Texas has been in the headlines a lot lately…..
The Lone-Star State made headlines again today when two bills recognizing cryptocurrencies under Texas commercial law went into effect September 1st.
Those already considering moving to the state may take comfort in knowing that Texas is a place which embraces the future of finance.
With Biden destroying the country through record inflation, a decentralized solution is needed now more than ever….
The western part of The United States has long been cited for its opportunity and prosperity, and it looks like Texas is embracing that and owning it in the 21st century.
Here’s more on the story:
— Crypto Mainframe (@CryptoMainframe) September 2, 2021
— Blake (@blakeswineford) September 2, 2021
Coin Telegraph had more details:
Lee Bratcher, president of the Texas Blockchain Council, told Cointelegraph that H.B. 4474 better defines the security interests for Bitcoin (BTC) and other cryptocurrencies to “allow institutional investors to get involved with sizable investments.”
He added that the Texas Banking Commissioner and the Texas Department of Banking announced in June that banks with a state charter can custody cryptocurrencies under certain circumstances.
“This is positive for crypto generally because Texas became the 4th U.S. state, behind Wyoming, Rhode Island and Nebraska, to clarify the commercial law status of these assets,” Wyoming-based crypto proponent Caitlin Long told Cointelegraph.
Ok….I'm moving to Texas. Texas just went full pro- crypto!
— RNB (Crypto Warrior) (@CryptoWarrior01) September 2, 2021
BREAKING: US state #Texas's Bitcoin Bill (#4474) is now in effect.
🇺🇸 This makes #bitcoin LEGAL in the state of Texas and recognized under state’s commercial laws.
Texas is now the 8th US State for making positive regulations in favor of #Crypto.
— Save Invest Repeat 📈 (@InvestRepeat) September 2, 2021
The Guardian highlights the Bitcoin gold rush in Texas:
Miners have since been scouring the globe for places where electricity is cheap, and many have settled on Texas as their destination.
Texas’s power grid is deregulated, which means customers can choose between different power providers and providers are thus incentivized to provide low rates.
Mining facilities can set up long-term contracts with power providers that allows them to purchase electricity at a fixed price for many years, says Jason Les, CEO of Riot Blockchain, a US-based cryptocurrency mining company.
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