The post Louisiana passes Blockchain Basics Act, banning CBDC and protecting miners appeared on BitcoinEthereumNews.com.

Louisiana has become the latest American state to pass the Blockchain Basics Act, a law that protects digital asset owners and miners while banning the future use of a digital dollar. The Act received bipartisan support in the House and the Senate before being forwarded to Governor Jeff Landry, who signed it into law. It takes effect in August. Louisiana joins a growing list of states that have adopted versions of the Act, whose original draft was heavily influenced by the industry lobby group Satoshi Action Fund. This year, South Carolina, Ohio, and Mississippi kickstarted campaigns to pass the Act. Oklahoma, Arkansas and Montana have already passed the bill. Louisiana’s version of the bill sets out some key provisions, among them a right for residents to self-custody their digital assets. It also guarantees their right to spend digital assets for payments without any additional legal requirements or barriers. Like the other states, Louisiana also seeks to protect block reward miners. This includes allowing home mining as long as the miner observes existing laws, such as noise ordinances. Miners must also not be subjected to extra requirements that don’t apply to operators of ordinary data centers. However, the law clamps down on foreign firms seeking to set up mining operations in the state. Louisiana has the third-lowest energy prices in the U.S. Once the law takes effect in a month, foreign-owned mining facilities will have one year to divest or shut down, or risk fines of up to $1 million. Louisiana, North Carolina join anti-CBDC movement The Blockchain Basics Act has consistently opposed CBDCs. In Louisiana, the law prohibits any governing authority from participating in any CBDC test and urges the state “not to support legislation, or other efforts, relating to the adoption of a central bank digital currency in the…

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Filed under: News - @ July 1, 2024 1:22 pm