Texas passed a bill to recognize the legal status of Bitccoins « Naijatechnews

Texas passed a bill to recognize the legal status of Bitccoins


The Texas House of Representatives passed a bill to officially recognize the legal status of cryptocurrency.

Texas passed a bill to recognize the legal status of Bitccoins
Bitcoin

At a meeting of the 87th Congress of Texas today, legislators passed an amendment to the state’s Uniform Commercial Code, which aims to better adjust commercial laws to accommodate blockchain innovation and digital asset management. At present, the Texas House of Representatives has passed the bill. After that , the bill will be submitted to the Texas Senate . If passed in the Senate, Texas Governor Greg Abbott can sign the bill into law. He has stated that he is a “supporter of the encryption law proposal” and seems to encourage Bitcoin mining companies to set up branches in California.

The bill aims to include the term “virtual currency” in the Uniform Commercial Law and regulates commercial transactions in the state. The bill reads: “Virtual currency is a digital currency of value, acting as a medium of exchange, unit of account and/or value Tools that are stored and are usually protected using blockchain technology.”

After approval, Texas will join Wyoming as the two major “crypto hubs” in the United States. At present, Texas is already the home base of crypto mining companies, including BlockCap and Riot Blockchain. Both companies said they plan to purchase new facilities and equipment to expand their mining operations in the state .

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