https://cryptonewsbtc.org/2022/02/17/will-texas-and-arizona-make-cryptocurrency-legal-tender/
Will Texas and Arizona Make Cryptocurrency Legal Tender?
May your state make cryptocurrency authorized tender within the close to future? On this section of “The Crypto Present” on Motley Idiot Stay, recorded on Feb. 2, Idiot contributors Jon Quast, Travis Hoium, and Chris MacDonald focus on some latest information that Arizona and Texas might change into larger gamers within the cryptocurrency house.
Jon Quast: We’ve additionally some information [laughs] out of Arizona and Texas. Now, this was truly shocking me as I obtained this information prepared for right this moment’s present. Present Texas Governor Greg Abbott is definitely very pro-Bitcoin (CRYPTO:BTC) mining, attempting to draw Bitcoin miners to the states with promise of low cost power.
There are power points in Texas that they’re working by. He is asking Bitcoin miners, it appears to be like like if there’s one other disaster, go forward and pull your stuff offline first in order that we will be sure that powers working to the extra important issues first. That is attention-grabbing, but additionally Abbott is at present trailing within the governor race, the primaries to Alan West. He is working on a platform saying Texas will lead the world, I obtained Zoom in the way in which right here, leveraging Bitcoin together with enabling improvement of novel blockchain know-how.
It looks as if each Abbott and West are open to creating Bitcoin authorized tender within the state of Texas. Now, that’s insane to suppose {that a} state would make it authorized tender, like El Salvador, which is a rustic. It is one factor to have a rustic, it is one other factor to have a part of the nation make it authorized tender, however this is not unprecedented with Texas as a result of Arizona state senator Wendy Rogers has launched a invoice final week to the Arizona legislative meeting that making Bitcoin authorized tender there in Arizona. That is fascinating.
Travis Hoium: Once more, that is I feel states looking for methods to distinguish themselves. You’ve got seen Miami attempt to change into the middle of cryptocurrency to the event house and that is the place plenty of the businesses which are constructing within the crypto world have moved to or began. Now, it appears to be like like Arizona and Texas are attempting to wiggle their method into that ecosystem as nicely.
Chris MacDonald: I feel that differentiation level is a extremely good one to make. I learn about a month in the past, there was some attention-grabbing information that Elizabeth Warren and another regulators have been taking a look at, requesting info from crypto-miners, particularly on power consumption, the way it may impression the power grid, and taking a look at potential laws given what is going on on within the geopolitical house around the globe. That is one thing that it looks as if plenty of areas or politicians from completely different areas are taking a look at.
Proper now, it is attention-grabbing as a result of possibly politicians are taking a look at this as a vote factor, what does the populace need? Do they need regulation to make sure a secure energy provide or are they extra within the mining facet and the way that might assist the economic system and what is the larger reward or what is the risk-reward appear to be?
From a political and regulatory standpoint, that is actually attention-grabbing information. Then the authorized tender piece, that in all probability I feel would go alongside the strains of differentiation as nicely when it comes to seeing the way it goes and being a take a look at space in some areas are prepared to try this. It looks as if Arizona has been a kind of areas.
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