The Republican party in Texas is eyeing the introduction of a new clause into the Bill of Rights that would allow Texans to be able to own, hold and use any medium of exchange of their choice, including digital currency.
According to the clause, Texans would be at liberty to use cash, coin, bullion, digital currency, or scrip when performing a transaction.
The clause reads, “No government shall prohibit or encumber the ownership or holding of any form or amount of money or other currency. Explicit protections for the natural right of Texans to keep and exchange and store their wealth in the mediums of exchange of choice.”
Texas is a Growing Crypto Hub
Texas in recent times has been striving to be a crypto hub with its pro-crypto legislation and its welcoming leadership.
The state is home to pro-crypto lawmakers like Senator Ted Cruz who is a vocal Bitcoin supporter. The Senator in October 2021 during a Blockchain Summit said he “would like to see Texas become the center of the universe for bitcoin and crypto.”
Meanwhile, the state has become a choice location for crypto miners due to its cheap electricity and land charges.
According to CNBC, ten industrial-scale crypto miners draw energy from the Texas power grid. However, the miners had to shut their operations due to the recent record heatwave in the state.
This played a part in the recent decline in Bitcoin mining difficulty. According to data from BTC.com, the mining difficulty dropped by 5% on July 21 -this is the third consecutive decline for the asset.
Texas has also introduced regulations that further the adoption of blockchain and cryptocurrency in the state. Recently, the State started examining ways of crypto payments adoption.
The State regulators are also investigating Celsius Network’s decision to halt its operations.