With the signing of the Senate bill 21, the State is ordered to create a Bitcoin reserve.
A complementary law blinds the reserve to prevent it from being absorbed by state income.
Texas breaks into the digital financial scenario and becomes the first state of the USA. In establishing a Bitcoin (BTC) reserve financed with public funds.
Governor Greg Abbott stamped his signature in bill 21 of the Senate during the weekend, marking a pioneering action in the adoption of the digital currency at the government level.
With the firm, The legislature will now invest 10 million dollars to buy Bitcoinaccording to reports COINDESK. The measure marks a key difference with other states such as Arizona and New Hampshire, whose similar laws did not assign funds for their reservations.
The purchase “represents only 0.0004% of the state budget, but could create a huge impact when sending the signal to investors and businessmen equally that Texas understands that the future of finance is digital,” said Lee Bratcher, president of the Texas Blockchain Council.
This decision separates Texas as an active participant and not only as an explorer in the scope of digital assets. This taking into account that its Bitcoin strategic reserve will be independent of the main treasury.
As Cryptonotics Abbott reported it also signed a law that will legally protect any state Bitcoin state that will be created. The regulations orders that the BTC reservation is excluded from future laws They seek to dissolve it or incorporate it into the General State Budget.
With the measure, Texas marks another milestone, since it becomes one of the first states of the United States to approve a legal framework specifically designed to protect its Bitcoin funds.
At the same time, the State considered as the eighth largest economy in the world, together with the strengthening of its friendly legislation with Bitcoin, also decided to send a message by implementing clear rules for the confiscation: Texas will not tolerate the use of digital assets for illicit purposes.
The latter is with the promulgation of Law SB 1498, a regulation that empowers the authorities to seize all Bitcoin, NFT (non -fungible tokens), stablecoins and other digital assets linked to crimes.
