Sentences with phrase «virtual currency equivalent»

Not exact matches

These currencies are considered cash equivalents in the virtual world due to their speed and relative anonymity in transactions.

Purchases of usage subscriptions (including credits, points, and / or virtual currency) or any virtual items made available on the online services are nonrefundable, have no monetary value (i.e., are not a cash account or equivalent), and are purchases of only a limited, non-exclusive, revocable, non-assignable, personal, and non-transferable right to use, even if such came with a durational term (e.g., a monthly subscription).

First it banned initial coin offerings, or ICOs — the equivalent of initial public offerings for new virtual currencies.

The comments that were made in response to «Virtual Currency: Outline Regulatory Framework» favored regulation by the Financial Commission, the rough equivalent of the US Securities and Exchange Commission.

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.

You'd actually have two transactions in one: You're effectively disposing of the virtual currency and spending the dollar - equivalent amount.

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.

The same rules apply when an individual is paid in virtual currency with an equivalent value.

Virtual currency is a form of electronic money, not issued by any monetary authority, but which has an equivalent value in real money.

They make a distinction between centralized virtual currencies and decentralized ones (here targeting Bitcoin), «a person is a money transmitter under the regulations if he or she creates units of convertible virtual currency and sells them to a third party for real currency or its equivalent.

Colosi recalled his first investment and said that he started investing when bitcoin was valued at AU$ 5,100, which is equivalent to # 2,942, and a few months later, the virtual currency grew to its current status.

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.»

It is a blockchain - based platform with many uses and features, including smart contracts, the Ethereum Virtual Machine (EVM) and it uses its own currency called Ether which is the direct equivalent of Bitcoin.

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.»

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.

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.»

Fear of regulation has prompted a petition to the Blue House, South Korea's equivalent of the US» White House, that the government not ban virtual currency trading.

Mining for virtual currencies like bitcoin may not be as messy as its real - world equivalent, but the supply of electricity needed to cool the massive computing power that produces the currency means it has also developed a reputation for harming the environment.

Put simply, BitPay feels like it is positioned to become the equivalent to PayPal for the virtual currency payment processor rival, Bitcoin.

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.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.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.»

As noted by ZDNet, «The Blue House, Korea's equivalent to the US White House, said the country will seek to increase transparency in cryptocurrency trading by stamping out illegal activities» — meaning it «will prioritize transparency in trading of virtual currency within the boundaries of the current law, and block illegal and unfair activities.»

China also has an online discount store accepting bitcoins, a high level of Bitcoin activity on Taobao, the local equivalent of Ebay, and a large number of users eager to take up Bitcoin having already gone through the virtual currency experience with Q Coin in 2007.

Following this, a petition demanding a stop to regulating virtual currency to the South Korean Presidential Office has now reached 200,000 signatures after being filed on December 28 to the Blue House, South Korea's equivalent of the US White House.

The country is also home to two of the top 15 global digital - currency exchanges (Bithumb and Coinone) and believed to have about one million registered daily traders in virtual currencies, which is equivalent to about one out of every 50 citizens.

Furthermore, the term «cryptocurrency,» according to stipulations, includes anything which is considered to be a «convertible virtual currency» having an equivalent in real currency or it acts as a substitute of the same.

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.

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.

They vary from considering the concept synonymous with a pyramid scheme to identifying virtual currency with a commodity or gold equivalent.»