Consequently, absent the involvement of sovereign currency in a transaction, no money transmission can occur. Unlike fiat currencies, there is no governmental authority or central bank establishing its value through law or regulation. Recent guidance from the Texas Department of Banking provides a thoughtful discussion of the virtual currency industry and interprets the Texas Money Services Act for operators of virtual currency businesses doing business in the state. Published: 3 Novembre 2019 11:30. Not only do operators of virtual currency businesses face a growing body of overlapping federal regulations, but they must also contend with a patchwork of state laws as well. According to the Memo, one important characteristic of cryptocurrency is its lack of intrinsic value. Instead, its value is only what a buyer is willing to pay for it.The Memo then turns to how virtual currencies are treated under the Act. Once again Texans used bank notes from other states and shinplasters instead of the Texas money.A new series of currency, called exchequer bills, was issued in 1842. The star money was not face value currency, but rather interest-bearing notes (similar to a treasury bill) that circulated by being endorsed over to the next payee. Case results do not guarantee or predict a similar result in any future case. TO: All Virtual Currency Companies Operating or Desiring to Operate in Texas . © 2020 Texas State Library and Archives Commission We look forward to providing great customer service to you in the future! Therefore, according to the Memo, cryptocurrencies as currently implemented cannot be considered money or monetary value under the Act.On the other hand, the Memo observes that stablecoins pegged to sovereign currency may be considered a claim that can be converted into currency and thus fall within the definition of money or monetary value under the Act. “Currency” under the Act is “the coin and paper money of the United States or any country that is designated as legal tender and circulates and is customarily used and accepted as a medium of exchange in the country of issuance.” Because neither centralized virtual currencies nor cryptocurrencies are coin and paper money issued by the government of a country, they cannot be considered currencies under the statute. Because cryptocurrency is not money under the Act, the Memo opines that receiving it in exchange for a promise to make it available at a later time or different location is not money transmission. A new series of currency, called exchequer bills, … However, when a cryptocurrency transaction does include sovereign currency, it may be money transmission under the Act depending on how the sovereign currency is handled.As further examples, the Memo highlights the regulatory treatment of some common types of transactions involving cryptocurrency can be determined as follows:Of course, a virtual currency business that conducts money transmission must comply with the Act’s licensing provisions, including maintaining minimum net capital and being subject to official supervision and examination.The Hunton Andrews Kurth Blockchain Blog features opinions and legal analysis as we follow the development and use of distributed ledger technology known as the blockchain. ... con Lewis Hamilton che in Texas ha spesso fatto il vuoto. NEW YORK - Strage all’interno di un Walmart alla perfieria di El Paso, in Texas: i morti secondo il governatore del Texas sono 20 e 26 feriti. This currency was called "star money" for the small star on the face of the bill. Crolla una diga in Texas: il lago si prosciuga - Il cedimento improvviso. Our goal is to provide information and commentary on how this technology will transform the way our world does business and educate our readers on how best to incorporate the use of blockchain into critical business processes.Case results depend upon a variety of factors unique to each case. In those instances where the stablecoin is backed by a sovereign currency reserve and a redemption right exists to the holder of the stablecoin, the holder has a claim to the sovereign backing the coin because the issuer has taken on the obligation to provide sovereign currency in exchange for the stablecoin at a later time (upon the holder’s request).The Memo concludes with a broad statement of policy.