Texas intends to hold the right of legislation to protect bitcoin
In March 2nd, the Texas state legislature received a lawmaker proposed constitutional amendment. The proposed amendment to the state public coins and other digital currencies included in the scope of protection of the legitimate rights and interests.
Texas state constitutional amendment proposal to protect the user’s bitcoin use or ownership (the blue region of Texas) source: Golden Finance
The Texas legislature will be a joint resolution of a constitutional amendment, the constitutional amendment proposed to amend the state constitution first, will use the “medium of exchange” mutual recognition of both the rights enshrined in law.
The United States of Texas, some lawmakers proposed a constitutional amendment to protect the state people to hold other digital currency bitcoin legal rights. In addition, the amendment also ruled that the government has no right to interfere with the exchange of media use or ownership.
The bill in March 2nd by Senator Matt Schaefer (MattSchaefer) proposed?.
Experts believe that, literally, the amendment to the degree of freedom and wisdom bitcoin. Because bitcoin trading is a distributed technology based on block chain books, can be considered “after many witnesses, the medium of exchange of mutual recognition between the two sides.
The resolution says:
First, the constitution of Texas, as amended, added…… Possession, possession and use of the medium of exchange for mutual recognition of both rights, this kind of medium of exchange include cash, coins, gold and silver, digital currency or scrip, and trading of goods and services when contract shall not be affected thereby. The government has no right to forbid or damage any form or number of ownership or possession of money.
Once the legislature passed the amendment, in November this year, Texas voters can start voting.
In view of the liberalism, yearning for Texas and support for technology and culture, this bill is not surprising. However, the bill did not define digital currency as legal tender, according to the guidelines released in 2014, the state regulators also did not acknowledge the legal status of bitcoin.