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Texas House Passes Bill That Officially Recognizes Legal Status of Cryptocurrencies

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Tue, 05/11/2021 - 18:52
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Alex Dovbnya
The Texas House of Representatives has passed a major cryptocurrency bill
Texas House Passes Bill That Officially Recognizes Legal Status of Cryptocurrencies
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The “Virtual Currency Bill” that recognizes the legal status of cryptocurrencies has just been unanimously passed by the Texas House of Representatives.

It will now have to clear the Senate hurdle before becoming law and potentially establishing the "Lone Star State" as a major crypto hub together with Wyoming.       

The bill aims to include the term “virtual currency” in the Uniform Commercial Code, which governs commercial transactions in the state:       

A "Virtual currency" means a digital representation of value that functions as a medium of exchange, unit of account, and/or store of value and is often secured using blockchain technology.

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If turned into law, it would provide a legal framework for obtaining control over cryptocurrencies.

The bill allows the purchaser to share “the power with another person,” thus making it possible for financial institutions to engage in crypto custody.

Texas Governor Greg Abbott has personally come out in support of the landmark crypto bill.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.