• New Hampshire’s Commission On Cryptocurrencies and Digital Assets has recommended that the NH Department of Energy review how bitcoin mining operations could be integrated into a statewide energy plan.
• This recommendation was part of an executive order issued by Governor Sununu in February 2022, which sought to make New Hampshire an attractive jurisdiction for financial services innovation.
• Texas recently released a similar report encouraging lawmakers to make bitcoin an authorized investment for the state and give tax incentives to local BTC miners, indicating that American states are increasingly considering the benefits of embracing bitcoin.
New Hampshire’s Commission On Cryptocurrencies And Digital Assets
New Hampshire (NH) Governor Chris Sununu created a commission via executive order back in February 2022, titled “Commission On Cryptocurrencies And Digital Assets”. The purpose of this commission was to assess how bitcoin mining operations might be integrated into a statewide energy plan with positive impacts on the electricity system such as contributing to a more stable electricity grid, more sustainable generation projects, and lower costs for consumers generally.
Texas Work Group On Blockchain Matters
A couple of months after the creation of New Hampshire’s commission, Texas released a report titled “Texas Work Group On Blockchain Matters” directed at members of the Texas legislature. This report recommended making Bitcoin an authorized investment for the state while giving tax incentives to local BTC miners.
States Considering Benefits Of Embracing Bitcoin
The reports from both New Hampshire and Texas suggest that further research is needed into Bitcoin and indicate that American states are increasingly considering its potential benefits when it comes to financial services innovation. Additionally, regulation is necessary in order protect consumers from potential risks associated with cryptocurrency investments.
Advocacy For Continued Inquiry Into How States Can Integrate The Technology
It is important for those involved in Bitcoin or who have ties to state legislature to advocate for continued inquiry into how states can integrate this technology effectively. States often have greater agility than federal government when it comes to adopting new technologies and could lead the way for other states in terms of Bitcoin adoption if they decide to follow these recommendations.
Conclusion
The findings from both New Hampshire’s Commission On Cryptocurrencies And Digital Assets and Texas’ Work Group On Blockchain Matters suggest that American states are increasingly considering how they can benefit from embracing Bitcoin as part of their financial services innovation strategies. It is important for those involved with state legislative or connected with Bitcoin ecosystem advocacy efforts continue pushing forward these conversations so that states can benefit from this technology effectively.