Bill Text: TX HB4371 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to digital currencies.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-04-25 - Left pending in committee [HB4371 Detail]
Download: Texas-2019-HB4371-Introduced.html
86R14398 GRM-D | ||
By: Stephenson | H.B. No. 4371 |
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relating to digital currencies. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Subtitle A, Title 15, Business & Commerce Code, | ||
is amended by adding Chapter 662 to read as follows: | ||
CHAPTER 662. DIGITAL CURRENCIES | ||
Sec. 662.0001. DEFINITIONS. In this chapter: | ||
(1) "Digital currency" means an electronic form of | ||
currency that can be denominated to sovereign currency and employs | ||
the use of a distributed ledger. | ||
(2) "Digital wallet" means an electronic device or | ||
online service that allows a person to pay for transactions using | ||
digital currency. | ||
(3) "Distributed ledger" means a structured data | ||
representation that grows only by appending new data, authenticates | ||
users with strong cryptography, and leverages economic incentives | ||
to encourage users to manage and secure updates. | ||
(4) "Verified identity digital currency" means 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. | ||
Sec. 662.0002. VERIFICATION OF IDENTITY REQUIRED. (a) | ||
Before accepting payment by a digital currency, a person must | ||
verify the identity of the person sending payment. A person is not | ||
required to verify the identify of a person sending payment if the | ||
payment is sent by a verified identity digital currency. | ||
(b) This state may not use a digital currency that is not a | ||
verified identity digital currency. | ||
Sec. 662.0003. VERIFIED IDENTITY DIGITAL CURRENCY | ||
AWARENESS. (a) 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. | ||
(b) The agencies listed in Subsection (a) shall: | ||
(1) provide tools for people to distinguish a verified | ||
identity digital currency from digital currencies that allow users | ||
to remain anonymous; | ||
(2) educate law enforcement agencies on digital | ||
currencies; and | ||
(3) promote the use of verified identity digital | ||
currencies. | ||
(c) The Finance Commission of Texas, Credit Union | ||
Commission, Texas Department of Public Safety, and State Securities | ||
Board shall adopt rules to implement this section. | ||
SECTION 2. This Act takes effect September 1, 2019. |