Texas has become the first American state to create an autonomous bitcoin funded by the State
Reserve after Governor Greg Abbott signed Bill 21 of the Senate during the weekend. The bill orders the State to establish a Bitcoin reserve managed independently of the main treasury, joining a small but increasing a group of states exploring the reserves of digital assets.
Unlike Arizona and New Hampshire, which has adopted similar legislation, Texas does not only allow reserve but actively finance. The state will appropriate $ 10 million to buy Bitcoin for the reserve.
The news comes from months after the Trump administration has announced the creation of a national cryptography reserve – although this vehicle is supposed to be funded in a strictly budgetary neutral manner, such as crises of cryptographic assets or by issuing cryptographic obligations.
Abbott has also signed the HB 4488 bill, an additional measure which protects the Bitcoin reserve against routine “backgrounds” in the general revenues of the State.
The legislation marks a change in the way states can start to treat digital assets – not only as speculative tools, but also as sovereign financial instruments that deserve to be detained in the long term.
