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  • Bill 4371 proposes proper identification of the individuals sending or receiving cryptocurrencies.
  • If passed, the bill will turn into law effective from September 1st, 2019.

Phil Stephenson, a Republican member of the Texas House of Representative, has recently introduced a bill to ban the anonymous use of cryptocurrencies in the state. The bill numbered 4371 proposes proper identification of the individuals sending or receiving cryptocurrencies. If a user is already using a “verified identity digital currency,” then they won’t have to submit any identity verification to the state.

The bill states:

“[The user] not required to verify the identity of a person sending payment if the payment is sent by a verified identity digital currency.[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.”

If passed, the proposals in the bill will come into effect from September 1, 2019. As expected, this has not been well-received by the crypto community.