The company has set its sights on an starry - eyed goal: supplanting the SWIFT
interbank money transmission service and angling for XRP to become a global reserve currency held by major financial firms in order to facilitate foreign exchange markets.
He cites their involvement in electronic mail, teletext replacing books, teleworking, telephone democracy (what Ross Perot called the «electronic town hall») and, perhaps most importantly,
electronic money transmission services.
The Financial Supervision Commission, the Isle of Man's financial regulator, confirmed in a written statement that bitcoin exchanges are neither investment businesses nor
money transmission services as defined by current law.
Such activity, in and of itself, does not fit within the definition of «
money transmission services» and therefore is not subject to FinCEN's registration, reporting, and recordkeeping regulations for MSBs.»
The term «
money transmission services» means the acceptance of currency, funds, or other value that substitutes for currency from one person and the transmission of currency, funds, or other value that substitutes for currency to another location or person by any means.