The state of Montana is about to pass a bill to protect the state’s citizens’ cryptocurrency “mining rights.”
invoice – SB178 — Passed the state House of Representatives on April 12 by 64 votes in favor and 35 against. The bill was remanded to the Senate after a vote in the House and is now awaiting the governor’s approval before it can be signed into law.
Montana Governor Greg Gianforte is a Republican and is unlikely to veto the bill, so it’s only a matter of time before the bill becomes law.
State Bill 178 was introduced in November 2022 by State Senator Daniel Zolnikov, who is also a member of the Republican Party. The Montana Senate approved the bill on February 27th.
The bill aims to amend and establish laws related to mining and cryptocurrencies.
Under the bill, every citizen has the right to mine cryptocurrencies at home and every business has the right to set up a commercial mining operation.
It also prohibits governments from imposing “discriminatory” utility rates on miners or from using zoning or environmental laws to restrict mining operations.
A discriminatory rate is defined as significantly higher than other industrial power billed in a similar geographic area.
tax-free crypto payments
The bill also prohibits governments from taxing cryptocurrencies used as payment methods. According to the bill:
“State or local government agencies may not charge additional taxes, withholdings, valuations, or charges on the value of digital assets when used as a payment method.”
Establishes digital assets as private property, giving them the same protection under the US Constitution.
According to the bill, digital assets include cryptocurrencies, stablecoins and NFTs.
The Montana post about to pass a bill protecting the right to mine cryptocurrencies first appeared on CryptoSlate.