Texas Prepares to Become Global Leader in Bitcoin and Blockchain Industry
Texas has been dominating the blockchain space since this year. Its role in the industry became more pronounced when it set out to become a hub for Bitcoin mining following the exodus of Chinese miners into the state. All this had occurred in June with the city of Austin turning out to be one of the choicest locations for Bitcoin mining within the state and abroad.
The state of Texas even has a Blockchain Council which now boasts of 70 members with Lee Brachter being the President of the Council. Brachter has lined up a Blockchain summit for the state, which is scheduled to take place this coming Friday. According to reports, the summit is expected to be the largest state-organized single-day summit ever.
Wyoming Senator Cynthia Lummis and Two Others to Speak at Texas Blockchain Summit
The summit will also be a first for Texas and will see some members of the US Senate deliver speeches. Senators scheduled to speak at the event include Wyoming-based Cynthia Lummis and two other Texas-based lawmakers namely Ted Cruz and John Cornyn. With Texas already ranking as a top economy, the summit will be a revelation into how the US state can benefit from the widespread adoption of cryptocurrencies.
Governor of Texas, Greg Abbott, has had a meeting with the council on two occasions just a few months after announcing on Twitter that Texas will play a leading role in the crypto industry. In his tweet, he referred to the decision of Texas-based Grocery company H-E-B to set up crypto kiosks in some of its stores in the state.
Blockchain Council Present Strong Reasons Why Texas is A Blockchain Powerhouse
President Brachter outlined several reasons why Texas is well-positioned to become one of the choicest locations for blockchain innovation. According to him, the business-friendly climate that has been nurtured in Texas counts as a major reason. Others include the concerted efforts of the council along with certain lawmakers to create a thriving ground in Texas regulatory-wise for blockchain businesses to establish innovations.
Recently, Governor Abbott signed two bills (Bills 1576 and 4474) into law, both of which became operable early last month. Bill 1576 provided for the establishment of a working group on blockchain technology. House Bill 4474 amended the Uniform Commercial Code and empowered Texas to officially recognize digital currencies, making it the latest US state to do so after Wyoming and Rhodes Island. Additionally, the Commissioner to Texas’ Banking Department recently addressed state-owned banks in a letter, directing them to store cryptocurrency.
Governor Abbott newly recruited four experts into the Blockchain working group, comprising academic professors and officials in the state. The President of the Texas Blockchain Council also suggested an amendment that would permit property taxes to be paid with Bitcoin in the US state.
Citing a recent Forbes article, Texas’ GDP has witnessed a meteoric rise in the last 20 years. Growing by more than 70%, its annual GDP rose from $988 billion in 2000 to $1.75 trillion in 2020 alone. This has earned Texas either the 9th or 10th largest economy in the world. In light of this, there is no limit to what the state could do with cryptocurrency.
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