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> licensees must maintain dedicated fiat currency reserves in amount equal to the aggregate face value of all bitcoin held on behalf of customers Does bitcoin
by oconnor663 11y ago
> licensees must maintain dedicated fiat currency reserves in amount equal to the aggregate face value of all bitcoin held on behalf of customers
Does bitcoin have a "face value"? I'm not sure what the legal definition of that term is, but I'd be surprised if it was the same as "market value".
- newobj 11y ago"face value" is the term used in the Coinbase press release, not necessarily the wording used in the law.
- omouse 11y agoDoes that mean that bitcoin must be a US-dollar-backed or gold-backed currency? I don't quite understand the reading of this.
- dragonwriter 11y ago> Does bitcoin have a "face value"? No, clearly not. Which is one thing that makes either the interpretation or Coinbase's understanding of it ludicrous; given that we have no source for the actual interpretation by the Division of Banking, its kind of hard to tell which, though.