America has given the green light to the production of cryptocurrency, which until now it has only ventured into from afar. Accordingly, the US state laws have now taken a step to allow mining of cryptocurrencies in their own country. We would like to emphasize that this only applies to Montana for now, not to the whole of America.
One Cryptocurrency Step At A Time In America
In the United States, states have shown a very distant attitude towards cryptocurrency mining and other production methods. However, some states have attracted attention with relatively moderate approaches. Finally, Montana, one of the most recent U.S. states to support crypto projects in this regard, has passed a law allowing the mining of cryptocurrencies domestically.
In Montana, one of the northernmost states in the U.S., the state Senate has passed a measure to protect bitcoin miners. This law paved the way for mining at home. The bill was introduced by political strategist and bitcoin maximalist Dennis Porter and the Satoshi Action Fund.
The bill, known as Right to Mine, needs both the governor’s signature and the state legislature’s approval to go into full effect. Experts do not expect any problems, as no complaints have been received so far and the bill passed the Senate by a vote of 37 to 13. So the bill will also pass the House of Representatives without any problems.
Simplified Explanations On Tax Matters
The law also prohibits bitcoin miners from applying a different tax rate to their utility bills. It also ensures that no additional tax is levied when cryptocurrencies are used as a means of payment. Montana, which is located on the Canadian border, has gained prominence due to its cold weather and the recent arrival of several startup companies in the region. There will be more news about Montana in the near future.
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