Sentences with phrase «other convertible virtual»
To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»
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To accomplish that, the bill adds a definition of virtual currency to the state's money services statute (8 V.S.A. § 2500 et seq.): «stored value that (A) can be a medium of exchange, a unit of account, or a store of value; (B) has an equivalent value in money or acts as a substitute for money; (C) may be centralized or decentralized; and (D) can be exchanged for money or other convertible virtual currency.»
Not exact matches
«Bitcoin is one example of a convertible virtual currency because it can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, euros, and other real or virtual currencies.»
The Internal Revenue Service has ruled that bitcoin and other «convertible virtual currencies» are «treated as property,» not treated as currency.
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: «In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»
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 cuVirtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as «convertible» virtual cuvirtual currency.
In addition, a person is an exchanger and a money transmitter if the person accepts such de — centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.
Bitcoin is one example of a convertible virtual currency because it can be purchased for — or exchanged into — U.S. dollars, euros, or other real or virtual currencies.
«A person is an exchanger and a money transmitter if the person accepts convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.»
There are two other types of tokens; one that is used as an investment, for example, those offered during Initial Coin Offerings (ICOs) and those that are used as convertible virtual currencies e.g. Bitcoin.
If the party that trades property or services in exchange for receiving convertible virtual currency gives the other party a sales slip, invoice, or receipt, the first party must separately state the sales tax due in US dollars on the sales slip, invoice, or receipt.»
«Ultimately, bitcoin is a convertible virtual currency that can be exchanged between users and converted into dollars, euros or other currency of real or virtual legal tender.»
If Nano Tip Bot proves a hit, and eventually expands to these other social media platforms, it would appear to be rather threatening to the outlook of the lesser - known Gifto, for their entire concept appears underpinned by this notion of giving fans the opportunity to tip content creators, albeit via a convertible virtual gift rather than a straightforward cryptocurrency transaction (i.e., what Nano's latest innovation is offering with Nano Tip Bot).