Montana has ratified legislation that protects the right to mine bitcoin, a win for sound money in the midwestern state.
The Montana legislature has passed a bill that protects the right to mine bitcoin, among other provisions. The bill is designed to give Bitcoin miners the right to mine “without being subjected to undue discrimination or requirements.”
Bitcoin mining has faced difficulty with regulations at the state and local level before, so this bill provides legal certainty for the industry. Montana is among the first states to provide legal protection for bitcoin mining.
The new legislation would also prohibit discriminatory digital asset mining utility rates, prohibit local government powers related to digital asset mining, and prohibit specific taxation on the use of cryptocurrency as a payment method.
Additionally, the bill provides for digital assets as personal property. According to the bill, the Montana Public Service Commission may not establish a rate classification for digital asset mining, digital asset mining businesses or home digital asset mining that creates unduly discriminatory rates. The bill also states that digital assets used as a method of payment may not be subject to additional taxation or charges by the state or local government.
The bill would help Montana's economy by giving legal certainty to the digital asset mining industry, encouraging investment in Montana, and attracting new businesses to the state. The bill also helps to ensure the stability of Montana's power grid.
Source: Bitcoin Magazine - Bitcoin News, Articles and Expert Insights