NE Ohio Times

State Representative Steve Demetriou has announced the successful passage of the Ohio Blockchain Basics Act in the House. The legislation, known as House Bill 116, garnered bipartisan support and focuses on facilitating the use of digital assets for transactions and protecting digital asset mining businesses from discriminatory practices.

Demetriou stated, "Blockchain is a newly evolving technology and it’s important to create some regulatory guidelines while at the same time keeping the laws open for innovation." He emphasized the importance of allowing the blockchain and digital asset industries to thrive in Ohio.

The act prohibits local governments from imposing additional taxes or fees on individuals using digital currency for legal transactions. It also exempts transactions under $200 from capital gains tax. Furthermore, it includes protections against unreasonable zoning practices that could affect data centers essential for Bitcoin operations. While local communities retain zoning control, they cannot unduly discriminate against these centers without public notice and comment.

The bill will now proceed to the Senate for further deliberation.