Uniform Law Commission releases Regulation of Virtual Currencies Act

Regulation | October 8, 2015 By:

The Uniform Law Commission (ULC) released the Regulation of Virtual Currencies Act, to serve as a “discussion only” draft for the committee’s upcoming meeting on 9 Oct.

The ULC is working on virtual currencies, defined “as a form of electronic value, the value of which depends on the market. It is not backed by government (so that it lacks status as legal tender).” The commission’s interest in digital currency stems from its ability to be “safer from hacking, often cheaper and faster, and has finality of payment.”

“Virtual currencies have legitimate purposes and can be purchased, sold, and exchanged with other types of virtual currencies or real currencies,” said ULC.

The Uniform Law Commission provides states with legislation that brings clarity and stability to critical areas of state statutory law.