The state of Louisiana has officially passed a Bitcoin bill that protects the rights of BTC holders. House Bill 488 prohibits the creation of a central bank digital currency (CBDC) and was signed into law by Governor Jeff Landry earlier this week.
The legislation previously received bipartisan support from the House and Senate. Furthermore, it is led by both Louisiana Representative Mark Wright and Senator Jean-Paul Coussan. Along with protecting BTC rights, it also incorporates restrictions on the creation of digital assets created by the federal government.
Louisiana signs pro-Bitcoin bill that threatens CBDCs
Throughout this year, Bitcoin has dominated discussions in the financial sector. It is the first cryptocurrency-based ETF approved in the United States, with 11 products launching in January. The asset rose to an all-time high price of $73,000 in March, with Ethereum received similar ETF approval just a few months later.
Currently, Louisiana has passed a bill protecting Bitcoin and restricting CBDCs in the state. The bill addresses several important points of protection for its citizens. Those include self-custodianship, where Bill 488 ensures anyone can hold their own cryptocurrency security. Additionally, it ensures Louisiana citizens can both spend and accept digital assets as a currency without facing any legal impediments to transactions.
The law also protects Bitcoin mining activities. Donald Trump recently made BTC mining a part of his presidential campaign. He claims he hopes to have all Bitcoin produced in the US. This aspect of the bill has many lawmakers hoping to attract new businesses and investments to the digital assets sector.
The news emerged as Bitcoin fell to $61,000 earlier in the week. In the past 24 hours, it has dropped more than 4%. CoinMarketCap . That continued its price decline for 30 days.
