Sentences with phrase «for real currency»
This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency.
benmilne.com
That's where bitcoins are traded for real currency.
This won't be a situation where they'll earn money regardless — they'll need the system to succeed in order for Notes to have value that they can exchange for real currency.
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.
By FinCEN's definition, an exchanger of virtual currency is a person or entity that is «engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency.»
By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.
People in relatively poor countries «play» the game in order to create in - game wealth, and then sell that in - game wealth for real currency to people in wealthier countries with more money and less time.
In other words, the success of bitcoin is based on a self - fulfilling prophecy, which is just as dangerous as it sounds and does not even pass the test for a real currency.
An exchanger is a person engaged as a business in the exchange of virtual currency for real currency, funds, or other virtual currency.
However, it held that American entities who generate «virtual currency» such as bitcoins are money transmitters or MSBs if they sell their generated currency for national currency:»... a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
After you've gone through your test run and you're feeling ready for the real thing, you can switch your metamask back to the mainnet so that you can create tokens that can be traded for real currency.
Virtual currency exchange platforms, where virtual currencies can be exchanged for real currencies, and custodian wallet providers, holding virtual funds for customers, are to become obliged entities.
In its 2013 Guidance (FIN -2013-G001 «Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies»), FinCEN stated that «a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.
The IRS notes that any digital currency that has a value equivalent to real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual currency.
«Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies»), FinCEN stated that «a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter.»
The latest tax information regarding cryptocurrencies was published by the IRS in 2014 and states that «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.»
FINCEN goes on to broadly explain that these acts apply to any project involved in «convertible virtual currency» which «either has an equivalent in real currency or acts as a substitute for real currency» as laid out in a 2013 guidance from the Treasury Bureau.
In its statement, the regulator said it will introduce legislations requiring virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.
It said it would require virtual currency intermediaries that buy, sell, or facilitate the exchange of such currencies for real currencies to verify the identities of their customers.
FinCEN goes on to say the act applies to any project that involves «convertible virtual currency» which «either has an equivalent in real currency or acts as a substitute for real currency» as its stipulated in a guidance released by the Treasury Bureau in 2013.
MAS will therefore introduce anti-money laundering and countering the financing of terrorism requirements on virtual currency intermediaries that deal in or facilitate the exchange of virtual currencies for real currencies.
On the day it launched, US financial regulator FinCEN released its regulation on virtual currencies, confirming that anyone selling units of a decentralised virtual currency to another person for real currency or its equivalent is a money transmitter.
FinCEN warned in a guidance notice in March that those «engaged in the business of exchange of virtual currency for real currency, funds, or other virtual currency» are classified as money service businesses and need to follow the associated rules on issues such as money laundering.