(news nation) — A bill introduced in the Texas Legislature would allow residents to use bitcoin to pay taxes and make other political and charitable contributions.
of Texas Strategic Bitcoin Preparation Method One of the bill's sponsors says it already has bipartisan support. If passed, this bill could set a precedent for the rest of the country and the U.S. Treasury. The bill would allow Texas to begin building its Bitcoin reserves by allowing the cryptocurrency to be used to pay fees, contributions, and taxes.
Reserve funds will be held for a minimum of five years.
texas Republican Rep. Giovanni Capriglione He told NewsNation that cryptocurrencies are creating new jobs in the state and Bitcoin is creating an ecosystem around the state.
Several other states are considering similar bills to increase the use of cryptocurrencies among their residents. pennsylvania Introducing the Strategic Bitcoin Reserve Bill Cryptocurrency bills have been under discussion in 10 states over the past month.
The proposed bill is President-elect Donald Trump A virtual currency-friendly government is scheduled to be inaugurated. The price of Bitcoin has more than doubled since November 5th, increasing by more than 45%. President Trump is calling for the relaxation of regulations regarding cryptocurrencies and plans to appoint a crypto czar as part of his administration.
The Texas Legislature will begin its new session on January 14, less than a week until President Trump's inauguration.
