The lack of intrinsic value is an important
Last week, Charles Cooper, Texas State Banking Commissioner, issued a supervisory memorandum explaining how the crypto-coins will be handled by the State Department of Banks from now on.
Focusing on the evaluation of stablecoins, the decree is based on a memorandum of 2014, and states that assets are not considered money by state law. Because of this, local startups do not need to get a license to operate crypto-coins.
According to the document, the lack of intrinsic value of the currency is an important characteristic in its categorization.
"A digital currency unit does not represent a claim on a commodity and is not convertible by law"
In parallel, stablecoins can be framed in the definition of "money transmission" because, according to the memorandum, monetary transmission is characterized as "receiving money or monetary value by any means of exchange from a promise to make money or monetary value available at some later time or place other than ".
This means that stablecoins fit like "money" or "monetary value".
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