Texas Takes a Big Step into Cryptocurrency
The Texas Senate has just passed an important bill called Senate Bill 21 (SB 21). This bill is about Texas buying and keeping a type of digital money called Bitcoin. This is a big deal because Texas wants to use Bitcoin as a way to protect its money from losing value and to join the digital economy.
How Did the Bill Get Here?
Lieutenant Governor Dan Patrick thought this bill was very important. He said it should be a priority in January 2025. The bill wants the person in charge of Texas’s money, called the comptroller, to buy, keep, and manage Bitcoin. Other digital money might be included later if they meet certain rules.
Right now, only Bitcoin meets these rules. It has to have an average value of $500 billion over a year. The Senate voted 25 to 5 to pass the bill. Some lawmakers were worried about Bitcoin because its value can change a lot. But others think Bitcoin is a good choice because it’s not controlled by any one person or group.
What’s Happening Elsewhere?
Texas isn’t the only place talking about using Bitcoin. The President of the United States, Donald Trump, also wants to use Bitcoin. If Texas starts using Bitcoin, it could be the first state in the U.S. to do so. This could make other states think about using Bitcoin too.
What Does This Mean for Texas?
If this bill becomes a law, Texas will be trying something new with its money. It will be like taking a big step into the future of money. We don’t know yet if this will work, but Texas is leading the way in trying out new ideas with money.
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Sources:
– bitcoinmagazine.com
– quorumreport.com
– keranews.org
– happyscribe.com
– cointelegraph.com
