Proposed Bill in Texas to Require Identity of Buyers Using Digital Currencies
A bill filed in the Texas legislature on March 8 seeks to require users to identify themselves while using digital currencies.
The bill defines digital currencies, digital wallets, distributed ledgers and verified identity digital currencies (VIDC).
VIDC are 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 specifies that a person must verify the identity of a person sending payment in digital currency unless a VIDC is used. It further regulates that the State of Texas may not use a digital currency unless it is a VIDC.
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