Sentences with phrase «innovation as the virtual currency»

DFS Superintendent Maria T. Vullo said in a statement that DFS will support and encourage technological innovation as the virtual currency markets expands.

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It wouldn't be surprising if it became the central hub of virtual currencies, as it is working to become the breeding ground for fintech innovation.

They argued that regulation could slow innovations in the blockchain technology that underpins virtual currencies such as bitcoin.

In the realms of both cultural development and technical innovation, ignorance and inflexibility are the enemy; Giancarlo stresses that the upcoming generation «see virtual currency — along with social media — as a means to bypass control by a failed generation of leadership.»

«In recent months we have seen virtual currencies themselves as the building block for further innovation, in the form of Bitcoin futures contracts in the US,» Maijoor added.

In addition, the authorities will share vital information, such as emerging market trends, developments, and regulatory issues concerning financial services innovation like virtual currencies — a technology that both countries have recognized for payment of goods and services.

The date of publication of these guidelines coincided with the announcement made by MAS managing director Mr. Ravi Menon during the second Singapore Fintech Festival wherein he was quoted as saying, «MAS does not regulate virtual currencies; in fact, we welcome them as an innovation that can potentially reduce the cost of financial transactions.

Finally, the deputy prime minister stressed that the «still evolving» virtual currency space is being watched closely by the MAS as it determines a balanced approach that fosters innovation in the space.

Banks need to implement instant payments as soon as possible and provide an alternate narrative to the ongoing public debate on the alleged innovation brought by virtual currency schemes, says Yves Mersch, an executive board member of the European Central Bank.

While the letter from FinCEN signed by Assistant Secretary for Legislative Affairs Drew Maloney states that Treasury wants to promote innovation it opens a question as to how many virtual currency exchanges are operating without the benefit of being compliant.