Pennsylvania Greenlights Bitcoin Payments and Crypto SelfCustody with New Legislation
The Bitcoin Rights Bill, also known as House Bill 2481, has been successfully passed by the Pennsylvania House of Representatives with an overwhelming majority of 176 votes to 26. The bill, introduced by the nonprofit Satoshi Action Fund, aims to provide legal clarity and regulations surrounding the ownership and usage of cryptocurrencies within the state. One of the key provisions of the bill is the ability for residents to have full control over their digital assets by self-custodying their Bitcoin and other cryptocurrencies, eliminating the need for third-party services like exchanges.
Additionally, the bill permits the use of Bitcoin for payments, potentially revolutionizing how businesses and individuals conduct transactions using the digital currency. By allowing individuals to directly own and control their digital assets, the bill empowers them with greater autonomy and eliminates the reliance on centralized authorities.
If the bill is approved by the state Senate, it could signify a growing acceptance and adoption of digital currencies at the state level, while the federal government grapples with the regulation of cryptocurrencies on a national scale. Pennsylvania’s decision to embrace cryptocurrencies aligns with similar efforts in states like Oklahoma and Louisiana, which have already enacted similar laws to promote the use of digital currencies.
In related news, Skyfire, a company focused on building an AI payment network, has successfully raised $9.5 million to further develop its innovative platform.
