Pennsylvania’s House of Representative is passing a new bi-partisan crypto bill that protects the self-custody rights of customers, establishes Bitcoin (BTC) as a valid payment method, and provides clear guidelines on how BTC transactions should be taxed.
According to new documents, Pennsylvania’s House passed the bill – known as the “Bitcoin Rights bill” – earlier this week with the backing of both Democrats and Republicans, meaning it’s now on its way to the Senate floor for further consideration.
“The Commonwealth or a municipality may not prohibit, restrict or otherwise impair the ability of an individual or business to do either of the following:
1) Accept digital assets as a method of payment for legal goods and services. 2) Maintain self-custody of a digital asset using a self-hosted wallet or hardware wallet…
The Commonwealth or a municipality may not impose an additional tax, withholding, assessment or charge on a digit asset that is based solely on the use of the digital asset as a method of payment to purchase legal goods or services.”
The bill further establishes that the government may operate a node – or a computational device that contains and updates a copy of a blockchain – for numerous purposes, including the transferring of digital assets.
“It shall be lawful in this Commonwealth to operate a node for any of the following purposes:
1) Connecting to a blockchain protocol or a protocol built on top of a blockchain protocol. 2) Transferring a digital asset on a blockchain protocol.”
The bill was originally drafted by the Satoshi Action Fund (SAF), a BTC advocate group that has helped numerous other states create crypto-related laws.
Bitcoin is trading for $67,687 at time of writing, a marginal increase during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The…
Click Here to Read the Full Original Article at Bitcoin News – The Daily Hodl…
