Pennsylvania passes bill allowing Bitcoin payments, crypto self-custody

The Pennsylvania House of Representatives has passed a bill that could affect how digital assets are used in the state.

According to Fox Business, House Bill 2481, also known as the Bitcoin Rights Bill, was approved by a bipartisan majority of 176 votes to 26 and now heads to the state Senate for further consideration.

The bill, introduced by the non-profit Satoshi Action Fund, provides legal clarity regarding cryptocurrency ownership and use. This allows residents to keep their digital assets to themselves; This means they can hold Bitcoin (BTC) and other cryptocurrencies directly without relying on third-party services such as exchanges.

Improved Bitcoin usage

The bill also allows Bitcoin to be used for payments; This could change the way businesses and individuals transact using cryptocurrency.

For those unfamiliar with crypto, self-custody means owning your digital currency directly, giving you complete control over your assets. When you use exchanges, you trust them to store and manage your assets, but self-custody leaves that responsibility in the hands of the individual.

Bitcoin is a digital currency that operates without a central authority, and this bill would enable its use to become more widely accepted in Pennsylvania.

If approved by the Senate, the legislation could signal growing acceptance of digital currencies at the state level as the federal government continues to grapple with cryptocurrency regulations.

Pennsylvania’s decision echoes efforts in other states that have passed similar laws, such as Oklahoma and Louisiana.