Why Louisiana's Blockchain Basics Act Is A Game Changer

Cryptocurrencies have been in and out of the news for years now, either getting people rich, maybe people losing investments, and lots of talk about regulations. Well, a bill has received support from Shreveport's Representative Tammy Phelps as well local Senators Sam Jenkins Jr. and Thomas Pressly. HB 488, Louisiana's Blockchain Basics Act, was just signed into law by Governor Jeff Landry. Louisiana is now the second state to pass a law like this, after Oklahoma did so back in May.

The Blockchain Basics Act may be attractive for investors interested in the world of the Blockchain, and hopefully brining an economic boost to the state. The meat of the bill works to give legal definitions to crypto and blockchain terminologies. The bill gives specific protections and freedoms to cryptocurrencies, guarantying the right to let Louisianians and state businesses to spend and accept bitcoin without legal barriers.

Not only does the bill protect the transaction of cryptocurrency, but it ensures the right for individuals to hold their own stake in crypto. The biggest news for possible business in the state is that the act has provided legal acknowledgement for the establishment of digital mining businesses in the state. In addition to the provisions for business the law protects the right to own and operate a "node" to connect and mine cryptocurrencies on the blockchain.

Possibly the most exciting for those who've been interested in maybe doing some crypto mining in home, the Blockchain Basics Act protects individuals from being forced into a state security or investment contract for the use of personal home crypto mining.