Proposed Texas bill requires identity verification to use cryptocurrencies

posted 2 months ago
A bill proposed in the state of Texas by Representative Phil Stephenson would require a person receiving cryptocurrencies as payment to first "verify the identity of the person sending payment." The bill also states that a “verified identity digital currency" is not be subject to this ID requirement, 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.” .

The bill also says the agencies of the Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety, and State Securities Board, would work together to provide tools to identify which cryptocurrencies are acceptable or not, educate law enforcement on digital currencies, and promote the use of verified identity digital currencies.
Tags: blockchain, bitcoin, news