A Republican member of the Texas House of Representatives, Phil Stephenson, has actually presented a bill that would need citizens of the state to recognize themselves if they want to utilize cryptocurrencies. H.B. No. 4371 information that people who send out and get digital currencies need to be understood. Although, if the user occurs to utilize a “verified identity digital currency,” then they do not need to send confirmation to the state.

Texas might be the very first state in the U.S. to prohibit the confidential usage of cryptocurrencies. Agent Phil Stephenson, a strong Texas Republican and accredited accountant (CPA), desires homeowners in the state to confirm their identities if they select to utilize digital currencies. Stephenson’s H.B. No. 4371 states that if the expense ends up being law it will work on Sept. 1, 2019. Area 662.02 information that prior to accepting digital currency payment, an individual should confirm the identity of the sender. Strangely enough the individual is “not required to verify the identity of a person sending payment if the payment is sent by a verified identity digital currency.”

H.B. No. 4371 additional states:

” [Texas] may not use a digital currency that is not a verified identity digital currency — The Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety, and State Securities Board shall collaborate to encourage the use of verified identity digital currencies.”

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