AUSTIN, Texas–A new bill before the Texas legislature that calls for “a master plan for the expansion of the blockchain industry” could turn the state into the cryptocurrency capital of the country by introducing tax-free shopping with bitcoin, among other proposals, according to a new report.
“If the recommendations are implemented in this legislative session, Texans will experience the benefits of a state leading the way in the blockchain technology and cryptocurrency space,” Forbes reported. “The Texas legislature only meets in odd numbered years, so the elected representatives need to move quickly before the opportunity to take the lead is lost.”
Payments made in cryptocurrency at the point of sale would receive a two-year retail sales tax holiday.
“Saving money when shopping is universally well-received, and such a move would incentivize both merchants and consumers to investigate virtual currency and set up the required technology,” Forbes said.
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