Texas has consistently led the way in terms of blockchain and Bitcoin adoption. Despite skepticism from other states and countries, Texas has championed its support for cryptocurrencies. The state is a significant hub for Bitcoin mining companies and actively promotes, advances, and provides a platform for it as an innovative technology. Recently, Texas released a report outlining plans to allow Bitcoin as an authorized investment vehicle for the state.
The Texas legislature introduced a new bill to protect the rights of Bitcoin holders, miners, and developers. However, this is according to recently released details surrounding the proposed legislation. It would provide legal protection for those engaging in cryptocurrency-related activities in Texas if approved. Additionally, the bill seeks to ensure that individuals are not subject to unjustified restrictions or harm for their involvement with Bitcoin.
Texas’s new bill to protect Bitcoin holders, miners, and developers
The proposed bill highlights the various technological advancements Bitcoin has introduced, such as blockchain and distributed ledger technology. It also emphasizes just how secure the Bitcoin network is; peer-to-peer transactions are verified by miners using specialized computers which implement complex algorithms to solve math problems.
According to the new bill, the 88th Legislature of the State of Texas will now support individuals who code or develop on the Bitcoin network, as laid out under Section 8, Article I of the Texas Constitution.
Also, the bill will grant freedom for BTC miners to seek out any form of energy for securing the Bitcoin network. Moreover, it guarantees citizens their right to own Bitcoin and outlines measures for protecting such ownership. Furthermore, the bill emphasizes the safety of owning and dealing with Bitcoin in Texas, reiterating that citizens should always feel free and secure in their possession and utilization of Bitcoin within the state.