Texas Widening the Exchange Options for Its Residents

Nubank Brazil's Digital Bank Achieved its Peak
  • RPT wants to establish a new clause in the Bill of Rights.
  • The clause would permit people to possess any form of money including digital currency.

The Republican Party of Texas (RPT) is planning to add a new amendment to the Bill of Rights, that would grant people in Texas the freedom to own, possess, and utilize any kind of medium of exchange they choose, including virtual currency. The Texas residents would be free to conduct transactions using different sorts of money, as per the clause. 

The clause states:

The right of the people to own, hold and use a mutually agreed upon medium of exchange, including cash, coin, bullion, digital currency or scrip, when trading and contracting for goods and services shall not be infringed.

Additionally, the clause also conveys that, any form of money or other currency may be owned or held without restriction by no government. It expressly protects the natural right of Texans to keep, transfer, and store their wealth in the media of exchange at will.

Texas Enlarging as Bitcoin Capital

With a statewide lobbying committee and particularly tax policies kinder for crypto miners, Texas has established itself as the state that is most inviting for cryptocurrency and blockchain businesses. The US state has already been welcoming crypto mining. Also, Texas has become a notable choice of location for mining operators because of the low electricity and land charges.

According to the creator of Texas Blockchain Council, Lee Bratcher, there are currently 40 crypto mining companies operating in Texas, including ten major ones. 

However, the recent heat wave across the US has pushed its fragile power grid to a breaking point. This created difficulty in bitcoin mining and the miners were forced to turn off their machines. As a result, mining difficulty decreases by 5%, the most since 2021.

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