A new bill has been filed on March 8 in Texas, United States – with the main aim of requiring users to identify themselves while using Bitcoin and other altcoins. The bill is in today’s digital currency news on many websites.
The text found in the bill contains the definitions of digital currencies, digital wallets, distributed ledgers and verified identity digital currencies (VIDC). The latter are defined as “cryptocurrencies that allow the true identities of the sender and the receiver to be known before a person has access to another person’s digital wallet.”
According to the 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 regulation also specifies the following:
“This state may not use a digital currency that is not a verified identity digital currency.”
It further declares that the Texas Department of Banking, the Credit Union Commission, the Texas Department of Public Safety and State Securities Board should all work together and support the application of VIDCs.
The encouragement comes as a way to provide tools and distinguish VIDCs from other digital currencies, educating law enforcement as well as promoting the use of VIDC. The bill further details how these guidelines should be implemented and mentiones that organizations should adopt rules to carry out the directives.
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