Bill Requiring Identification of Buyers Paying in Digital Currencies filed in Texas

Bill Requiring Identification Buyers Paying Digital Currencies

Bill Requiring Identification of Buyers Paying in Digital Currencies filed in Texas

Bill Requiring Identification Buyers Paying Digital Currencies

A bill requiring users to identify themselves while using digital currencies was filed on March 8th.

The bill contains the definitions of digital currencies, digital wallets, distributed ledgers and verified identity digital currencies (VIDC). The latter is defined as “a digital currency that allows the true identities of the sender and the receiver to be known before a person has access to another person’s digital wallet.”

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According to the proposed bill, before accepting a payment in digital currency, a person must verify the identity of the person sending the payment unless a VIDC is used. The proposed regulation also specifies:

“This state may not use a digital currency that is not a verified identity digital currency.”

The bill also declares that the Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety and State Securities Board will work together to support the application of VIDCs.

Such encouragement is providing tools to distinguish VIDCs from other digital currencies, educating law enforcement and promoting the use of VIDCs.

The fact is that Digital currencies have come to stay and are gonna keep growing into mouth watering online assets and will even perform and be more useful to people and the online community more than they are expected to be.

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