Digital Currency Regulatory Guidance
Digital currencies such as Bitcoin, Dogecoin, Ethereum, Litecoin, and ZCash have raised questions with respect to money transmission and exchange of currency. This guidance outlines the policy of the Illinois Department of Financial and Professional Regulation (the âDepartmentâ) with regards to digital currencies. This guidance expresses the Department's interpretation of Illinoisâ Transmitters of Money Act (âTOMAâ) and its application to various activities involving digital currencies. This guidance seeks to establish the regulatory treatment of digital currencies under TOMA as it currently exists.
Committee on Payments and Market Infrastructures: Digital Currencies
This report considers the possible implications of interest to central banks arising from these innovations. First, many of the risks that are relevant for e-money and other electronic payment instruments are also relevant for digital currencies as assets being used as a means of payment. Second, the development of distributed ledger technology is an innovation with potentially broad applications. Wider use of distributed ledgers by new entrants or incumbents could have implications extending beyond payments, including their possible adoption by some financial market infrastructures (FMIs), and more broadly by other networks in the financial system and the economy as a whole. Because of these considerations, it is recommended that central banks continue monitoring and analysing the implications of these developments, both in digital currencies and distributed ledger technology.
About digital currencies and using Blockchain in the financial industry
The financial industry has followed the development and debate on digital currencies for a long time. BSK wants to put the theme of digital currencies on the agenda, and the theme was treated as a subject discussion on one Internal meeting 7 September. The focus of the discussion was not the digital currencies themselves, but how the underlying technology behind Bitcoin and other digital "assets" can be used in transaction activity in the financial industry.
Digital Currencies: Response To Call For Information Final Changes
This document summarises the submissions received in response to the call for information questions and, in light of the evidence gathered, outlines the governments views and proposed next steps.
The economics of digital currencies
This article explores the economics of digital currencies â schemes that combine new payment systems with new currencies â and provides an initial view on the consequent implications for the Bank of Englandâs objectives to maintain monetary and financial stability in the United Kingdom. Any potential risks to monetary or financial stability posed by digital currencies will depend on how widely they are used, both today and in the future. The article therefore begins by examining the extent to which digital currencies are currently used as a form of money. As part of evaluating the likely growth in digital currenciesâ usage over time, it next examines the sustainability of the low transaction fees offered by digital currencies at present.
