New Bill Protects Bitcoin Access In Louisiana

Bitcoin, the leading financial sector crypto asset, is set to gain even more recognition as Louisiana enacts a historic law

The esteemed state of Louisiana has proclaimed a landmark law that will enshrine Bitcoin access while outlawing the use of Central Bank Digital Currencies (CBDCs). The honorable bill, which was approved by the Louisiana Legislature and signed into law by Governor John Bel Edwards on Monday, upholds the state's residents' right to own and use Bitcoin. It also marks the auspicious first time that a state has taken legislative action to safeguard cryptocurrency access. The law, which is officially known as House Bill 488, states that “no individuals shall be prohibited from engaging in any transaction using bitcoin, and no state agencies shall restrict the use of bitcoin in any transaction.” The bill also defines Bitcoin as “a decentralized digital currency, without a central bank or single administrator, that can be transmitted from user to user on the peer-to-peer bitcoin network without the need of intermediaries.” In addition to protecting Bitcoin access, the law also explicitly forbids the issuance or use of CBDCs within the state. This provision is likely a response to the growing interest in CBDCs among central banks around the world. While CBDCs have been touted as a way to enhance efficiency and financial inclusion, critics have raised concerns about their potential impact on financial freedom, privacy, and political control. By taking a stand against CBDCs, Louisiana is demonstrating its commitment to a less regulated and more transparent financial system, and highlighting the benefits of decentralized assets like Bitcoin. The law is a significant victory for cryptocurrency advocates in Louisiana, and it is expected to have a positive impact on the state's economy and overall crypto landscape. It is also likely to serve as a model for other states that are considering taking similar action.

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