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The Governor of Texas has signed a bill that establishes a legal framework for cryptocurrency investments

The Governor of Texas has signed a bill that establishes a legal framework for cryptocurrency investments

The governor of Texas, Greg Abbott, has declared efforts to grow the states’ blockchain business. Gov. Abbott said in a tweet on his personal account on June 5 that Blockchain is a thriving sector that Texas needs to take part in it. He further said that he recently signed a bill into law that would develop a master plan for Texas to promote the Cryptocurrency industry. 

The governor, who was elected in 2015, has long been a backer of cryptocurrency. Back in 2014, he even invited the bitcoin community to his electoral campaign. In March, he stated that he supports a cryptocurrency law in Texas.

The governor said that blockchain is increasingly being utilized for transactions and is beginning to go popular as an investment. Texas should take the lead here, just as we did with the gold depository.

Since then, Texas legislators have passed legislation to create a legal framework for bitcoin investments in the state. According to sources, the law has gone to Gov. Abbott’s desk for his signing on May 28.

According to sources at the time, Texas was one of 25 states in the United States contemplating cryptocurrency legislation. As per the reports from In April, Miami Mayor Francis Suarez sponsored a plan that would result in serious cryptocurrency legislation in the state. After a unanimous vote in the Florida House of Representatives, he was able to approve the law. 

Wyoming had previously enacted a bill dealing to bitcoin in the year 2019.

Also read about: Over 1,100 people have been arrested in China as part of a crackdown on crypto-related money laundering

China’s mining operations have relocated to Texas 

As a result of China’s recent crackdown on bitcoin mining operations, cryptocurrency miners have begun to relocate their operations elsewhere. According to reports, they began to consider North America, particularly the United States, as a viable location. Previously, the United States contributed for 11% of the bitcoin hash rate. This number has risen since China announced its crackdown.

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Texas is one of the states that is said to be chosen because of its low energy cost. Furthermore, renewable energy accounts for a significant portion of Texas‘ energy generation. Wind and solar electricity, in particular, make for more than a quarter of the total. 

According to reports, numerous prominent mining businesses have now established facilities in Texas, including Bitmain, Blockcap, Argo Blockchain, Great American Mining, Layer1, Compute North, Riot Blockchain, and Whinstone.

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