A Republican member of the Texas House of Representatives, Phil Stephenson, has just introduced a bill that would require residents of the state to identify themselves if they wish to use cryptocurrencies. H.B. No. 4371 details that individuals who send and receive digital currencies must be known. Although, if the user happens to use a “verified identity digital currency,” then they don’t have to submit verification to the state.
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Texas House Bill 4371 Wants Digital Currency Users in Texas to Verify Their Identity
Texas could be the first state in the U.S. to ban the anonymous use of cryptocurrencies. Representative Phil Stephenson, a staunch Texas Republican and certified public accountant (CPA), wants residents in the state to verify their identities if they choose to use digital currencies. Stephenson’s H.B. No. 4371 says that if the bill becomes law it will take effect on Sept. 1, 2019. Section 662.02 details that before…