Authorities Support Bitcoin Adoption in Texas

A task force linked to Texas authorities has produced an 84-page report on Bitcoin adoption. The document explains why Texas should buy Bitcoin and offer advantageous tax conditions to miners. The document also contains proposals that could promote the adoption of other cryptocurrencies.

Documenting Bitcoin announcing the Texas government’s decision to support Bitcoin adoption on Twitter.

Is Bitcoin Adoption in Texas the Boost Cryptos Needed?

The SEC, policeman of the American stock market, wants to do battle with cryptocurrencies. At the same time, Texas took him the wrong way. Indeed, an 84-page document encourages the Cowboy State to accelerate the adoption of Bitcoin and cryptocurrencies in general. The report is from the Texas Work Group on Blockchain Matters.

This working group linked to the Texas government works on Blockchain issues. Indeed, he proposed a master plan to develop the Blockchain industry in Texas. Basically, as recalled Documenting Bitcoin on Twitter,: ” The task force recommends that Texas buy Bitcoin, adopt self-custody protection, tax breaks for mining, and include Bitcoin education in schools. »

Resolutions of the Texas Work Group on Blockchain Matters

The report essentially contains 6 resolutions. The first calls for the institution of a two-year “tax holiday” on crypto point-of-sale payments. For the second request, the working group asks to codify cryptocurrencies with a large market capitalization. They can thus be used as an authorized investment for the State.

The third measure asks Texas to ensure that the operation of a Lightning Network node is not a money-services business. For the fourth point, Texas should create a statutory definition of a US dollar-backed stablecoin.

Regarding the fifth point, the report asks the legislator to do their utmost to warn users about crypto risks. Thus, users will be aware of the risks associated with DeFi. Finally, the task force draws attention to the dangers of creating CBDCs. An example would be a CBDC that involves a direct relationship between the Federal Reserve and consumers.

Very clever who can predict the future of cryptocurrencies. Texas has always been a forward-thinking state in the United States. So could he revive the massive adoption of Bitcoin and cryptocurrencies in the world ?

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