bring together her research skills and industry knowledge. Apply to Become a Contributor). In conclusion, while recognising the difficulties of the challenges set out above, the paper recommends the creation of regulatory frameworks for virtual currencies at both the domestic and international levels that guard against risks without suffocating innovation. Still, it cautions that global authorities are likely to face difficulties in arriving at clear and consistent definitions due to their international reach decentralized nature that does not fit easily within traditional regulatory models. Following an an overview of virtual currencies, the report goes on to look at the potential implications of the use digital currencies (a definition that includes mobile coupons and airline miles) as well as distributed ledgers and blockchains.
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It highlights the inability of the Fund to intervene in the event of a speculative attack on a currency by Bitcoin users. VC schemes are difficult to monitor: Their opaque nature makes it difficult to gather information, including statistical data, or to monitor their operation. In the.S., the tax authority, the IRS, has classified VCs as property for the purpose of federal taxation while the Treasury Departments FinCEN has classified VCs as value for the purpose of AML/CFT obligations. The paper talks about applying anti-money laundering aML ) and combating the financing of terrorism cFT ) controls to virtual currencies. States like California and New York are coming up with new regulations and license requirements that could affect peer-to-peer Bitcoin exchanges. Moreover, errors in virtual currencies cannot be reversed. Taxation : Taxation is particularly complex with cryptocurrencies, where participants need not disclose their identity, and transactions are peer-to-peer and can take place across borders. The paper concludes with a list of guiding principles to national authorities in further developing their regulatory responses so that they are prepared if virtual currencies like bitcoin start becoming widely accepted in the future. Jurisdictions are also beginning to clarify how existing consumer protection legislation applies to virtual currencies. World Economic Forum in Davos during the panel Transformation of Finance. Pointing to the definition of money, the paper states why virtual currencies do not completely fulfill the three economic roles associated with money. The paper concludes by suggesting two interpretations of the Funds incorporating document, the Articles of Agreement, which would allow it to intervene in the event of such an attack.
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