Blockchain
Louisiana signs bill to ban CBDCs, protect right to self-custody and mine crypto
Louisiana Governor Jeff Landry signed a significant bill, HB 488, on June 19, which sets forth comprehensive regulations to prohibit central bank digital currencies (CBDCs) and protect cryptocurrency mining activities within the state. This legislative action is a crucial step in defining the state’s stance on digital currencies and mining practices.
Key Provisions of HB 488
Prohibition of CBDCs
The bill explicitly prevents governing authorities from accepting or mandating payments in CBDCs. It also restricts participation in any CBDC pilot programs or tests conducted by the Federal Reserve Board of Governors or other federal entities. This prohibition reflects a clear stance against the integration of federally controlled digital currencies into the state’s financial systems.
Crypto Acceptance and Self-Custody Rights
HB 488 guarantees that individuals and businesses have the right to:
Accept cryptocurrencies for legal goods and services.
Self-custody cryptocurrencies in non-custodial and hardware wallets.
This provision ensures that residents can freely use and manage cryptocurrencies without external interference.
Crypto Mining and Node Operation
The bill outlines specific rules for crypto mining and node operations:
Home Crypto Mining: Protected as long as it adheres to local noise ordinances.
Commercial Crypto Mining: Permitted in industrial-zoned areas, provided it complies with all relevant ordinances.
Operating a node to connect to a blockchain protocol, transferring crypto on the protocol, and staking on the protocol are all declared legal under the new law. These measures promote the growth of blockchain activities while ensuring they are conducted responsibly.
Regulatory and Security Measures
Louisiana’s attorney general is empowered to act against fraud and other violations related to mining and staking services. Additionally, participants in these activities must comply with federal and state securities laws. This enforcement capability is designed to safeguard the integrity of the state’s crypto ecosystem.
Restrictions on Foreign Control
The bill prohibits foreign entities from controlling digital mining businesses and mandates existing foreign-controlled businesses to divest by August 2025. Non-compliance could result in civil penalties up to $1 million or 25% of the foreign party’s interest in the business, ensuring that control of mining activities remains within acceptable regulatory boundaries.
Implementation Timeline
The bill amends existing state law and will come into effect on August 1.
Broader Legislative Context
Louisiana is not alone in its legislative efforts concerning cryptocurrency:
Oklahoma: Passed a bill in May to protect crypto miners and the self-custody of crypto.
Montana: Enacted a law banning local governments from prohibiting crypto mining.
Arkansas: Imposed and permitted restrictions on crypto mining through recent legislation.
Moreover, several states are considering laws addressing CBDCs. As of February, 11 states had pending legislation to either block state acceptance of CBDCs, reject CBDCs as legal tender, or prohibit participation in federal CBDC trials.
Federal Developments
On the federal level, the US House of Representatives passed a bill to prevent the Federal Reserve from creating and issuing a CBDC without Congressional approval. The bill is currently awaiting consideration by the Senate.
Louisiana’s HB 488 represents a robust regulatory framework aimed at fostering a favorable environment for cryptocurrency usage and mining while safeguarding against federal overreach through CBDCs. As states continue to navigate the evolving landscape of digital currencies, Louisiana’s proactive measures may serve as a model for balancing innovation with regulatory oversight.
Source: cryptoslate.com
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Blockchain
India Electronic Contract Services Market to Worth Over US$ 624.33 Million By 2033 | eSignature Demand Among Financial Institutes to Remain High Says Astute Analytica
Blockchain
UNICC and ShelterZoom Developed a Secure Document Tracking and E-Signature Solution for the UN System
The United Nations International Computing Center (UNICC) and ShelterZoom are pleased to announce a new innovative blockchain-based solution for controlling and protecting the digital data of UN entities and other international organizations. As the largest strategic partner for digital solutions and cybersecurity within the UN system, UNICC has partnered with ShelterZoom, a leading data and content protection and ownership SaaS company behind innovations such as Document Token® technology and Document GPS®.
Building upon the 50 years of experienced innovation from the UNICC, the two organizations collaborated on a transformational undertaking offering robust protection and promising increased productivity for document tracking and management. ShelterZoom will contribute its proprietary document tokenization technology, along with its data protection, document tracking and e-signature solutions to deliver a white-labeled platform, giving member organizations a greater level of governance over their content. Using ShelterZoom’s flagship proprietary Single Source Of Truth® technology, the solution provides a means for each file to be protected individually without changing user normal habits instead of having to rely solely on protecting files at the database level. This ‘singularity and control’ is a new era in cybersecurity and document management, which has never been seen before at this level of seamless integration with existing tools.
“The synergy between what we deliver and the goals of the United Nations are a perfect match for Single Source Of Truth,” said Chao Cheng-Shorland, CEO and Cofounder of ShelterZoom. “We have said from the beginning that it is time to think about cybersecurity in a completely new way and in doing so we have created a solution to address other operational pain points while simultaneously solving one of the biggest challenges facing the global population today. The UN is at the frontlines of changing the world for the better and its forward-thinking approach to using technology to address fundamental issues is critical in improving livelihoods for all.”
ShelterZoom solutions have already been in use across dozens of industries and with this new commercial partnership, they can now extend their usefulness to the UN family and other international organizations. The revolutionary method for complete document tracking with built-in productivity tools, such as digital signatures and a market-first method for organizing files inside email, is an all-in-one solution built for a global workforce. The Single Source of Truth model has the added benefit of decreasing the carbon footprint created by excessive digital waste, further supporting the sustainability goals of the United Nations.
“The need for robust cybersecurity and data protection has never been greater,” said Sameer Chauhan, Director of UNICC. “By working together with ShelterZoom, we have developed a cutting-edge tool tailored to the needs of the UN family. Our unwavering commitment to providing best-in-class solutions ensures we continue to support the digital transformation and modernization of the UN system and other international organizations.”
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