Texas is poised to become the global leader in bitcoin and blockchain

Texas saw the positive side of China’s decision to cancel Bitcoin mining, which triggered the “Great Mining Migration” to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is chaired by Lee Brachter, president of the organization. And next Friday, he will host the Texas Blockchain Summit, an event that could be the largest one-day state blockchain summit ever.

It is unknown what Bitcoin can do for Texas – already one of the ten largest economies in the world With Senator Ted Cruise (R-Texas), Senator John Cornin (R-Texas) and Senator Cynthia Lammis (R-WY) speaking at the event the first Texas Blockchain Summit a benchmark of interest in how Texas can benefit from the rise of digital currencies and blockchain technology.

Texas Governor Greg Abbott has already met twice with the Texas Blockchain Board. Abbott recently commented on Twitter that “Texas will be a leader in cryptography. Cryptocurrency is now coming to grocery stores in Texas. ” Abbott was referring to HEB’s decision to place cryptocurrency kiosks in some Texas grocery stores.

President of the Texas Blockchain Association Lee Brachter said, “Texas is poised to become the preferred jurisdiction for blockchain innovation for several reasons, including: the business-friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council, working side by side … Legislators such as MP Tan Parker and Senator Angela Paxton must create a regulatory framework that allows entrepreneurs to innovate. ”

Texas House Bills 1576 and 4474 officially went into effect on September 1 following their signature by Governor Greg Abbott in June 2021. Texas House Bill 1576 creates a blockchain technology working group. HR 4474 was a bill that updated the Unified Commercial Code to recognize cryptocurrency and became the last state – along with Rhode Island and Wyoming – to do so. Meanwhile, the Texas Department of Banking Commissioner issued a letter authorizing all Texas-based banks to hold cryptocurrency.

Governor Abbott has also appointed four new experts to the blockchain working group. it includes professors from academic universities and Texas officials. Texas has also kept pace with its ambitions, as the Texas Blockchain Council, led by Lee Brachter, pushed the idea of ​​a constitutional amendment that would allow bitcoins to be used to pay taxes on Texas real estate.

Texas has seen incredible growth rates this century, according to a recent Forbes article. “With an annual GDP of just over $ 998 billion in 2000, the Texas economy has grown 70.6% in 20 years and will reach an annual GDP of just under $ 1.75 trillion by 2020,” the article says. Given the size of GDP that currently makes Texas the 9th or 10th largest economy in the world, one should not underestimate how large Texas can grow with the help of cryptocurrency.

Source link