The state of Louisiana has taken a significant step in recognizing and legitimizing the use of Bitcoin by passing a new bill. Led by Representative Mark Wright and backed by Senator Jean-Paul Coussan, this legislation aims to protect the rights of Bitcoin users while curbing the influence of Central Bank Digital Currency (CBDC).

Key Provisions of HB 488:

1. Right to Self-Custody: The bill ensures that individuals can securely hold their own digital assets, granting them the right to self-custody.
2. Freedom to Transact with Bitcoin: Individuals and businesses in Louisiana can now spend and accept Bitcoin without additional legal barriers.
3. Support for Bitcoin Mining: The law encourages Bitcoin mining in industrial areas, aiming to stimulate economic development by attracting businesses and investments.

Pushback Against CBDCs:

This move by Louisiana represents a pushback against the growing influence of CBDCs, which some fear could undermine the decentralized nature of cryptocurrencies. By safeguarding Bitcoin usage rights, the state is fostering an environment that encourages adoption and potential growth in the digital currency sector.

Reference:

https://www.binance.com/en/square/post/2024-06-24-louisiana-passes-bitcoin-bill-to-safeguard-usage-rights-and-limit-central-bank-digital-currency-9902757983530