The US state of Louisiana has enacted a bill to protect the Bitcoin right of its citizens, which includes the freedom to use, store, custody, and mine BTC. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
New Louisiana Law Protects Bitcoin Rights
📍The governor of the state of Louisiana has signed a bill favorable to Bitcoin and cryptocurrencies. Bill #488 received the signature of Governor Jeff Landry on June 19, establishing a precedent to defend the right of citizens to use and mine bitcoins within the state.
Under this state bill, citizens have the right to legally conduct or accept cryptocurrency transactions as payment methods for goods, products, and services in the state.
Likewise, the law highlights that citizens have the right to operate a full blockchain node to carry out transactions within the network and to mine cryptocurrencies such as Bitcoin domestically and industrially, as long as the corresponding noise ordinances are complied with. The bill also highlights the right of citizens to store and custody their cryptocurrencies and digital assets in self-custody wallets.
On the other hand, the bill in question prohibits the use of central bank digital currencies, known as CBDCs. According to the regulation, Louisiana government authorities will not participate in the pilot testing of a CBDC or require payments with these digital currencies. This is in case the Federal Reserve (FED) develops a digital dollar.
The crypto market attentive to the release of bitcoins from Mt. Gox
📍Bitcoin price corrected 5% after the announcement published by Mt. Gox, which plans to start repayments to creditors next week. However, despite the tension that the news has generated among those who fear a strong correction due to the release of thousands of bitcoins that will flood the market, and the strong selling pressure that this could cause in the BTC price, Galaxy analyst Alex Thorn believes that the impact will be less severe than expected and that the cryptocurrency could remain at key support levels.
The analyst believes that Mt. Gox's creditors, mostly early Bitcoin investors, may not sell their bitcoins en masse as the market expects. Thorn believes that many of these investors are likely to choose to hold their BTC for the long term, once they are repaid by the failed exchange platform, which collapsed in 2014.
To support this possibility, the analyst highlighted how Mt.Gox creditors resisted for years receiving payments in dollars from the platform. This, according to Thorn, shows that investors want their cryptocurrencies back.
Polkadot, next stablecoin leader
📍Polkadot developers have put forward a governance proposal to increase stablecoin user activity on-chain. The proposal seeks to reduce the minimum balance of stablecoins on AssetHub, reduce commission rates by a factor of 10 and minimize block times to be less than one second.
The above, according to the developers, will increase the attractiveness of Polkadot for stablecoin users and will help the chain to better position itself in the blockchain ecosystem.
“Together with super apps like Telenova, these could make AssetHub (and therefore Polkadot) the home of cheap, fast and, most importantly, stable and reliable stablecoin transfers,” reads the proposal. At the same time, Polkadot will be able to become a more powerful and better positioned blockchain ecosystem to build.
To date, the governance proposal It has the full support of the crypto community.
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