The Texas GOP is making a move to include Bitcoin rights in the state’s constitution. According to them, the state’s Bill of Rights should allow citizens to own, hold and use whatever medium of exchange they choose, including digital currency.
Two key points they mentioned are:
- The state constitution should include ‘The right of citizens to trade or contract for goods and services with a mutually agreed upon means of exchange, such as money, coins, bullion, digital currencies, or scrip, shall not be infringed upon’
- Also ‘Governments shall not prohibit or encumber the ownership or holding of any form or amount of money or other currency’. They state that ‘Texans must have explicit protection of their natural right to keep, exchange, and store their wealth in the medium of exchange of their choice.’
Although some lawmakers are concerned that cryptocurrency could strain Texas’ already overburdened electricity grid, Republican officials in the state are eager to ensure that Texas builds on its reputation as a cryptocurrency hub.
Several crypto miners have moved to North America after China’s crackdown on Bitcoin mining, which is why lawmakers are hesitant to pass the bill.
However, at the Texas Blockchain Summit last October in Austin, U.S Sen Ted Cruz (R-Texas) told 700 attendees ‘I would like to see Texas become the center of the universe for bitcoin and crypto’.
Following that statement, the Texas Blockchain Council donated three Bitmain Antminer S9 Bitcoin mining machines worth an estimated total of $2,100. These machines run 24/7 in a climate-controlled area of Fort Worth City Hall.
Texas’ GDP size makes it the 9th or 10th largest economy in the world, with crypto making a fair play in the economy, its potential to increase should not be underestimated.
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