AUSTIN—Members of the Texas House of Representatives have passed a bill that recognizes cryptocurrencies as a means of payment.
House Bill 4474 will insert the term “virtual currency” into the state’s Uniform Commercial Code (UCC). The UCC is the set of laws that oversee business transactions in the U.S.
The House of Representatives passed the bill in a session of the 87th Texas Legislature. The bill will now go to the Texas Senate for voting and amendments, Kryptomoney reported.
Section 9.102, Business & Commerce Code, has been amended by adding Subsection (29-a) to read as follows: ‘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,” the bill states.
Texas Governor Greg Abbott stated he supports the pro-crypto bill and is expected to sign the bill. When the proposed bill becomes a law, there will be a legal framework for blockchain and crypto transactions, Kryptomoney said.