Bitcoin: Here’s why this update could make a difference in the current state of BTC
ambcrypto.comNot so long ago, U.S regulators attempted make it seem like they were embracing Bitcoin [BTC] and altcoins. Only for them to switch up and ban banking access to the crypto market. A classic case of actions speaking louder than words.
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Bitcoin has so far demonstrated resilience against FUD attacks. As evident by its ability to survive and thrive for more than a decade while gaining more popularity.
This is largely because of Bitcoin’s decentralized nature. But what if governments attempted to attack or take advantage of the Bicoin mining system, the underlying mechanism behind Bitcoin decentralization?
Lawmakers in Arkansas, U.S seem to be siding with Bitcoin and are interested laws that will protect Bitcoin from government overreach. The US Arkansas Data Centers Act of 2023 aims to implement measures that will protect Bitcoin miners from unfair taxes and regulations.
<p lang=«en» dir=«ltr» xml:lang=«en»>The US Arkansas Data Centers Act of 2023 seeks to establish guidelines for Bitcoin miners and protect them from discriminatory regulations and taxes, guaranteeing that firms have the same rights as data centers. “Discrimination against digital asset mining business [is]…— Wu Blockchain (@WuBlockchain) April 10, 2023
Based on Arkansas’ official publication regarding the new act, Bitcoin mining facilities will be treated as data centers. So, why is this new Arkansas Act important for the crypto industry?
Well, this is because governments might deploy unfair tactics such as heavy taxation to cripple the industry. Unfavorable regulations might discourage crypto mining activities.
In a hypothetical scenario, if a government was to act aggressively against Bitcoin in an
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