Texas following El Salvador? Poll shows 37% of residents want crypto payments

A brand new ballot from Newsweek means that as many as 10.8 million Texans could assist laws that makes cryptocurrency authorized within the subsequent election.

According to a Sept. 20 report, a Newsweek ballot that surveyed greater than 9,700 eligible voters throughout ten U.S. states advised that 37% of Texas residents would vote in favor of a poll measure to make crypto authorized, whereas 42% mentioned they’d assist crypto-friendly laws just like that in Wyoming. With a inhabitants of roughly 29 million folks as of 2021, Texas might have greater than 10 million residents supporting the adoption of cryptocurrencies.

The outcomes of the ballot, carried out by United Kingdom-based agency Redfield & Wilton Strategies between Aug. 20 and 24, got here prior to 2 items of crypto legislation taking effect in Texas. The state’s House Bills 1576 and 4474, respectively, establish a blockchain working group and amend the state’s Uniform Commercial Code to recognize cryptocurrencies under commercial law.

While Texas is also becoming somewhat of a hotspot for crypto mining firms, given the state’s sources of renewable energy and loosely regulated power grid, not all retail businesses accept Bitcoin (BTC) for payments. In June, major supermarket chain H-E-B announced it would be hosting crypto ATM machines from Coin Cloud, but some residents are seemingly hesitant about bigger moves towards adoption.

“I’m uncomfortable with any non-physical currency being the only currency,” said Texan and Redditor LordPimpernel. “I understand there’s a motion underway to remove money, primarily for functions of monitoring and taxation. I’m a bit an excessive amount of of an previous pirate to be okay with that.”

Cointelegraph lately reported that California was one of the “most crypto prepared” U.S. states. However, Texas nonetheless got here in third behind New Jersey for its crypto ATMs — roughly 2,396 in line with Crypto Head — in addition to proposed pro-crypto payments.

Related: Texas chases after Wyoming with crypto regulation proposal, however challenges stay

In addition to House Bills 1576 and 4474, H.B. 2199 passed the Texas House of Representatives in May earlier than being faraway from the Senate calendar. The invoice would examine the institution of a digital id workgroup of legislators and residents.

“If a celebration needs to catch [voters interested in crypto], it ought to act swiftly—not solely to beat the opposite celebration to the punch but in addition to preempt laws that may show troublesome to reverse if enacted,” mentioned Redfield & Wilton head of insights Louisa Idel.