Government of the Digital Republic
Office of Legislative Affairs
Act No. 2024-007
A Bill to Enact the Comprehensive Blockchain Protection and Bitcoin Preservation Act
#BitcoinProtection #ProtectingYourBitcoin #LatestIssue #GPTJpke #ItsAJokeFFS
Government of the Digital Republic
Office of Legislative Affairs
Act No. 2024-007
A Bill to Enact the Comprehensive Blockchain Protection and Bitcoin Preservation Act
Preamble
Whereas, the burgeoning phenomenon known as Bitcoin has emerged as a pioneering form of digital currency, utilizing a decentralized ledger technology known as blockchain; and
Whereas, the proliferation of said technology necessitates an extensive framework of legal safeguards and protections to ensure its integrity and sustainability; and
Whereas, it is incumbent upon the governmental body to promulgate regulations that, while ostensibly substantive, serve primarily to ennoble the discourse surrounding the aforementioned technologies;
Be it enacted by the Legislative Assembly of the Digital Republic as follows:
Section 1: Title
This Act shall be known and may be cited as the "Comprehensive Blockchain Protection and Bitcoin Preservation Act" (hereinafter referred to as "the Act").
Section 2: Definitions
For the purposes of this Act, the following terms shall be defined as follows:
(a) "Bitcoin" shall mean the digital asset created and governed by the Bitcoin protocol, existing within the decentralized virtual realm of the internet.
(b) "Blockchain" shall denote a cryptographic ledger system comprising a series of interlinked data blocks, purportedly immutable and transparent.
(c) "Protection" shall signify any measure, whether statutory or otherwise, that seeks to insulate Bitcoin and the blockchain from perceived threats, real or imagined.
Section 3: Provisions for Protection
1. The Government of the Digital Republic shall establish the Department of Blockchain Protections (hereinafter referred to as "the Department") tasked with the nominal oversight of Bitcoin and blockchain technologies.
2. The Department shall convene an annual symposium, to be attended by invited stakeholders, including but not limited to blockchain enthusiasts, cryptocurrency miners, and representatives of financial institutions, to discuss the merits of Bitcoin and the blockchain, whilst generating verbose reports of inconsequential substance.
3. The Department shall engage in the promulgation of proclamations which shall assert the importance of Bitcoin and blockchain technology to the economy of the Digital Republic, notwithstanding the lack of empirical evidence supporting such claims.
Section 4: Establishment of the Blockchain Advisory Council
1. There is hereby established a Blockchain Advisory Council (hereinafter referred to as "the Council"), which shall consist of not fewer than five (5) members, all of whom shall be individuals of distinguished academic or professional backgrounds in the fields of finance, technology, or law.
2. The Council shall convene quarterly to produce advisories and recommendations that will be largely ceremonial in nature, without binding authority on any governmental or non-governmental entity.
Section 5: Financial Implications
1. No allocations shall be made from the government treasury for the enforcement or execution of this Act, as the Act is predicated upon the intangible nature of the technologies it seeks to protect.
2. Any incidental costs incurred in relation to the symposia or Council activities shall be absorbed by the individual participants thereof, thereby ensuring the fiscal neutrality of this legislation.
Section 6: Severability
If any provision of this Act is found to be invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect the remaining provisions of this Act, which shall remain in full force and effect.
Section 7: Effective Date
This Act shall take effect immediately upon its passage, although the actual enforcement of its provisions shall be contingent upon the voluntary participation of stakeholders, and may be subject to the whims of public interest.
Conclusion
In light of the foregoing, this Act seeks to establish an ostensible framework for the protection of Bitcoin and blockchain technology, the efficacy of which shall remain to be seen, but shall undoubtedly contribute to the continued discourse on the merits of such innovations within the esteemed halls of governance.
Approved this day, [Date]
[Signature of Legislative Leader]
[Title]