We've covered some of what Texas has done so far to draw in the crypto industry.
As they continue with that goal, The Texas Work Group on Blockchain Matters, which includes members from government, academia, and business, has proposed that Bitcoin would "fit naturally into the balance sheet of the state of Texas."
There is a movement in Texas to have some of the state's reserves held in bitcoin, and this group is proposing a legal framework to the state legislature to make this possible (BTC).
There are already cities in Texas that have implemented this...
Fort Worth, a city in Texas where many Bitcoin mining companies have set up shop, is one of the few that has begun to include bitcoin in its official financial statements.
Further, the report recommends a set of public policies that encourage the use and adoption of crypto assets, arguing that doing so "would be a powerful indicator that the interests of Texas are aligned with (crypto) business operators."
To Promote Real-World / Retail Use of Crypto, they propose 2 years with NO TAXES on crypto transactions...
They also believe a "sales tax exemption" would be helpful in spreading the use of bitcoin for everyday purchases. This would be for the purchase of goods and services for a period of two years.
The group says that this would increase demand from Texans by encouraging businesses to accept cryptocurrency payments.
The cryptocurrency industry, and mining firms in particular, have provided employment and economic stimulus to previously underserved rural areas, according to the Texas Task Force.
But Now Texas' is facing growing competition coming from other states...
There is consensus among Florida's state leadership that crypto has promise, and more recently, California has signaled that it is preparing its own incentives to lure them in.
But I'm starting to wonder if being more crypto-friendly than Texas is even possible - if they follow through by actually turning these proposals into policies, they're going to be hard to beat.
Starting to honestly wonder if it's time to move the Global Crypto Press from Silicon Valley to the loan star state.
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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News
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