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The government official proposed legislation on November 1 st for the institution to increase its awareness and involvement with digital assets. According to the report, Cruz proposed an Exchange of Payment for Transactions resolution. If approved, 3 key departments within the U. Congress would have to adopt Bitcoin BTC as a medium of exchange.
The offices of the Architect of the Capitol, the Secretary of the Senate, and the Chief Administrative Officer of the House of Representatives would need to comply with the legislation. This means that they would have to enter deals with food services and vending machines providers capable of taking Bitcoin as payment. In addition, the congressional gift shops would need to set up a Bitcoin and crypto-friendly check out to be capable of complying with the legislation proposed by Cruz.
The Senator has come up as a Bitcoin supporter, especially in After the bill was passed on the Senate floor, Cruz commented:. Thus, many within the space felt like Cruz voiced the general sentiment. Since that moment, the Senator has been more public on his pro-Bitcoin stance calling the cryptocurrency a potential solution to help Texas improve its electrical grid. As Bitcoinist reported , Texas is one of the U.
Together with Florida, it could potentially become a BTC Hub in the country with their friendly legislation, particularly towards the BTC mining sector. Congress a leading institution in terms of Bitcoin and crypto adoption. The government official said:.
As consumers better understand and embrace cryptocurrency, merchants are increasingly accepting crypto as a payment method. Congress is typically slow to adopt new technology. My bill would position Congress to lead on this issue by having congressional cafeterias, vending machines, and gift shops accept crypto payments.
Bitcoin Cash ABC vs. The altcoin, one of the first to launch after Bitcoin has become an increasingly popular means of payment recently. Litecoin was created two years after Bitcoin with the aim of facilitating fast and cheap crypto transactions. In keeping with its main goal and improving on quality, the Litecoin Foundation announced the launch of the Litecoin Visa debit card in partnership with financial tech firm Unbanked.
The ease of use of this new card has been touted as a cause for the increase in transactions. According to Litecoin, signing up for the card service takes no more than five minutes and can be done in only three steps. Following these steps, they can then receive their virtual LTC Visa debit card. With their virtual card, users will be able to spend their LTC with all of the estimated 50 million digital merchants that use Visa.
It has gone on to serve as a means of payment for about 3, businesses worldwide at present, a huge leap from the 2, of last year. This has in part, to do with the mainstream adoption of crypto in general caused by the need for secure digital payments in the Covid era. However, data suggests that it is only second to Bitcoin in the number of endorsements by merchants. On October 25, tweeted about a partnership between BitPay and Verifone.
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