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Kentucky Governor Signs Bitcoin Rights Bill into Law
In a significant move, Kentucky Governor Andy Beshear has signed into law House Bill 701, also known as “An Act relating to blockchain digital assets.” This legislation provides legal protections for crypto use and self-hosted wallets in the state.
The newly enacted law includes amendments that exempt certain blockchain operations from stringent money transmission and securities regulations. This development is expected to boost the state’s digital infrastructure by allowing individuals to control their cryptocurrency without external interference.
Moreover, the bill will prevent discriminatory taxation of digital asset transactions, ensuring that users are treated fairly compared to traditional payment methods.
It remains to be seen how this legislation will shape Kentucky’s economic landscape in the long run. One thing is certain – it signals a significant shift towards embracing the decentralized nature of cryptocurrencies and blockchain technology.
The law’s passage has also sparked discussions about potential Bitcoin reserves and strategic investments by states.
Source: https://blockonomi.com/kentucky-governor-signs-bitcoin-rights-bill-into-law/
