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Does an Electronic Funds Transfer (EFT) qualify as using a "virtual currency"? ‘virtual currency’ means a digital representation of value that is used as a med
by mnemotronic 7y ago
Does an Electronic Funds Transfer (EFT) qualify as using a "virtual currency"?
‘virtual currency’ means a digital representation of value that is used as a medium of exchange and is not otherwise currency under section 988.
- paulmd 7y agono, because it's currency under section 988 no court in the world is going to find that a bank account denominated in dollars is not "currency" just because you're not holding actual canvas bags with dollar signs on them. "we see a lot of programmers here..." https://xkcd.com/1494/ https://xkcd.com/1494/
- mnemotronic 7y agoI don't mean the bank accounts on either end of the EFT; I mean the actual EFT itself. My thinking is that an end-to-end transfer of asset value via bitcoin is essentially the same thing as doing it via EFT; while the sum to be transferred is not in the source or destination accounts; it's just bits on a wire.