Texas Department of Banking Releases Supervisory Memo on Virtual Currencies

Texas Department of Banking Releases Supervisory Memo on Virtual Currencies

The Texas Department of Banking on Thursday released a supervisory memorandum on the topic of virtual currencies, chief of which include bitcoin. The five-page document serves to outline the Texas Department of Banking's policies toward virtual currency and express the Department's interpretation of the Texas Money Services Act with reference to virtual currency. The memo makes note of the following (condensed for the sake of brevity):"Exchange of cryptocurrency for sovereign currency between two parties is not money transmission." "Exchange of one cryptocurrency for another cryptocurrency....


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Quotes

I see Bitcoin as one of the biggest things for potentially reducing the power of state and uplifting the power of the individual to happen for ... forever maybe.

Zander Marz - Author of “Beyond the Government Haunted World”