Texas is on the cusp of being a global Bitcoin and blockchain leader

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Texas saw the benefits of China’s decision to roll back bitcoin mining, which sparked the great mining migration to Austin, Texas. The Texas Blockchain Council has grown to 70 members and is led by Lee Brachter, the chairman of the organization. And next Friday, it will host the Texas Blockchain Summit – an event that could turn out to be the largest one-day blockchain summit at the state level.

It’s not lost on what Bitcoin could do for Texas – already one of the top ten economies in the world With Sen. Ted Cruz (R-TX), Senator John Cornyn (R-TX) and Senator Cynthia Lummis (R -WY) speaking at the event, could make the first Texas Blockchain Summit a benchmark for the amount of interest on how Texas could benefit from the growth of digital currencies and blockchain technology.

Texas Governor Greg Abbott has already met with the Texas Blockchain Council twice. Abbott recently commented on Twitter that Texas would be the leader in crypto. Cryptocurrency is now reaching grocery stores in Texas. Abbott was referring to HEB’s decision to set up cryptocurrency kiosks in select grocery stores in Texas.

AUSTIN, TX – MAY 18: (EDITORIAL USE ONLY) Texas Governor Greg Abbott announces the reopening of more … [+] Texas businesses during the COVID-19 pandemic at a press conference at the Texas State Capitol in Austin on Monday, May 18, 2020. Abbott said daycares, youth camps, some professional sports and bars could now begin to fully or partially reopen their facilities in accordance with the regulations listed on the Open Texas website. (Photo by Lynda M. Gonzalez-Pool / Getty Images)

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Texas Blockchain Association President Lee Brachter said, “Texas is poised to become the jurisdiction of choice for blockchain innovation for several reasons, including; the business-friendly climate that has been cultivated in Texas for many years, the efforts of our Texas Blockchain Council working alongside lawmakers like Representative Tan Parker and Senator Angela Paxton to create legal and regulatory frameworks that enable entrepreneurs to innovate.”

The Texas House Bills 1576 and 4474 officially came into effect on September 1 after being promulgated by Governor Greg Abbott in June 2021. The Texas House Bill 1576 establishes a task force on blockchain technology. HR 4474 was a bill that updated the Uniform Commercial Code to recognize cryptocurrency and becomes the last state – along with Rhode Island and Wyoming – to do so. Meanwhile, the commissioner of the Texas Department of Banking issued a letter authorizing all state chartered banks in Texas to retain cryptocurrency.

Governor Abbott has also appointed four new experts to the task force on blockchain issues. which includes a mix of university professors and Texas state officials. Texas hasn’t slowed down its ambitions either, as the Texas Blockchain Council, led by Lee Brachter, pioneered the idea of ​​a constitutional amendment that would allow bitcoin to be used to pay property taxes in Texas.

According to a recent Forbes article, Texas has seen incredible growth numbers so far this century. From an annual GDP of just over $ 998 billion in 2000, the Texas economy has jumped 70.6% in 20 years, reaching an annual GDP of just under $ 1.75 trillion. dollars by 2020, the article says. With the size of GDP currently making Texas the 9th or 10th largest economy in the world, there should be no underestimation of the size of Texas that could grow with crypto.

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