Earlier, several American cities have already tried becoming No. 1 in the field of cryptocurrencies. For example, last year Miami (Florida) considered the concept of CityCoins and adopted the city currency MiamiCoin.
In January 2021, the Jinan Metropolitan Court ruled that the plaintiff's allegations of fraud were unfounded. This is because digital currencies in China do not have a clearly established legal status and the plaintiff also broke the law.
The decision of the officials created a storm of indignation in the crypto community. However, miners using the Proof-of-Work algorithm, for example, can avoid any liability, except for the violation of general electricity standards, environmental protection, etc.
The bill obliges every organization in the country to accept bitcoin as payment for goods, works and services. It also allows the use of the first cryptocurrency to pay taxes and excludes it from the list of taxation objects for capital gains.
A number of amendments and changes are being made to local legislation. Thanks to them, local regulatory legal acts can be adapted to the needs of new industries - blockchain and digital assets.