08 Apr '14, 11pm

Texas will not regulate virtual currencies like bitcoin as money

Texas will not regulate virtual currencies like bitcoin as money

​Texas will not regulate virtual currencies like bitcoin as money Published time: April 08, 2014 22:48 Get short URL Reuters / Jim Urquhart Tags Bitcoin , USA Texas banking regulators have established licensing and security rules for cryptocurrencies, like bitcoin, and their exchanges. Virtual currencies will not be treated as money, but Texans can use them to buy and sell goods and services free of regulation. Texas Banking Commissioner Charles G. Cooper offered a regulatory guidance memo last week, which clarified that cryptocurrencies like Bitcoin, Litecoin, Peercoin, and Namecoin will not be considered sovereign currency, like legal tender backed by the government and central banks, in the state. "At this point a cryptocurrency like Bitcoin is best viewed like a speculative investment, not as money," Cooper said in the memo. "However, as this innovative technology deve...

Full article: http://rt.com/business/texas-bitcoin-regulation-currency-...

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