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The Pennsylvania House of Representatives has passed a bill that could impact how digital assets are used within the state.
House Bill 2481, also known as the Bitcoin Rights Bill, <a href="https://www.legis.state.pa.us/cfdocs/legis/RC/Public/rc_view_action2.cfm?sess_yr=2023&amp;sess_ind=0&amp;rc_body=H&amp;rc_nbr=1609" target="_blank" rel="noopener noreferrer nofollow">was approved</a> with a bipartisan majority of 176 votes to 26, and now heads to the state Senate for further consideration, <a href="https://www.foxbusiness.com/politics/pennsylvania-house-passes-bipartisan-bill-bring-regulatory-clarity-digital-assets" target="_blank" rel="noopener noreferrer nofollow">according</a> to Fox Business.
The bill, introduced by the nonprofit Satoshi Action Fund, establishes legal clarity around cryptocurrency ownership and usage. It allows residents to self-custody their digital assets, meaning they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services like exchanges.
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<h2 class="wp-block-heading" id="improved-bitcoin-use">Improved Bitcoin use</h2>
The bill also permits the use of Bitcoin for payments, which could change the way businesses and individuals conduct transactions using the cryptocurrency.
For those unfamiliar with crypto, <a href="https://crypto.news/self-custody-turns-the-unbanked-into-a-real-force-in-emerging-markets-opinion/" target="_blank" rel="noopener noreferrer nofollow">self-custody</a> means owning your digital currency directly, giving you full control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody puts that responsibility in the hands of the individual.
Bitcoin is a digital currency that operates without a central authority, and this bill would make its use more widely accepted in Pennsylvania.
If passed by the Senate, this legislation could signal a growing acceptance of digital currencies at the state level, while the federal government continues to grapple with crypto regulation.
Pennsylvania’s decision mirrors efforts in other states, such as <a rel="noopener noreferrer nofollow" href="https://crypto.news/oklahoma-bill-self-custody-crypto/">Oklahoma</a> and Louisiana, which have passed similar laws.
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Pennsylvania passes bill allowing Bitcoin payments, crypto self-custody

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