="noopener">updates</a> also impose strict regulations on foreign-owned digital asset mining operations. Foreign entities currently engaged in such activities have until August 2025 to divest fully from their Louisiana operations or face penalties that can reach up to $1 million or 25% of their stake in the mining venture.&nbsp; 
The law dictates the intermediation of node operators by guaranteeing that the transaction will be confirmed and correct, all the time having no control over the user’s transactions. 
House Bill 488 which was recently passed in Louisiana shows the state approaching the regulation of digital currency by supporting decentralized cryptocurrencies like Bitcoin while creating limitations for centrally controlled digital currencies. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/06/25/pompliano-says-ai-hype-diverts-focus-from-bitcoin/">Pompliano Says AI Hype Diverts Focus from Bitcoin</a> 
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Louisiana Bans CBDCs and Protects BTC Rights with Legislation

The Crypto Times

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