The bill designating digital assets as “personal property” passed its third reading in the Montana House of Representatives.
The bill, which also aims to encourage operations by local cryptocurrency miners, must receive the green light from state governor Greg Gianforte to become official.
One step closer
After receiving Senate approval at the end of February, bill number 178 recently approved Montana House of Representatives with 64 votes in favor and 35 against. The fourth and last step before becoming official is the signature of Governor Greg Gianforte.
It is worth mentioning that the politician and state senator Daniel Zolnikov (sponsor of the legislation) are both part of the Republican Party.
The bill aims to ban taxes on crypto transactions when they are used as a means of payment. It also classifies digital assets (including stablecoins and NFTs) as “personal property.”
Another goal of the eventual Montana legislation is to ban any discriminatory energy fees charged to crypto miners. Such companies operating within state borders will receive certain benefits and reduced control imposed by government agencies.
“The state of Montana wants to protect the right of individuals and businesses to mine 16 digital assets and create legal certainty for the digital asset mining industry. Digital asset mining has the potential to stabilize the grid and provide revenue for 18 infrastructure upgrades across the state,” the document read.
Which US states are marching towards cryptocurrencies?
Texas, which has become the crypto mining hub of the US, is one of the friendly places. The state’s vast area, favorable weather conditions, and relatively low cost of electricity have attracted numerous industry players to settle there. As CryptoPotato reported In the summer of 2021, some Chinese miners considered Texas as their next possible destination after a complete ban on all cryptocurrency operations.
Additionally, junior United States Senator from Texas, Ted Cruz, is an outspoken proponent of bitcoin, arguing it provides financial freedom to people because governments cannot control it.
Arizona is another region where BTC could thrive. State Senator Wendy Rogers proposed a bill from last year that seeks to convert the asset into an official means of payment. The politician has previously shown intentions to turn the Grand Canyon state into “cryptocurrency friendly” territory.
Florida also finds a spot on that list. Governor Rob DeSantis saying by the end of 2021 that national authorities should allow companies to pay their state fees in digital assets instead of fiat money. The 44-year-old Republican who could run for US President next year recently presented himself as an opponent of the creation of a digital dollar.
He thinks that such a monetary product could act as a surveillance tool and suggested its outright ban in the Florida Territory.
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This post Montana Bill Classifying Crypto as Personal Property Passed by the House of Representatives
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