Is Bitcoin A Digital Currency or a Virtual Currency?
Bitcoin has been labeled as many things in mainstream media over the past six years. First reports called Bitcoin nothing more than “magic internet money”, which later changed to “virtual money” and eventually the term “cryptocurrency”. However, there is still a lot of confusion about whether Bitcoin is a digital currency or virtual currency. In order to....
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Bitcoin Magazine is proud to serve as a media partner for the upcomingDigital Currency Summitset to take place in Andorra in from September 17-19, 2014. The Digital Currency Summit will focus on the role of virtual currency for investors, politicians, banks and regulators. With a professional line-up of speakers and attendees the summit will draw big players from not only the virtual currency space but additionally traditional finance. Notably, Jan Kees de Jager, former Dutch Finance Minister and David Andolfatto of the US Federal Reserve Bank will be speaking. From the virtual currency....
New York financial regulators are concerned about virtual currency influence in “Wild West”, investigating such virtual currencies as one of the most popular- Bitcoin. Superintendent of the state’s Department of Financial Services, Benjamin Lawsky, stated that they are contemplating new regulations for virtual currencies. Virtual currency is known for being an unregulated currency and Bitcoin was stated to be regulation- free in 2009. Virtual currency is base on mathematical schemes which fights against tampering and maintains its authentication. Just like money, virtual currency can be....
Is bitcoin a virtual currency, a digital currency, or both? And why does it matter? In press reports, it's often referred to as both. TheBangkok Post today refers to "virtual currencies including the bitcoin", while the Toronto Star describes the collapse of a bitcoin exchange after hackers stole its "digital currency". But digital and virtual currencies are two different things, with different behaviours. It's more than a semantic distinction: it's a discussion of how a form of money functions. If we replace the word 'currency' with 'economy', then the distinction may be clearer. When we....
Several U.S. lawmakers have introduced the Virtual Currency Tax Fairness Act to strengthen “the legitimacy of cryptocurrency in our digital economy.” The bill also aims to expand the use of cryptocurrencies for payments. Virtual Currency Tax Fairness Act Introduced in the US Representatives Suzan DelBene and David Schweikert introduced the “Virtual Currency Tax Fairness Act of 2022” on Thursday. The bipartisan bill is cosponsored by Congressmen Darren Soto and Tom Emmer. The bill “would create a workable structure for taxing purchases made with virtual....
A virtual currency cannot be circulated in the market as a currency, therefore a vehicle sale contract wherein parties agreed that the buyer would pay with a privately issued digital currency is invalid, a Chinese court has ruled. The court asserts that a virtual currency does not have the same legal status as national fiat currency.
Not Protected by Law
A Chinese court has ruled that a vehicle sale contract, in which the parties agreed that the buyer would pay via a virtual currency, violated mandatory provisions of laws and administrative regulations and is therefore invalid.....