Sentences with phrase «traditional currency exchange services»

Not exact matches

The Court ruling was made clear following a complaint by a Swedish entrepreneur wanting to provide a service on a Bitcoin exchange which involved other traditional currencies.

Bitcoin is understood to fall under the definition of virtual currency in the Act because it is electronically exchanged for traditional currency by exchange service operators and can be used by anyone accepting Bitcoin as payment.

While not backed by a government or valuable by themselves, bitcoins are still used as a store of value, a placeholder for the goods and services that they can be exchanged for, as with traditional currencies.

In cross-border transactions involving multiple currencies, the exchange of fiat currency to Lumen and vice-versa allows consumers and businesses to send and receive money across borders, faster and cheaper than traditional payment services.