Tidio Live Chat Software - Add Tidio live chat software to your website in minutes. Contact visitors and turn them into happy customers. Enhance their experience and boost your sales. Get it for Free

Must Read

Moupiya Dutta
Moupiya Dutta
She finds it interesting to learn and analyze society. she keeps herself updated, emphasizing technology, social media, and science. She loves to pen down her thoughts, interested in music, art, and exploration around the globe.

A bill has been introduced in Texas by a staunch Texas Republican and certified public accountant Phil Stephenson that would require a person receiving cryptocurrencies as payment to first verify the identity of the person sending payment.

The bill could be one of the most significant anti-crypto moves carried out by the state legislature so far. It would prevent any crypto transaction where the sender’s identity is not verified beforehand. No further information is given about what kind of verification would be necessary, and the specifics of how these rules would be enforced are unclear.

Also Read

The Texas bill introduced by Phil Stephenson will force crypto users to identify themselves. The bill is passed in the house. H.B. No. 4371 states that every crypto user who sends or receives any form of the digital entity must be known to the state. However, if the users use “verified digital currency,” they don’t have to submit identity verification to the state.

If passed, the bill would be put into reinforcement by September 1, 2019, and anyone either sending or receiving the digital asset must verify their identity to the state. However, if they use a state-verified identity digital currency, there is no need for identity verification. Here is what H.B. No. 4371 states,

Elegant Themes - The most popular WordPress theme in the world and the ultimate WordPress Page Builder. Get a 30-day money-back guarantee. Get it for Free

The Texas bill also declares that the Texas Department of Banking, Credit Union Commission, along with the Texas Department of Public Safety, will collaborate to support the application of VIDCs.

Such encouragement is defined as providing tools to distinguish VIDCs from other digital currencies, educating law enforcement, and promoting the use of VCs. The bill also specifies how those guidelines should be implemented, noting that the organizations, as mentioned earlier, should adopt rules to carry out these directives.

Save up to 60% on OptinMonster

Stay updated

Subscribe to our newsletter and never miss an update on the latest tech, gaming, startup, how to guide, deals and more.

- Advertisement -
- Advertisement -

Latest

Grow Your Business

Place your brand in front of tech-savvy audience. Partner with us to build brand awareness, increase website traffic, generate qualified leads, and grow your business.

- Advertisement -

Grow Your Business

Get these business solutions, tools and services to help your business grow.
Elementor

Elementor -Join 5,000,000+ Professionals Who Build Better Sites With Elementor. Build your website with 100% visual design that loads faster and speeds up the process of building them.

WP Rocket

WP Rocket - Speed up your website with the most powerful caching plugin in the world. The website speed increase means better SEO ranking, user experience, and conversation. It’s a fact that Google loves a fast site.

Kinsta

Kinsta - If you are looking for WordPress managed hosting, Kinsta is in the leading front. Kinsta provides WordPress hosting for a small or large business that helps take care of all your needs regarding your website with cutting-edge technology.

OptinMonster

OptinMonster - Instantly boost leads and grow revenue with the #1 most powerful conversion optimization toolkit in the world. 700,000+ websites are using OptinMonster to turn their traffic into leads, subscribers, and sales.

Related

- Advertisement -
- Advertisement -