Texas: bill to make Bitcoin and co. completely transparent

the in The U.S. state of Texas could demand of Bitcoin users in the future, more transparency. A new draft law stipulates that the recipient of the payment to establish the identity of the sender, before they are allowed to accept the payment. Thus, Bitcoin would be even more pseudonym.

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11. March 2019BTC$3.836,19 -2.29%part Facebook Twitter LinkedIn xing mail

In the case of KYC rejoice in the libertarian Bitcoin community is not just. Finally, it allows the Blockchain the Bitcoin, all transactions can be tracked. Once the Link is made in the "real" world, can the authorities see the way, the certain Bitcoin units have taken. This Link is created mostly by the KYC regulations of Bitcoin exchanges.

KYC for all users of crypto-currencies required

Apparently, this control vector is the Texas authorities does not go far enough. Because, according to a new draft law, the Deputy Phil Stephenson brought in the Texan Parliament, to the recipient of the payment to verify in the future first, "the identity of the sender of the payment", before they are allowed to accept them. However, only if it is in the verse of the crypto-currency sent is not a so-called "Verified Identity Digital Currency" (VIDC) (freely translated: transparent digital currency). These are, according to the text of the law of digital currencies, which expose the identity of the sender automatically. Examples of such a crypto-currency, the proposal is not called, however.

VIDC is a digital currency that allows it to know the true identities of the sender and the receiver before a Person has access to the digital Wallet to another Person.

state control over Bitcoin

With the design Texas authorities hope to gain more control over Bitcoin & co. in contrast to the traditional payment process, Bitcoin can be Transfers with the relevant Tools to anonymize. We have summarized the possibilities at this point.

in addition, the Texas government seems to have the support of VIDCs. Using the financial Commission, the Credit Union Commission and the Texas Department of public safety wants to make "the use of VIDCs in the public space" feed.

The law is on 1. September of this year, occur in Texas.

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