By Solomon Odunayo
Greg Abbott, the Governor of Texas has just signed a game-changing cryptocurrency bill into law.
The new development was announced by the Governor on 13th June 2021, via his official Twitter handle. According to the report, the bill signed into law defines the status of digital currency, establishes the right of acquiring it, and when a person has control of it.
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Governor Greg Abbott tweeted, “I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction. It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it.”
I just signed a law that puts virtual currency under the Texas Uniform Commercial Code to be a secured transaction.
It defines virtual currency, establishes when a person acquires a right in it, and when a person has control of it.
— Greg Abbott (@GregAbbott_TX) June 13, 2021
As further reported by U.Today, the Virtual Currency Bill that currently positions Texas as one of the leaders in the crypto ecosystem was passed in May by both chambers of the legislature dominated by Republicans.
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As earlier reported, the legislation provides a formal and clear definition of the term “virtual currency” while outlining guidelines for crypto businesses in Texas.
Aside from the crypto bill, the Governor has also signed a bill that bans “Zuckerbucks”, the money funneled by private groups to administer state elections.
The state has been showcasing the signs of embracing blockchain and crypto over the past weeks. On 10th June 2021, the Texas Department of Banking clarified that state-chartered banks can now custody digital currencies.
A couple of days ago, Abbott also signed a bill that creates a master plan targeted at expanding the blockchain industry in the state.
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Greg Abbott tweeted, “Blockchain is a booming industry that Texas needs to be involved in. I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.”
Blockchain is a booming industry that Texas needs to be involved in.
I just signed a law for Texas to create a master plan for expanding the blockchain industry in Texas.#Blockchain #Bitcoin#cryptocurrency pic.twitter.com/bMKXxxYooe
— Greg Abbott (@GregAbbott_TX) June 5, 2021
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