Texas to establish regulatory framework for cryptocurrency investments

The Texas governor, Greg Abbott, announced plans to establish a regulatory framework for the development of cryptocurrencies and blockchain technology in the state.

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

“Blockchain is a rapidly developing industry that Texas must be involved in,” wrote Abbott.

The document provides for amendments to local legislation to adapt commercial law to blockchain and digital assets. It also defines virtual currencies and creates a legal framework for cryptocurrency investments.

In 2019, Bitmain completed a bitcoin mining facility in Texas with a capacity of 50 MW.

In the same year, the German company Northern Bitcoin agreed to merge with Whinstone US, which was building a mining farm in the state covering an area of 57 football fields.

In March 2021, the London-listed Argo Blockchain acquired 320 acres (129.5 hectares) of land in Texas to build a new bitcoin mining data center. Similar plans were pursued by BIT Mining Limited, which allocated $25.74 million for this.

Subsequently, American mining company Blockcap announced plans to open a headquarters in the state and increase its fleet to 42,000 devices.

Earlier, Marathon Digital Holdings announced plans to build a “green” data center for bitcoin mining in Texas.

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