Bitcoin: Louisiana Passes Bill Defending BTC, Banning CBDC

Joshua Ramos
Source: Watcher.Guru

The state of Louisiana has officially passed a Bitcoin bill defending the rights of BTC holders. Moreover, House Bill 488 bans the creation of the central bank digital currency (CBDC) and was signed into law by Governor Jeff Landry at the start of the week.

The legislation had previously received bipartisan support from the House and Senate. Moreover, it is led by both Louisiana State Representative Mark Wright and Senator Jean-Paul Coussan. Along with its protection of BTC rights, it also integrates restrictions on the creation of federal-government-created digital assets.

Also Read: Mt. Gox Announces Bitcoin, Bitcoin Cash Payouts Next Month

Louisiana Signs Pro-Bitcoin Bill That Threatens CBDC

Throughout the year so far, Bitcoin has dominated discussions in the finance sector. It was the first crypto-based ETF to be approved in the United States, with 11 products going live in January. The asset surged to an all-time high price of $73,000 in March, with Ethereum receiving similar ETF approval just a few months later.

Now, Louisiana has passed a bill to defend Bitcoin and restrict a CBDC in the state. The bill addresses several important points of protection for its citizens.Those include the right to self-custody, in which Bill 488 ensures any person can hold their own cryptocurrency security. Additionally, it ensures Louisiana citizens can both spend and accept the digital asset as a unit of currency without integrating any legal obstacles to the transactions.

Also Read: Bitcoin Holders In Profit At 89%: Pepe, Dogecoin Fall Back

The legislation also protects Bitcoin mining. Donald Trump recently made BTC mining a part of his presidential campaign. He professed his hope to have all Bitcoin made in the US. This aspect of the bill has many lawmakers hopeful to attract new businesses and investment in the digital asset sector.

The news surfaced as Bitcoin has fallen to $61,000 to start the week. Over the last 24 hours, it has fallen more than 4% according to CoinMarketCap. That continues a 30-day decline in its price.