12.001 – DEFINITION. In this chapter, "virtual currency":
Texas Business and Commerce Code § 12.001
Summary
This section defines 'virtual currency' as a digital representation of value used for transactions but not recognized as legal tender. It clarifies what constitutes virtual currency and what does not, impacting businesses and consumers engaging in digital transactions.
Defines virtual currency for legal purposes.
Excludes certain merchant rewards from this definition.
Clarifies that virtual currency is not legal tender.
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In simple terms: Learn about Texas's DEFINITION. In this chapter, "virtual currency": law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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