In a bid to check the anonymity offered by cryptocurrencies, Phil Stephenson, a Republican member of the Texas House of Representatives, has introduced a bill which proposes that all state residents are to verify their identities if they wish to use cryptocurrencies.
The House Bill (H.B.) No. 4371, which could make Texas the first American state to ban the anonymous usage of cryptocurrencies, will come into effect in September this year, if it becomes law. According to the bill:
“[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 c...