Texas Virtual Currency Act has officially come into effect, defining individuals' rights to virtual currency

On September 2, the virtual currency bill signed by Texas Governor Greg Abbott officially came into effect on September 1.

The bill defines virtual currency as a security transaction and places it under the Texas Uniform Commercial Code. It also defines the term virtual currency and establishes individual rights with respect to virtual currency. The document defines virtual currency as: "Virtual currency is a digital representation of a medium of exchange, unit of account, or store of value that is typically secured using blockchain technology."