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Texas Governor Greg Abbott has Signed Senate Law Bill 21officially creating the Bitcoin Texas Strategic Reserve.
With this new law, Texas joined by a group of US countries holding Bitcoin
Btc
101.293,42 USD
as part of their financial reserves that govern the Government.
Lawwhich passed the Texas house in May allows the state Use bitcoin as protection against inflation and economic uncertainty. The state supervisor is responsible for managing reserve and is authorized to buy, retain or sell bitcoin as needed.
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Bitcoin can be added to the reserve through several methods, not just direct shopping. The law also allows Bitcoin to enter through Forks, Airdrops or donations.
This gives the state different ways to increase its share. However, the law sets a strict request: Digital assets had to retain a market value of at least $ 500 billion in the last two years.
The law said the supervisor must work with a qualified guardian or liquidity provider. These partners are expected to follow well -established security practices to protect funds.
The counseling committee will control the reserve, but the supervisor will have a final authority. Law also requires a supervisor to publish a report every six months. These updates will include the size of the reserve, how the assets were acquired and how the fund is running.
In the meantime, the Claus Act recently passed two committees for home houses and progressed to a complete vote. What did the representative French Hill say, sponsor of the law? Read the whole story.
After a master’s degree in economics, politics and culture of the East Asia region, Aaron wrote scientific papers by analyzing the differences between Western and collective forms of capitalism in the Era after World War II.
Considering the decade of experience in Fintech industry, Aaron understands all the biggest questions and struggles that cryptocurrency lovers face. He is an avid analyst who deals with the content based on data and facts, as well as the one who speaks to the web3 natives and the newcomer in the industry.
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