Anonymous crypto transactions can be banned in Texas

Posted 11 March, 2019

Texas State can initiate the end of the crypto anonymity in the USA. The state authorities are considering the bill under which local people will be unable to remain anonymous while using cryptos.

The draft bill lodged by the member of the Chamber of Representatives. The author of the proposal Phil Stephenson suggested that the receiver of the crypto coin must confirm the identity of the sender and only then accept the transaction.

At the same time, "a person is not required to verify the identity of a person sending payment if the payment is sent by a verified identity digital currency," the document clarifies.

Phil Stephenson noted that the financial and banking authorities, in particular, Texas Department of Banking, Credit Union Commission, Texas Department of Public Safety and State Securities Board will enable the people to determine digital coins that are in the legal framework. 

The author of the draft bill believes that this move will boost the financial situation in the State. Stephenson highlighted that Texas should not use digital coins that lack of senders' identity verification. 

The bill will become the law on September 1, 2019, in case of positive determination. 

However, Texas official faced critics from the crypto community members. In particular, some players called them as the first state that trenches on the anonymous crypto applications. Notably, this is not the first case when the authorities start considering a ban on anonymous cryptos. Similar intentions were expressed by France earlier. 

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11 March, 2019 17:00

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