The Ohio House of Representatives has approved a bill aimed at providing extensive protections for cryptocurrency, including an exemption from capital gains taxes for transactions under $200. House Bill 116, known as the Ohio Blockchain Basics Act, received bipartisan support, passing with a 70-26 vote and will now move to the Senate before reaching Governor Mike DeWine. The bill, championed by Republican Representative Steve Demetriou, focuses on facilitating crypto payments and safeguarding digital asset mining from government overreach. It proposes that the $200 exemption will increase annually with inflation, and prohibits the state from imposing restrictions on crypto payments. Additionally, it allows crypto mining in residential areas, provided local regulations are followed, and ensures that mining operations are treated equally to other businesses. The legislation also clarifies that no licenses are needed for various blockchain-related activities, and it prevents the government from hindering Ohioans' ability to manage their crypto assets using personal wallets. Ohio is also considering establishing an “Ohio Bitcoin Reserve Fund.” Read more AI-generated news on: https://app.chaingpt.org/news

#BTC