Legislation was introduced in the Texas House of Representatives on Thursday to establish a strategic bitcoin reserve, which could serve as a proving ground for the U.S. Treasury.The proposed bill would enable the state to start building a strategic bitcoin reserve by accepting taxes,

( NewsNation) — A bill that has been introduced in the Texas Legislature would allow residents to use bitcoin to pay their taxes and make other political contributions and charitable donations.

A member of the Texas House of Representatives just proposed a new legislation that will enable the Lone Star State to establish a strategic Bitcoin (BTC) reserve within its treasury.

A bill that has been introduced in the Texas legislature could set a precedent for the rest of the country, giving residents an alternative to traditional payments. NewsNation's Xavier Walton reports for "Morning in America" about what the proposed law would allow for and its chances of passing.

Policy makers explain how Texas' Strategic Bitcoin Reserve will impact the economy and taxpayers who may be able to pay taxes in crypto.

Texas proposes strategic Bitcoin reserve, allowing taxes and fees in Bitcoin, aiming to combat inflation and lead crypto adoption nationwide.

Texas has followed in the footsteps of Pennsylvania as State Rep. Giovanni Capriglione introduced the bill to the state's House Thursday and filed the proposed legislation during an X Spaces.