Bitcoin

Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC

2 Mins read

Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC

Texas has introduced a new bill to establish a strategic Bitcoin reserve. The legislation proposes that the state accept Bitcoin payments for taxes, fees, and donations, with the collected Bitcoin

.cwp-coin-chart svg path {
stroke: ;
stroke-width: ;

}





btc-bitcoin icon












btc-bitcoin icon




Price









Trading volume in 24h



<!–
?
–>


Last 7d price movement


held in reserve for at least five years.

According to a report from CNBC, the initiative, presented by Republican State Representative Giovanni Capriglione, seeks to bolster Texas’ fiscal stability while positioning the state as a leader in Bitcoin innovation.

Speaking on X Spaces, Capriglione explained the economic rationale behind the proposal, mentioning inflation as a major investment threat.

“A strategic Bitcoin reserve, investing in Bitcoin, would be a win-win for the state,” Capriglione stated.

EXPLORE: 10 Best Decentralized Exchanges for September 2024 

Proposed Legislation to Introduce Greater Financial Flexibility

The proposed legislation, formally titled “An Act Relating to the Establishment of a Bitcoin Reserve Within the State Treasury of Texas and the Management of Cryptocurrencies by Governmental Entities,” aims to introduce greater financial flexibility.

Although the initial proposal stops short of calling for direct Bitcoin purchases by the state, it leaves room for future amendments.

“My goal is to make this bill as big and broad as possible,” Capriglione noted, indicating potential support for future enhancements.

Texas’ move is significant given its status as the second-largest economy in the U.S. and the eighth-largest worldwide. The state is also home to the country’s highest concentration of Bitcoin miners, raising the possibility that some miners may opt to pay taxes in cryptocurrency.

The effort aligns with a broader movement across the U.S. and beyond.

Pennsylvania was the first state to introduce a strategic Bitcoin reserve bill in November, while other states, including Oklahoma, Louisiana, Montana, and Arkansas, have enacted laws protecting the rights to mine, self-custody, and conduct peer-to-peer Bitcoin transactions.

Notably, the Satoshi Action Fund, a nonprofit Bitcoin advocacy organization, played a key role in creating the bill.

According to Dennis Porter, CEO of Satoshi Action Fund, similar bills are being discussed in at least 10 states and four countries.

EXPLORE20 New Crypto Coins to Invest in 2024

Interest in a U.S. National Bitcoin Reserve Increases

Capriglione’s proposal comes at a time of renewed interest in a U.S. national Bitcoin reserve.

During the Bitcoin 2024 conference in Nashville, former President Donald Trump pledged to preserve all Bitcoin held or acquired by the U.S. government as part of a “strategic national Bitcoin stockpile.”

Wyoming Senator Cynthia Lummis has also proposed legislation to create a federal Bitcoin reserve.

Despite the growing momentum, skepticism remains about the feasibility of a U.S. Bitcoin reserve. Needham analyst John Todaro told CNBC that while the idea could fuel market enthusiasm, the U.S. will unlikely make significant Bitcoin purchases.

“It’s unlikely to drive material price gains, but it’s an item that drives excitement and optimism,” Todaro explained.

EXPLORE: Best Bitcoin Mining Pools in 2024

The post Texas Proposes Creating Bitcoin Reserve by Accepting Taxes, Fees, and Donations in BTC appeared first on 99Bitcoins.



Source link

Related posts
Bitcoin

Bitcoin Confidence Grows As Binance Data Highlights Surprising Market Trends

2 Mins read
Meet Samuel Edyme, Nickname – HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With…
Bitcoin

Radiant Capital Hack: How Hackers Used a PDF to Steal $50 Million

1 Mins read
The $50 million hack sent shockwaves across the defi community with funds authorized to different projects completely drained. $50 Million Hack a…
Bitcoin

INX Unveils Buy Assets Platform for Simplified Token Trading

1 Mins read
INX One makes RWA trading easier with simple Buy Assets. Users can access tokenized securities, RWAs, and more than 100 cryptocurrencies. INX…

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *