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A BILL TO BE ENTITLED
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AN ACT
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relating to digital currencies. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle A, Title 15, Business & Commerce Code, |
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is amended by adding Chapter 662 to read as follows: |
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CHAPTER 662. DIGITAL CURRENCIES |
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Sec. 662.0001. DEFINITIONS. In this chapter: |
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(1) "Digital currency" means an electronic form of |
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currency that can be denominated to sovereign currency and employs |
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the use of a distributed ledger. |
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(2) "Digital wallet" means an electronic device or |
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online service that allows a person to pay for transactions using |
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digital currency. |
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(3) "Distributed ledger" means a structured data |
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representation that grows only by appending new data, authenticates |
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users with strong cryptography, and leverages economic incentives |
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to encourage users to manage and secure updates. |
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(4) "Verified identity digital currency" means a |
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digital currency that allows the true identities of the sender and |
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the receiver to be known before a person has access to another |
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person's digital wallet. |
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Sec. 662.0002. VERIFICATION OF IDENTITY REQUIRED. (a) |
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Before accepting payment by a digital currency, a person must |
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verify the identity of the person sending payment. A person is not |
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required to verify the identify of a person sending payment if the |
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payment is sent by a verified identity digital currency. |
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(b) This state may not use a digital currency that is not a |
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verified identity digital currency. |
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Sec. 662.0003. VERIFIED IDENTITY DIGITAL CURRENCY |
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AWARENESS. (a) The Texas Department of Banking, Credit Union |
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Commission, Texas Department of Public Safety, and State Securities |
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Board shall collaborate to encourage the use of verified identity |
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digital currencies. |
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(b) The agencies listed in Subsection (a) shall: |
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(1) provide tools for people to distinguish a verified |
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identity digital currency from digital currencies that allow users |
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to remain anonymous; |
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(2) educate law enforcement agencies on digital |
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currencies; and |
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(3) promote the use of verified identity digital |
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currencies. |
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(c) The Finance Commission of Texas, Credit Union |
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Commission, Texas Department of Public Safety, and State Securities |
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Board shall adopt rules to implement this section. |
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SECTION 2. This Act takes effect September 1, 2019. |