Texas to Accept Bitcoin As Payment Option Soon? Here's an Update

Countries such as Egypt, Iraq, Algeria, Qatar, Bangladesh, and China have already banned cryptocurrencies.

Cryptocurrency has become a global phenomenon in the past few years and El Salvador became the first country to legalize Bitcoin taking the world by storm. However, many countries remain still skeptical towards cryptocurrencies and some have already banned them including the most popular Bitcoin. But now, Texas is trying to explore ways to accept Bitcoin as a payment method. Reportedly, Steve Adler, who is The Mayor of Austin, Texas, believes that the blockchain technology and cryptocurrency payments can change the fate of the city.

He is bringing in two new initiatives. One is to promote the blockchain tech that equates to "equity, diversity, accessibility, and inclusion," in the financial ecosystem and the other is instructing the City Manager to do thorough research on how Austin can adopt the decentralised Bitcoin.

The study will also be extended to other cryptocurrency and blockchain tech-related policies. These efforts from Adler might find ways for Austin residents to pay their bills with cryptocurrencies, according to crypto whale watching platform WatcherGuru.

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The research and study will not only be restricted to Bitcoin, but other cryptocurrencies and blockchain technology-related policies as well. Reports suggest these initiatives might find ways for residents of Austin to pay their bills with cryptos.

Which Countries Have Banned Cryptocurrencies?

So far, Egypt, Iraq, Algeria, Tunisia, Qatar, Oman, Morocco, Bangladesh, and China have already banned cryptocurrencies while some have either put some restrictions on usage of cryptos or ban it totally. Two countries are awaiting to legalise the decentralised currency in 2022.

Prices of Bitcoin, Ethereum and Other crypto tokens

The world's most popular and largest cryptocurrency Bitcoin at the time of publishing was trading at $38,992.55, which is down by -0.21% ion a 24-hour trading period and is down by about 18% in 2022 (year-to-date) so far with a market cap of $740,194,637,480. On the other hand, the second largest cryptocurrency Ethereum (ETH) is trading at $2,591.67 up by +0.53% in a day's trade. Other digital tokens or altcoins such as Dogecoin, Terra, Cardano (ADA), surged in the past 24- hours.

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