Texas Governor Signs Virtual Currency Bill


Texas Governor Greg Abbott announced on Twitter that he has signed an important cryptocurrency bill.

Texas Governor Greg Abbott announced on Twitter that he has signed an important cryptocurrency bill.

The “Virtual Currency Act,” which positions the Lone Star state as one of the leaders of the cryptocurrency industry , passed both chambers of the Republican-dominated legislature in May. The legislation provides an official definition of the term “virtual currency” while outlining guidelines for cryptocurrency businesses in the state .

Abbott also signed into law a bill banning “Zuckerbucks” (money poured in by private groups to run state elections).

Texas Adopts Blockchain and Cryptocurrencies

On June 10, the Texas Banking Department announced that banks licensed by the state could store cryptocurrencies.

Abbott also signed into law a bill establishing a “master plan” for expanding the blockchain industry in the state at the beginning of June . Last week, Texas Senator Ted Cruz also said during his interview on “Hannity” that Bitcoin has “a lot of potential” . 

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