Cryptocurrencies are now legally recognized in Texas

Two payments designed to promote the adoption of Cryptocurrencies and blockchain have now turned into legislation in Texas.

Texas House Bills 4474 and 1576, handed by each home of the state legislature in May and signed by Governor Greg Abbott in June, went into impact September 1. Set up a blockchain working group in Texas, whereas HB 4474 adjustments the state’s Uniform Commercial Code to Recognize Cryptocurrencies below Commercial Law.

In a July interview, Lee Bratcher, president of the Texas Blockchain Council, mentioned that HB 1576 might “build a roadmap” for Texas to speculate in and reap the benefits of blockchain expertise. In contrast, one other invoice enhances the safety advantages for Bitcoin (BTC) highlights and different cryptocurrencies so that “institutions can feel more comfortable participating in the space.”

“[Bitcoin mining] is a great opportunity for Texas to create jobs, especially in rural areas,” Bratcher said, adding that the health technology and supply chain sectors in the state of Texas could benefit from efforts towards crypto-friendly legislation.

In March, the President of the Texas Blockchain Council told Cointelegraph that Texas could tweak its blockchain innovation trading laws and digital asset regulations to bring the state of Wyoming, which has a digital asset law in place. The digital version stepped up in July 2019 in force. Governor Abbott had also previously description is himself as a “supporter of the crypto invoice” – and refers explicitly to HB 4474 – and appears to encourage Cryptocurrency mining companies operating in Texas.

Related: Crypto Cowboys: Texas Counties welcome Bitcoin miners with open arms

After China cracked many crypto mining operations, several BTC miners settled in Texas – the state that is now home to BlockCap, Riot Blockchain, and others. In addition, major supermarket chain HEB announced in June that it would be installing crypto ATMs for its Texas stores.