No Tax On Crypto Purchases — Texas Proposals Go Big On Digital Assets

A new bill before the Texas legislature calls for “a master plan for the expansion of the blockchain industry,” that could turn the state into the cryptocurrency capital of the country by introducing tax-free shopping with bitcoin, among other proposals. 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.

Despite the bill’s unimaginative title, it contains exciting and transformative ideas for digital assets. Perhaps next time the legislature could find something that resounds a little better than “Relating to the creation of a work group on blockchain matters concerning this state.”