Bitcoin Officially Receives Legal Status in Texas

Reading Time: < 1 minute

Both the draft law under the numbers H.B. 4474 and H.B. 1576 officially entered into force in Texas on September 1.

The draft law 4474, which was introduced in March, is directed to the definition of the cryptos in a single code.

The law 4474 specifies an optimal interest for Bitcoin and sound invitations.

The proposition 1576 establishes a blockchain workgroup in Texas to take commercially-based rights in regards to innovation in blockchain and the regulation of digital activations.

These 2 laws provide legal clarity in the state by defining cryptocurrencies. The law will provide a number of leading principles for Texas companies that want to enter the crypto business.

Texas banks have already received a permit from the Texas Department of Banking for the provision of virtual currency services.

The friendly cryptocurrency approach of Texas is not surprising, since the state Governor Greg Abbott is a supporter of the cryptocurrency. It is assumed he stimulated the work of mining companies in Texas.

Due to the prohibition of crypto mining by China, Texas has become the home for such companies.