Sentences with phrase «as virtual currency rather»

As for the notion that the big payment processors may fear cryptocurrencies as potential competitors, this could become an issue if and when cryptocurrencies recover from their current crash and settle into a less volatile pattern that encourages their use as virtual currency rather than as speculative assets.

Not exact matches

For example, if Bitcoin is not a currency, then Bitcoin forwards and Bitcoin swaps that involve the exchange of Bitcoin for another currency will not fall under the statutory definitions of the more lightly regulated foreign exchange forwards or foreign exchange swaps.10 Likewise, retail trading of Bitcoin derivatives will be limited to designated contract markets, rather than subject to the retail foreign exchange dealer regulations.11 Treating Bitcoin as a commodity that is not a currency dovetails with the stances taken by other U.S. regulators such as the Financial Crimes Enforcement Network (FinCEN)(virtual currency does not have all of the attributes of real currency) 12, the Securities and Exchange Commission (Bitcoin investments are investment contracts because Bitcoin is a form of money) 13 and the Internal Revenue Service (treating Bitcoin as property for tax purposes).14

The Coinbase Commerce button works in a similar way to the PayPal plugin but rather than accepting fiat currencies, the new service allows for virtual currencies to be integrated as electronic payments.

The Coinbase Commerce button works in a similar way to the PayPal plugin but rather than accepting fiat currencies, the new service allows for virtual currencies to be integrated as electronic payments, offering a more efficient digital payment option.

It is the Registrant's view that Bitcoins should not be regarded as coins, or otherwise as collectibles, for purposes of section 408 (m), because Bitcoins are a virtual, rather than a fiat currency (see «Bitcoin Value,» above) and, as such, do not take the form of tangible personal property, in contrast to a coin or any of the other items defined as a «collectible» under Section 408 (m).

The Coinbase Commerce button works in a similar way to the PayPal plugin but rather than accepting fiat currencies, the new service allows for virtual currencies to be integrated as electronic payments.

Centralized virtual currencies are digital currencies that have a «centralized repository»; this is likely intended as a catch - all term for any virtual currencies which are not simply tokens for «real» currency or precious metals but rather a currency in their own right, Second Life's Linden dollars is perhaps the existing canonical example, although a hypothetical Bitcoin - like unbacked currency backed by a central repository would also fall into the scope.

Rather, they added «convertible virtual currency» to existing «money transmitter» statutes, including bitcoin exchange as a form of currency trading.

According to the IRS, Bitcoin is not a «currency» but rather virtual property that is subject to taxation as normal property would be subject to.

Separately, Stripe said Bitcoin users now saw the virtual currency largely as an «asset» to be bought and sold, rather than something a means of exchange.

The court further explained that cases wherein virtual currencies are gained as criminal profit, any confiscation should only be considered by calculating the corresponding amount of the criminal proceeds, rather than confiscating the virtual currency altogether.

There's another side of the virtual coin in this discussion — that Bitcoin doesn't need to be an everyday currency, but rather serve as the store of value in the representative form of digital gold.

The statement also seeks to allay any KYC and AML - related fears about a card associated with a virtual currency that counts anonymity as one of its major selling points: «These will not be «anonymous» debit cards, but rather a highly convenient means for verified customers to spend Bitcoin value around the world.»