Cryptocurrencies may have seen better days, but many believe the technology that underpins them still has a bright future.
A Texas group has provided recommendations to help the state grow its burgeoning blockchain industry, reports Austin American-Statesman.
The Texas Workgroup on Blockchain Issues, made up of members from state agencies, universities, and the blockchain industry, offered nearly 20 measures to help strengthen the industry.
The recommendations include how states can use blockchain for commercial contracts, privacy, education and digital identity, and how to regulate blockchain-related businesses, the outlet reported. It also includes recommendations on offering tax incentives to further attract members of the blockchain community.
“We hope this report helps shed light on what we’ve identified as important,” Workgroup member Christopher Caricott told the outlet. It’s a first step and encourages great sharing of ideas.”
Austin and rural Texas, in particular, have become centers of significant blockchain activity, especially since China banned cryptomining.
“It’s still pretty early, but it’s definitely growing,” Carricott told the outlet. If you’re thinking about attending, you’re definitely thinking about what your options are in Texas.”
The nature of the industry requires education, Carricott said, and the workgroup effort therefore hopes that at least some of its recommendations will be taken up by lawmakers.
High-profile politicians such as Senator Ted Cruz and Gov. Greg Abbott have voiced their support for the industry in the past, but further investment in blockchain could strain state power grids and harm the environment. Opponents say there is.
— Ted Granzer