Since last year, Texas, in the United States, has become a place where bitcoin (quotation BTC) and other cryptocurrencies are gaining momentum thanks to mining. Now he wants to introduce a civil law to protect Texans who own, hold and use any medium of exchange, including digital currencies.
The Texas Republican Party platform has published a 49-page proposal, in which it presents a series of amendments and solutions to the Bill of Rights of this southern US state. It calls for the protection of those who use these means of communication to pay or save.
We support the addition of the following protection to the Texas Bill of Rights: the right of individuals to own, hold and use a mutually agreed medium of exchange, including cash, coins, bars and digital currencies in trading and purchasing goods and services must not be hacked - Platform of the Republican Party of Texas, USA.
If approved, no government in that state could prohibit or tax "ownership or possession of any form or quantity of money or other currency." They clarify that the amendment could not prevent the state of Texas from "choosing the means of exchange that it will accept or reject in payments made to it."
For members of the Republican Party, one of the two most militant in the United States, "explicit protections" are needed to safeguard the "natural right" of Texans to "hold, trade and conserve their wealth in mediums of exchange" such as bitcoin and other cryptocurrencies. This is protected by the Texas Bill of Rights.
According to politicians, "this will help prevent global institutions and the federal government from forcing Texans to use financial and currency services dictated by them."
Bitcoin could be recognized as a currency in Texas
The GOP commission's proposal follows the one made in recent months by MP Tan Parker, who presented a bill to the House of Representatives that provides for the recognition of BTC and all other cryptocurrencies as money in the regulation of Texas companies.
Although it has not yet entered into force, the legislation is expected to be accepted on September 1 this year, which would allow Texas to become the second US state to regulate the use of bitcoin.
The fact is, if Parker's proposal and legislation are adopted, Texas could emerge as the US region most in line with the new economy. This is because, in addition to the possibility of using BTC with the protection of the state, this is one of the areas of the country where mining is most concentrated, as we said at the beginning.