19 Mar '13, 12am

FinCEN

FinCEN's regulations define currency (also referred to as "real" currency) as "the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance."3 In contrast to real currency, "virtual" currency is a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency. In particular, virtual currency does not have legal tender status in any jurisdiction. This guidance addresses "convertible" virtual currency. This type of virtual currency either has an equivalent value in real currency, or acts as a substitute for real currency.

Full article: http://fincen.gov/statutes_regs/guidance/html/FIN-2013-G0...

Tweets

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

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fincen.gov 19 Mar '13, 12am

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