{"id":294,"date":"2014-01-27T08:53:00","date_gmt":"2014-01-27T08:53:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/washington-considers-digital-currencies\/"},"modified":"2014-01-27T08:53:00","modified_gmt":"2014-01-27T08:53:00","slug":"washington-considers-digital-currencies","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/01\/washington-considers-digital-currencies.html","title":{"rendered":"Washington considers digital currencies are included in the definition of \u201cmoney\u201d"},"content":{"rendered":"
\n(BitcoinExaminer<\/a>) The state of Washington, in the United States, has declared that digital currencies are included in the definition of \u201cmoney\u201d<\/b>, within the state\u2019s Uniform Money Services Act (UMSA).<\/div>\n

<\/p>\n

\nThe new definition can be consulted at the Department of Financial Institutions\u2019 (DFI) website<\/a>, where the state\u2019s authority provides information to money transmitters and currency exchangers.<\/div>\n

<\/p>\n

\nThe virtual page reads that \u201cvirtual
\ncurrency, also known as digital currency or cryptocurrency, is a medium
\nof exchange not authorized or adopted by a government. There are many
\ndifferent digital currencies being used over the internet, the most
\ncommonly known being Bitcoin. In Washington, digital currency is included in the definition of \u2018money\u2019<\/b>  in the Uniform Money Services Act\u201d.<\/div>\n

<\/p>\n

\nAccording to the legislature of
\nWashington state, \u201cmoney means a medium of exchange that is authorized
\nor adopted by the United States or a foreign government or other
\nrecognized medium of exchange. \u2018Money\u2019 includes a monetary unit of
\naccount established by an intergovernmental organization or by agreement
\n between two or more governments\u201d. Nevertheless, the state considers
\nthat digital currencies can be part of this definition.<\/div>\n

<\/p>\n

\nWashington\u2019s recent alteration to the status of Bitcoin and other virtual coins was quite discreet, but a Redditor shared the information<\/a> on the platform.<\/div>\n

<\/p>\n

\n<\/a>The department\u2019s website also adds that
\n\u201ccompanies wishing to transmit money for Washington residents in a
\ndigital currency form can contact the DFI for a determination<\/b> whether licensure under the UMSA is required. If it is, a license is required before the company can engage in the activity\u201d.<\/div>\n

<\/p>\n

\nThe decision made by the Department of Financial Institutions opens a precedent that will surely affect how the financial authorities, courts and judges<\/b> across the state (and maybe even out of it) look at cases that include Bitcoin or other digital currencies.<\/div>\n
\n<\/div>\n
\n<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(BitcoinExaminer) The state of Washington, in the United States, has declared that digital currencies are included in the definition of \u201cmoney\u201d, within the state\u2019s Uniform Money Services Act (UMSA). The new definition can be consulted at the Department of Financial Institutions\u2019 (DFI) website, where the state\u2019s authority provides information to money transmitters and currency exchangers. The […]<\/p>\n","protected":false},"author":1,"featured_media":900,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,468,542,656],"tags":[764,1126,1201,1307],"yoast_head":"\nWashington considers digital currencies are included in the definition of \u201cmoney\u201d -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/01\/washington-considers-digital-currencies.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Washington considers digital currencies are included in the definition of \u201cmoney\u201d\" \/>\n<meta property=\"og:description\" content=\"(BitcoinExaminer) The state of Washington, in the United States, has declared that digital currencies are included in the definition of \u201cmoney\u201d, within the state\u2019s Uniform Money Services Act (UMSA). 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