Courthouse News Service
April 7, 2014
Texas Banking Commissioner Charles G. Cooper issued a supervisory memorandum on April 3, noting that cryptocurrencies such as Bitcoins, Litecoins, Peercoins and Namecoins lack intrinsic value because they are neither centralized, backed by a commodity nor convertible by law.
“At this point a cryptocurrency like Bitcoin is best viewed like a speculative investment, not as money,” Cooper wrote in the memo. “However, as this innovative technology develops, the [Texas Department of Banking] will continue to evaluate whether the nature of cryptocurrencies and the potential harm to the public warrant additional action.”