Louisiana Passes Law to Protect Bitcoin (BTC) and Ban CBDCs

• State implements HB 488 to safeguard Bitcoin rights and ban central bank digital currencies (CBDCs).
• The new law is designed to attract investment and promote economic growth through Bitcoin mining.

According to today’s update from Forbes, Louisiana has passed a bill to protect Bitcoin (BTC) and ban central bank digital currencies (CBDC). Governor Jeff Landry signed House Bill 488 into law, with bipartisan support from Representative Mark Wright and Senator Jean-Paul Coussan. This legislation ensures access to Bitcoin while limiting CBDCs.

As highlighted in previous CNF updates, cryptocurrency provides a digital financial system free from government control. Bitcoin, together with Ethereum, Cardano and Polkadot, has transformed the investment market, allowing investors to diversify their portfolios with innovative technology projects.

Protection and economic impact

1. Bitcoin Rights Protection: Louisiana’s HB 488 guarantees the right to self-custody digital assets and use Bitcoin for transactions, promoting personal and commercial freedom. It also supports Bitcoin mining in designated industrial areas, with the aim of boosting the state’s economy.
2. Economic impact: The legislation is expected to attract investment and foster economic growth by leveraging Louisiana’s strong energy production capabilities to become a favorable location for Bitcoin mining operations.
   Representative Mark Wright highlighted the importance of creating a welcoming economic environment for blockchain technology and digital assets, noting that Louisiana’s regulatory clarity will drive investment, jobs and economic freedom.

Broader national trend

Louisiana joins other states such as Oklahoma, Georgia and Kentucky in passing similar laws, reflecting a growing national trend to protect Bitcoin rights. This movement, led by the Satoshi Action Fund, is shaping state-level policies that could influence federal legislation.

Dennis Porter, CEO of the Satoshi Action Fund, praised Louisiana’s efforts, seeing them as a model for national adoption. In his tweetPorter emphasized the importance of state-level initiatives in shaping federal policy.

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Assuring Bitcoin rights and by resisting CBDCs, Louisiana sets a precedent for other states, positioning itself at the forefront of the digital financial revolution. At the time of writing, Bitcoin (BTC) is trading at $60,317.28with a decrease in 4.60% in the past day and 7.81% in the past week. See BTC price chart under.

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