Ohio introduces bill to protect crypto payments and digital asset rights

A bill prohibiting additional taxes on crypto payments and the safeguarding of digital asset rights has been introduced into the Ohio House of Representatives.

Nicknamed Ohio Blockchain Basics ActThe bill describes protections for activities such as self -sufficiency, mining and jalitude while exempting certain cryptographic transactions from the requirements of monetary transmission license.

It was presented on February 24 by the representative Steve Demetriou and co -packed by the colleagues Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain and Josh Williams.

One of the key aspects of the bill is that it prevents governments of states and premises from imposing taxes, costs or additional costs on digital assets used as a payment method, mainly dealing with them in the same way that traditional fat transactions.

However, cryptographic transactions would always be subject to standard taxes, such as state and sales taxes, like any other payment made with traditional fiduciary currency.

With regard to the rights of digital assets, the bill obliges individuals to have the freedom to self-check their digital assets using self-hosted equipment or portfolios. He also protects the right to participate in crypto development and extraction activities without the need for a license to transmit money, as long as local zoning regulations are followed.

In addition, it guarantees that no state agency or political subdivision can prohibit individuals from accepting digital assets as payment of goods and services.

In addition, the bill allows the extraction of residential cryptography in accordance with local orders and guarantees that zoning changes cannot unjustly target mining companies operating in industrial areas.

The legislation also calls for pension funds of the Ohio State to assess the risks and potential advantages of investing in negotiated funds in exchange for crypto. The results of this evaluation must be reported to the General Assembly within one year, highlighting the growing interest of the State to explore investments in digital assets for institutional portfolios.

Ohio legislators have constantly pushed For invoices related to crypto in recent months, including two invoices related to cryptocurrency reserves.

The first was presented by the representative ofrek Merrin, aimed at establishing a strategic bitcoin reserve for the State. Shortly after, the representative Steve Demetriou, who also led the law on the bases of the Ohio blockchain, proposed a second bill This would allow Ohio to allocate up to 10% of its state controlled funds to the construction of a Bitcoin stock.