New Hampshire Bitcoin Protection Bill Gains Support, Aiming to Encourage Innovative Industry Development

Golden Finance News - Since April 1, Japan has officially implemented the Payment Services Act (new revision), officially recognizing Bitcoin as a legal payment method. At the same time, Japan subsequently announced the cancellation of consumption tax on Bitcoin transactions, and Bitcoin users do not need to pay taxes for buying and selling Bitcoin. Several measures in Japan have gradually established the framework of Japan's Bitcoin protection bill, and at the same time made Japan the most popular region for Bitcoin transactions in the world.

A new Bitcoin protection bill in New Hampshire, USA, has gained support. Image source: Golden Finance

But many people probably still don’t know that in addition to Japan, which is the utopia for Bitcoin trading, there is another place in the world that is also a paradise for Bitcoin traders.

Manchester, New Hampshire, USA, holds a grand Bitcoin player meetup in early July every year. People can buy anything they want at the meetup with Bitcoin. In addition, many stores and companies in Manchester accept Bitcoin payments. Recently, another wonderful thing happened in this Bitcoin trader's paradise: a Bitcoin protection bill in the state was supported.

Although the Bitcoin Protection Act was passed by the state House of Representatives as early as March, the state Commerce Committee hearing recently passed the Bitcoin Protection Act, and the Department of Electronic Commerce will also announce its approval of the Bitcoin Protection Act.

Simply put, once the Bitcoin Protection Act is passed, Bitcoin companies will no longer be subject to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) rules.

Currently, the number of supporters of the Bitcoin Protection Act far exceeds its opponents. The opposition mainly comes from the New Hampshire Banking Committee. The reason is that banks are unwilling to bear such financial risks that are not within their own scope. They believe that the bill is helping the digital currency industry evade New Hampshire's supervision.

The new Bitcoin Protection Act proposes that digital currency users in New Hampshire no longer need to register as "money transmitters." The proposer said that this bill is to encourage the development of innovative industries in New Hampshire, and the state's Consumer Protection Act can regulate the use of Bitcoin to a certain extent.