In a bold move, the Texas state legislature has passed an unprecedented amendment to its Bill of Rights, paving the way for digital currencies to be recognized as legal tender.
The groundbreaking amendment, which State Representative Giovani Capriglione sponsored, allows people to pay for goods and services using any form of accepted currency, including cryptocurrencies like Bitcoin, Cointelegraph reports.
This historic decision comes as no surprise, given the meteoric rise of digital currencies and their increasing acceptance by mainstream investors and financial institutions.
The amendment further emphasizes that no government may interfere with an individual's ownership or possession of any form or amount of currency.
With an overwhelming majority of 139 votes in favor and only two against, the amendment is poised to be signed into law. Once passed, Texans will be free to use digital currencies alongside traditional mediums of exchange, like cash, coins, bullion, or scrip, for transactions.
What's Next for the Proposed Amendment?
But the fight is not over yet. The proposed amendment still needs to pass one more House vote before being sent to the Senate for final approval. Once there, the people of Texas will have their say and decide the fate of digital currencies in the Lone Star State.
This move by Texas sets a precedent for other states and countries, indicating a shift towards a more digital economy. It will be interesting to see how other governments respond to this bold move and whether they follow suit. For now, Texas is leading the charge, and the world is watching.
Texas Bill of Rights
Texas is known for its unique take on independence, and now it is taking it to the next level with digital currency.
The state is set to pass an amendment to its Bill of Rights that will add digital currencies as a protected asset. According to the Texas Constitutional Enforcement group, this move is aimed at protecting Texans' financial privacy and safeguarding their wealth from the erosion of an unstable U.S. dollar.
Tom Glass, a founder of the Texas Constitutional Enforcement group, explains on Twitter that the amendment's goal is to use the inclusion of digital currencies in the Texas Bill of Rights to make a legal argument in the federal judiciary. This argument will invoke the ninth amendment to the U.S. Constitution, which recognizes the existence of natural rights beyond those explicitly listed in the first eight amendments.
The Texas Constitutional Enforcement group argues that using alternative currencies is necessary to protect Texans' hard-earned wealth from being eroded by an unstable U.S. dollar.
The group also stresses that Texans should not be forced to rely solely on the services of global financial elites, which could put their financial assets at risk of devaluation and confiscation.
We also reported in March that Texas had become a Bitcoin mining hotspot despite concerns about the industry's heavy energy use. According to findings, bitcoin miners in Texas consume around 2,100 megawatts of the state's power supplies.
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