Not exact matches
FinCEN's regulations define currency (also referred to
as «real» currency)
as «the
coin and paper money
of the United States or
of any other country that [i] is designated
as legal tender and that [ii] circulates and [iii] is customarily used and accepted
as a
medium of exchange in the country
of issuance.»
Ether, the digital asset used on the Ethereum blockchain, functions
as a
medium of exchange, or «
coin,» but also qualifies
as a token and even a security.
If they are to succeed — not only
as a fringe
medium of exchange or speculative investment, but
as real competitors with government currencies — some new programmers are going to have to come along and make currencies whose digital
coins are created in a much different manner than the current ones.
The FINCEN definition
of currency: The
coin and paper money
of the United States or any other country that is (1) designated
as legal tender and that (2) circulates and (3) is customarily accepted
as a
medium of exchange in the country
of issuance.»
Digital currency or digital money is an Internet - based
medium of exchange distinct from physical (such
as banknotes and
coins) that exhibits properties similar to physical currencies, but allows for instantaneous transactions and borderless transfer -
of - ownership.
Throughout history, many items have been used
as a store
of value and
medium of exchange, such
as cowrie shells, clay tablets,
coins, and now paper money.
The Rock Token (RKT) is the currency
of choice for transactions, listings and a multitude
of functions, serving
as the
medium of exchange and the utility
coin that powers the GBX - GSX ecosystem.
2 stating «Bitcoin and other virtual currencies are distinct from «real» currencies, which are the
coin and paper money
of the United States or another country that are designated
as legal tender, circulate, and are customarily used and accepted
as a
medium of exchange in the country
of issuance.»
In some environments, it operates like «real» currency — i.e., the
coin and paper money
of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance — but it does not have legal tender status in any jurisdiction...... Virtual currency that has an equivalent value in real currency, or that acts
as a substitute for real currency, is referred to
as «convertible» virtual currency.
Notably, the first bill defines «virtual
coin»
as «a digital representation
of value that can be digitally traded and that functions
as a
medium of exchange, unit
of account and store
of value.»
Coin - Traditionally, the term «
coin» has referred to small, flat, round piece
of metal or plastic that serves
as a
medium of exchange and / or legal tender.
«In some environments, virtual currency operates like «real» currency - i.e., the
coin and paper money
of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance - but it does not have legal tender status in any jurisdiction.
In some environments, virtual currency operates like «real» currency — i.e., the
coin and paper money
of the United States or
of any other country that is designated
as legal tender, circulates, and is customarily used and accepted
as a
medium of exchange in the country
of issuance — but it does not have legal tender status in any jurisdiction.
However, the truth is that most
of the
coins do not function
as a currency or
medium of exchange, in fact,
coins are cryptocurrencies that are treated like commodities because they are not used
as currencies.
BITCF chose USDT
as a
medium of exchange for speculators to acquire ALT since it is the most actively traded Omni asset with tens
of millions
of coins in daily volume, trading in 11 currencies on Poloniex cryptocurrency
exchange,
as well
as many other
exchanges such
as CoinQX and OMNIDEX
exchanges.