Sentences with phrase «billed as a virtual currency»
Bitcoin is billed as a virtual currency that is independent of government or any other centralized authority.
http://bitcoinist.com/ Not exact matches
It's being billed as the first mainstream service allowing consumers to buy and sell bitcoin, the virtual currency used as an alternative to traditional money systems.
The bill defines virtual currency as «a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit of account, or a store of value but does not have legal tender status as recognized by the United States government.»
The bill arose out of a desire to insure that Hawaii's tourism industry has the ability to serve tourists who prefer to use virtual currency: «A large portion of Hawaii's tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding.
As a result, in May 2016, Japanese lawmakers passed a bill that specified that all «virtual currency» exchanges must be regulated by the Financial Services Agency.
At only two pages, the concise bill is not very substantive, save for a brief classification of «virtual currency» as «any type of digital representation of value that; 1) Is used as a medium of exchange, unit of account or store or value; and 2) Is not recognized as legal tender by the United States government.»
In contrast, the amended bill allows virtual currency businesses to operate in California through January 1, 2022, as long as they participate in the State's Digital Currency Business Enrollment Program (Enrollment Pcurrency businesses to operate in California through January 1, 2022, as long as they participate in the State's Digital Currency Business Enrollment Program (Enrollment PCurrency Business Enrollment Program (Enrollment Program).
The amended bill was a substantial improvement over the original bill, as it appeared to remove the draconian and generally unproductive anti-money laundering requirements that would have applied to all virtual currency businesses, including businesses that never handle any customer funds.
Obviously, Time Warner can not impact a virtual currency transaction, yet it appears to be covered by the amended bill as currently drafted.
To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»
The CRA has indicated they will treat bitcoin as taxable, and is regulated along with other virtual currencies under Bill C - 31.
To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»
«There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,» Reuters has quoted Park Sang - ki as saying at a Justice Ministry press conference.
No token, bill, virtual currency, or counterfeit money, whose purpose it is to parody legal tender or otherwise serve as a novelty, and where such can be demonstrated beyond a reasonable doubt, shall be subject to taxation, regulation, or licensing by any branch of government, but shall instead enjoy free and unrestricted exchange.
Canada was one of the first countries to draw up what could be considered «bitcoin legislation,» with the passage of Bill C - 31 in 2014, which designated «virtual currency businesses» as «money service businesses,» compelling them to comply with anti-money laundering and know - your - client requirements.
Both of these failed bills would have enacted a «Virtual Currency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.Virtual Currency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business OversightCurrency Act» which would «prohibit a person from engaging in any virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.virtual currency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversightcurrency business, as defined, in this state unless the person is licensed by the Commissioner of Business Oversight.»
A large portion of Hawaii's tourism market comes from Asia where the use of bitcoin as a virtual currency is expanding,» the bill reads.
The bill, which is being sponsored by half - a-dozen Republican Senators and Representatives, includes virtual currencies among a list of other intangible items that «shall be exempt from property taxation» as soon as the bill becomes law.
The annual Crypto Cannabis Conference (CCC) seeks to address how virtual currencies and the cannabis industry can best be integrated, billed as «the ONLY, Cannabis + Bitcoin conference.»
South Korea is planning a bill to ban cryptocurrency trading as a clampdown on virtual currencies gathers pace in one of world's most exuberant markets.
North Carolina governor has signed an amended bill on money transmitters introducing «virtual currency» as an official term and imposing the licensing on the companies transferring it.
Moreover, the bill passed from last year classified virtual currencies as «assets» that can be used in making payments and can be transferred digitally.