Texas has witnessed a turnaround in China’s decision to cancel Bitcoin mining and has launched a “Great Mining Migration” to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is headed by Lee Brachter, the president of the organization. And next Friday, he will host the Texas Blockchain Summit. This is an event that could be the largest state-level blockchain one-day summit ever.
What Bitcoin does for Texas isn’t lost-Senator Ted Cruz (R-TX), Senator John Cornyn (R-TX), Senator Cynthia Lummis (R-WY) Talked at the event and is already one of the top 10 economies in the world. The first Texas Blockchain Summit could be a benchmark for the amount of interest in how Texas can benefit from the growth of digital currencies and blockchain technology.
Texas Governor Greg Abbott has already met twice with the Texas Blockchain Council. Recently, Abbott commented on Twitter: Cryptocurrencies are now coming to Texas grocery stores. Abbott mentioned HEB’s decision to set up cryptocurrency kiosks in several Texas grocery stores.
Lee Brachter, Chairman of the Texas Blockchain Association, said: Legislators such as Rep. Tamperker and Senator Angela Paxton create legal and regulatory frameworks that enable entrepreneurs to innovate. “
Texas House Bills 1576 and 4474 officially came into effect on September 1, after the law was signed by Governor Greg Abbott in June 2021. Texas House Bill 1576 establishes a working group on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrencies and became the latest state along with Rhode Island and Wyoming. Meanwhile, the Texas Banking Commissioner has issued a letter permitting all Texas Authorized Banks to store cryptocurrencies.
Governor Abbott has also appointed four new experts to the Working Group on Blockchain Issues. This includes a combination of university professors and Texas officials. Texas hasn’t slowed its ambitions as the Texas Blockchain Council, led by Lee Brachter, has announced an idea for a constitutional amendment that would allow Bitcoin to pay Texas property taxes.
According to a recent Forbes article, Texas has witnessed incredible growth so far this century. “While 2000’s annual GDP was just over $ 998 billion, the Texas economy surged 70.6% in 20 years, reaching just under $ 1.75 trillion by 2020,” the article said. I am. GDP is currently making Texas the ninth or tenth largest economy in the world, so we shouldn’t underestimate how big Texas can grow with cryptocurrencies.