As businesses are moving towards the acceptance of digital payments, legislation of cryptocurrencies also took effect in Texas.
In the next election, 10.8 million Texans may support the cryptocurrency legislation according to a poll conducted by Newsweek. Crypto legalization in Texas came following a survey conducted by the U.K-based firm Redfield & Wilton between August 20 and August 24. It revised the Uniform Commercial code of the state and set up a blockchain working group under the state’s House Bills 4474 and 1576 respectively to allow cryptocurrencies under commercial law.
In a report published on September 20, a Newsweek poll surveyed more than 9700 voters across 10 states in the U.S.A. The result of that report indicates that 37% of the locals in Texas would vote in favour of a ballot measure to legalize crypto, while 42% would vote in favour of crypto-friendly legislation similar to Wyoming. Out of a population of approximately 29 million people in Texas, more than 10 million locals would be in favour of adopting cryptocurrencies and this may contribute to it becoming the hub for crypto mining firms
The state of Texas is rich in renewable sources of energy and an inadequately regulated power grid, making it a hotspot for crypto mining firms. Although the state consists of the means to facilitate Bitcoin payments, some businesses are still not accepting the crypto asset. Earlier in June, supermarket chain H-E-B announced to host crypto ATM machines from Coin Cloud. The announcement was met with a negative reaction from the locals, with some showing signs of resistance against the move. A Texas Reddit user stated their preference for fiat currency, claiming that cash is being eliminated by virtual currency for the purpose of tracking and taxation
In the United States, California seems to be the readiest state for Crypto followed by New Jersey while Texas comes in third. Earlier in May, pre-removal stage from the Senate calendar, H.B. 2199 passed the Texas House of Representatives with its main purpose of investigating the digital identity of locals and legislators. Redfield and Wilton, head of insights Louisa Idel, stated that if the party wants to attract votes interested in crypto, it should act swiftly, to not only get ahead of the opposition but to also deter the legislation that would prove difficult to reverse if enacted.