Sentences with phrase «digital legal tender»

The lead cryptocurrency researcher at the People's Bank of China has said it is «crucial» to issue digital legal tender as soon as possible.

Calling digital legal tender the «jewel in the crown» of the fintech industry, Qian argued that it would have a great impact on the future of finance.

According to a report by South China Morning Post, Yao Qian, who leads cryptocurrency research for China's central bank, explained the importance of introducing digital legal tender at a forum in Beijing, Saturday.

In September 2017, Fan Yifei, deputy governor of the PBoC, wrote that PBoC efforts to supervise private cryptocurrency and develop digital legal tender were underway.

«Virtual currency is easier to trace, allowing the central bank to monitor its velocity and the whereabouts of the money and improve its monetary policies accordingly,» added Qian, calling digital legal tender the «jewel in [the] crown of FinTech.»

Not exact matches

Federal Reserve Chair Janet Yellen called the digital currency bitcoin a «highly speculative asset» that «doesn't constitute legal tender.»

Intended only as a collector's item, the digital coins won't be issued with a view to entering into circulation and can't be used as legal tender, the bank said.

University of Nicosia in Cyprus announced today that it will accept the digital - only currency as legal tender for tuition and fees.

Mentions of «cryptocurrency» (digital currencies not tied to any country's legal tender) and related terms including «bitcoin» and «ethereum» (the two most popular cryptocurrencies), «blockchain» (the technology underlying these currencies), and «initial coin offering» (or ICO, which lets companies raise capital through the creation of a new cryptocurrency) have skyrocketed over the last seven years, according to data from Sentieo, a financial research firm.

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.»

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.»

The Bank of Israel and the ministry stress that digital currencies are not legal tender, nor are they issued or backed by a central bank, which means there is not legal requirement for anyone to accept or exchange them.

The watchdog based its decision on the fact that it does not consider digital currencies to be a substitute for money, as they are not legal tender in the country.

The press release indicates that Bitt Inc.'s software is capable of minting immutable DXCDs, and that with the ECCB's blessing, these digital tokens would be considered «legal tender» across the ECCU.

[65] It classified digital currencies and other digital payment systems such as bitcoin as «virtual currencies» because they are not legal tender under any sovereign jurisdiction.

Digital currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to Federal Deposit Insurance Corporation or Securities Investor Protection Corporation protections;

The proposal defines «virtual currencies» as a digital representation of value that can be digitally transferred, stored or traded and accepted by natural or legal persons as a medium of exchange, but does not have legal tender status.

Russian president Vladimir Putin publicly said cryptocurrencies had «serious risks,» and yet he just called for the development of a new digital currency, the «cryptoruble,» which will be used as legal tender throughout the federation.

In a circular dated January 12, 2017, the apex bank told the DMBs and other financial institutions that the digital currencies were not legal tenders in Nigeria.

Interestingly, however, the RBI does not seem too keen on allowing the digital cash to be used as legal tender in the country, as is evident from numerous press releases discouraging their use.

Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status.

Digital currency such as Bitcoin is not legal tender.

India has said it doesn't consider Bitcoin to be legal tender, China is increasingly cracking down on digital currencies, while Korea is planning a bill to ban all domestic cryptocurrency trading.

Regulators in India have repeatedly targeted cryptocurrency exchanges and commented that bitcoin and digital currencies are not «legal tender.»

In February, when the finance minister was reading the budget, he was keen to note that digital money was not recognized as a legal tender and it would not be long before they [the finance ministry] suppress the usage of the cryptos in case they were used for illegal purposes.

Official legislation only acknowledges notes and coins issued by the Bank of Canada as legal tender, which automatically excludes digital currency.

By not recognising cryptocurrencies as legal tender in India simply means that digital currencies like Bitcoin, Ethereum, etc can not be used to buy / sell goods and services.

During the budget reading, the minister announced that digital currencies are not legal tender and the increase of their usage for illegal purposes will have to be curbed.

The new law defines virtual currencies as «asset - like values,» allowing digital money to be used not only to buy goods and services but also as an alternative for legal tender through purchases and trades.

It said while it has taken notice of recent developments in the use, holding, and trading of virtual or digital currencies (also known as cryptocurrencies), such as Bitcoin in Ghana, it is not legal tender and it is not regulated.

Mentions of «cryptocurrency» (digital currencies not tied to any country's legal tender) and related terms including «bitcoin» and «ethereum» (the two most popular cryptocurrencies), «blockchain» (the technology underlying these currencies), and «initial coin offering» (or ICO, which lets companies raise capital through the creation of a new cryptocurrency) have skyrocketed over the last seven years, according to data from Sentieo, a financial research firm.

Overall, the public statements aimed to serve as a reminder to citizens who may be considering the digital currency as an investment, and both quoted a government circular released in 2013 saying that bitcoin is a virtual good and doesn't have legal tender status.

The country's central bank released an initial warning in February and has followed up with repeated statements that bitcoin and other digital currencies are not legal tender or a permitted means of payment in Vietnam.

The Bank has also repeatedly warned the public that digital currencies are not legal tender in Malaysia and thus not covered by certain conduct standards that are applied to other regulated entities.

The law defines «virtual currencies» as any type of digital representation of value that is used as a medium of exchange, unit of account or store of value, and is not recognized as legal tender by the United States government.

In India, where crypto - mania has been relatively subdued, the government has said it doesn't consider digital currencies to be legal tender and will take measures to curb their use.

Both regulatory bodies warned against the usage of digital currencies like bitcoin as it is not a legal tender in the country and any bank or business that would deal or invest in such would do so at their own risk.

It made digital currencies legal tender in April last year and enjoys a free and unfettered crypto trading environment.

Huobi Professional is a «digital asset exchange... [that] offers trading services for ten digital assets and peer - to - peer investment services including legal tender to digital asset transactions.

Investors use legal tender or digital coins to purchase a percentage of the new cryptocurrency in return for digital tokens, financially fueling the platform.

Huobi Professional — a «digital asset exchange... [that] offers trading services for ten digital assets and peer - to - peer investment services including legal tender to digital asset transactions.

For this reason, it is important that a digital currency is stable just as the same case applies to regular legal tender.

It differs from digital coins in that it's regulated and legal tender by a government, so its value typically relies on the market of supply and demand.

Ken Research in its latest study, Global Cryptocurrency Market by Market Capitalization of Major Cryptocurrencies (Bitcoin, Ethereum, Bitcoin Cash, Ripple, Dash, Litecoin, Monero, NEM and Others), by Mining Facilities and by Use of Bitcoin — Outlook to 2022, suggested that demand for cryptocurrency in the market will grow manifold in the future years albeit with restrictive government policies to consider the digital currencies as a legal tender.

Japan has been on the cutting edge of Bitcoin infrastructure ever since the digital currency was recognized as legal tender back in April.

«The purpose of this Act is to declare and issue a digital decentralized currency based on blockchain technology as legal tender of the Republic of Marshall Islands,» reads the bill, posted in the Sovereign's official Telegram channel.

India does not regard Bitcoin as legal tender, China is cracking down on digital currencies, while Korea is planning a bill that would ban all cryptocurrency trading in the country, as pointed out by The Verge.

In most countries, the U.S. included, digital currencies are not recognized as legal tender so investors have little to no recourse when their funds are stolen.

Since April 2017, Japan has recognized the digital currency as a legal tender and now the country is poised to take over as a leader in the cryptocurrency market.

``... 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.»