Texas passed two bills that would incorporate cryptocurrency and blockchain technology into its business and commerce legislation. McDonald's accepts BTC in El Salvador.
Some countries do not explicitly regulate cryptocurrencies, so in theory, they are legal, or at least they are not prohibited. In others, their laws explicitly prohibit them, but it can change from state to state in others. For example, in the United States, some states have opposed the legalization of cryptocurrencies and blockchain technology. In contrast, others have embraced them with open arms, and one of those in Texas.
A while ago, Texas passed two bills incorporating cryptocurrency and blockchain technology into its business legislation. All this through Texas House Bills 1576 and 4474. The same was passed in May and June by the state legislature and the governor of Texas. These bills would essentially legalize cryptocurrencies in the state, and at the time, their implementation date is early September.
What does it mean that crypto is now officially legal in Texas?
To understand what is going on, you have to understand what each of the bills addresses. Each one adapts to a part of the industry. First, Texas House Bill 1576 would establish a blockchain task force in the state of Texas.
On the other hand, Texas House Bill 4474 would amend the current Texas Business and Commerce code to include cryptocurrencies. The bill makes Texas the fourth state to add cryptocurrencies to its commercial law. Behind Wyoming, Rhode Island, and Nebraska.
In an interview, Texas Blockchain Council president Lee Bratcher explained that Texas House Bill 4474 would better define the security of cryptocurrency investing, "allowing institutional investors to engage in substantial investments."
"This is positive for cryptocurrencies in general. It means that all the transactions parties are confident regarding their legal rights and obligations, judges have a roadmap for resolving disputes, and lenders know they have an enforceable lien on cryptocurrency pledged as collateral for secured loans." Lee Bratcher, Texas Blockchain Council.
This state's history with cryptocurrencies is not new
In the wake of China's crackdown on miners, which led to an exodus of miners out of the country, Texas welcomed mining operations with open arms. The state's legal protection for businesses may be responsible as one of the reasons it is so attractive to cryptocurrency miners leaving China.
Additionally, energy and consumption concerns for mining make Texas an even more attractive place for miners. The reason is that this state has a large amount of renewable energy, which would provide miners with the power they need for their activities. Now that cryptocurrencies are officially legal in Texas, developers expect further development of the crypto industry. Of course, as long as regulations do not start to increase until the advantages offered by cryptocurrencies disappear.
McDonald's and Pizza Hut start accepting bitcoin in El Salvador
The McDonald's branch in the Zona Rosa sector of San Salvador, El Salvador, is possibly the first to have received payment in bitcoin in the country. In the early morning hours, journalist Aaron Van Wirdrum reported having made a purchase with bitcoin in a McDonald's restaurant located in the vicinity of the Bambú Center, in the Zona Rosa of San Salvador. McDonald's accepts bitcoin through the payment operator OpenNode, allowing BTC payments through the Lightning second-layer solution.
The president of El Salvador, Nayib Bukele, tweeted an image from a Pizza Hut restaurant at an undisclosed location where they had set up a separate box exclusively for bitcoin payments.
According to Google's directory, the popular pizza restaurant Pizza Hut, also from the United States, has 18 stores in El Salvador. At press time, OpenNode did not confirm whether they are also the payment gateway providers for Pizza Hut in all their stores in El Salvador.