The Louisiana State House of Representatives in the United States passed a bill this week that praises the cryptocurrency industry and Bitcoin to become “the first trillion-dollar decentralized asset” and encourages the state and local government to use cryptocurrency.
The resolution passed on April 22 with the title “Praises Bitcoin and the cryptocurrency industry”, was written and signed by the Speaker of the House of Representatives, Mark Wright, a Bitcoin defender who is leading efforts to establish a legal stance for cryptocurrency-related businesses in the state.
Given the decentralized nature of cryptocurrencies, it’s not every day that you see a government praising Bitcoin or its anonymous creator. The Louisiana government is the youngest to recognize digital currency and Satoshi Nakamoto for his work in creating “economic prosperity.”
“IT IS FURTHER SOLVED that the Louisiana House of Representatives commends Bitcoin for its success in becoming the first trillion-dollar decentralized asset and encourages state and local governments to consider ways that can help them benefit from the increased use of this new technology. ”
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Another section of the resolution highlights the security of the Bitcoin consensus model and the potential of the cryptocurrency to “replace gold as a monetary reserve” since only 21 million bitcoins can be created.
The project also notes that “as demand for cryptocurrencies increases, like Bitcoin, there is also a greater need for community currencies, which help to facilitate local transactions or exchanges within groups with common needs”.
Although the movement appears to be led only by Representative Mark Wright, it is not the first time that a government has praised Satoshi Nakamoto’s invention.
In addition to Louisiana, other states that have a positive position on Bitcoin are Wyoming, Kentucky, Miami, and Jackson.
Clearly, the digital currency has come a long way in recent years. Governments and institutions around the world are mostly against it, but some have come to regard cryptocurrency as a storehouse of value and as a protection against inflation.
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