19 Mar '13, 1am

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

FINCEN: Bitcoin Users Not Regulated, Exchanges Are

The paper starts off delineating a clear definition of what virtual currency is: “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. ” 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.” It then breaks digital currencies down into three forms: e-currencies and e-precious metals, centralized digital currencies and decentralized digital currencies. Although the document does not explicity define an e-currency a...

Full article: http://bitcoinmagazine.com/fincen-bitcoin-users-not-regul...

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FinCEN

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FinCEN's regulations define currency (also referred to as "real" currency) as "the coin and paper money of the United Stat...

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fincen.gov 19 Mar '13, 12am

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