Texas Takes a Stand for Bitcoin Rights with Introduction of New Bill

Vignesh Karunanidhi
Texas Takes a Stand for Bitcoin Rights with Introduction of New Bill
Source: Minerset

Texas has always been at the forefront in terms of blockchain and Bitcoin adoption. Even though many other states and countries have shown skepticism revolving around cryptocurrencies, Texas has never failed to show its support.

The state has also been a hub for several Bitcoin mining companies. Texas is promoting, advancing, and providing a platform for Bitcoin and considers it to be a cutting-edge innovation. Texas also released a report laying out a proposal to allow Bitcoin as an authorized investment for the state.

Also read: Bitcoin Fear & Greed Index Reaches a 16-Month High of 68

According to the latest details, Texas has introduced a new bill to protect the rights of Bitcoin holders, miners, and developers.

Texas’s new bill will protect the rights of Bitcoin holders

The bill talks about how Bitcoin has introduced several technological breakthroughs, including blockchain and distributed ledger.

The bill also stated how secure Bitcoin is:
“Bitcoin network is secure, and peer-to-peer transactions are confirmed by Bitcoin miners who use specialized computers and complex algorithms to solve math problems; the first miner to solve the problem wins the block and receives newly minted Bitcoins as a block reward”

Source: Pelicoin

According to the latest details from the bill, the 88th Legislature of the State of Texas now supports individuals “who code or develop on the Bitcoin network in accordance with Section 8, Article I, Texas Constitution.”

The bill also talks about the freedom for BTC miners to seek out any form of energy for securing the Bitcoin network. The new bill also states that no citizen will ever be deprived of their right to own Bitcoin and speaks about their protection. The bill also reaffirmed the safety of owning and dealing with Bitcoin in the state.

“Texas citizens shall always feel free and safe in their ownership and use of Bitcoin in the state of Texas.”