Texas Poised To Be A World Leader In Bitcoin And Blockchain
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Texas has seen the benefits of China’s decision to stop mining Bitcoin, which sparked the Great Mining Migration to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is led by Lee Brachter, the organization’s president. And next Friday he’ll host the Texas Blockchain Summit – an event that could prove to be the largest one-day state-level blockchain summit of all time.
What bitcoin could do for Texas – already a top ten economy in the world – is not lost. Senator Ted Cruz (R-TX), Senator John Cornyn (R-TX) and Senator Cynthia Lummis (R-WY) speak at the event. could turn the first Texas Blockchain Summit into a benchmark for interest in how Texas could benefit from the growth of digital currencies and blockchain technology.
Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council. Abbott recently commented on Twitter: “Texas will be the crypto leader. Cryptocurrency is coming to grocery stores in Texas now. ”Abbott was referring to HEB’s decision to set up cryptocurrency kiosks in some Texas grocery stores.
AUSTIN, TX – MAY 18: (EDITORIAL USE ONLY) Texas Governor Greg Abbott announces the reopening of More … [+]
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Texas Blockchain Association President Lee Brachter said, “Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons, including the business-friendly climate that has been maintained in Texas for many years, the efforts of our Texas Blockchain Council working with lawmakers like MP Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that enable entrepreneurs to innovate. “
The Texas House Bills 1576 and 4474 officially went into effect September 1, after being signed by Governor Greg Abbott in June 2021. Texas House Bill 1576 creates a working group on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrencies and which – along with Rhode Island and Wyoming – becomes the newest state to do so. In the meantime, the Texas Department of Banking commissioner has issued a letter authorizing all state-licensed banks in Texas to hold cryptocurrencies.
Governor Abbott has also appointed four new experts to the Blockchain Issues Working Group. This includes a combination of university professors and Texas state officials. Texas has not let up in its ambitions either, as the Texas Blockchain Council, headed by Lee Brachter, launched the idea of a constitutional amendment that would allow Bitcoin to be used to pay property taxes in Texas.
Texas has seen incredible growth numbers this century so far, according to a recent article in Forbes. “From an annual GDP of just over 998 billion US dollars in 2000, the Texan economy has grown by 70.6% in 20 years to reach an annual GDP of just 1.75 trillion US dollars by 2020”, it says in the article. With the size of GDP currently making Texas the ninth or tenth largest economy in the world, one shouldn’t underestimate how big Texas could grow with crypto.
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