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Who Uses Digital Currency?

In: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations

Author

Listed:
  • P. Carl Mullan

    (PDX Currency Corporation)

Abstract

Successful commercial digital currency systems serve different groups of users. Popular systems are used by people in areas of the world lacking in traditional bank products and services. In countries or regions of the world with large non-bank populations, digital currency offers critical services and benefits for local users. Recent changes in US regulations including the MSB Rule and the Prepaid Access Rule have had a negative effect on all US digital currency business. These restrictions apply to both US-based firms, foreign-based companies, and foreign persons engaged in US business. Significant US regulations under the Bank Secrecy Act (BSA) have blocked digital currency systems and products from the American market.

Suggested Citation

  • P. Carl Mullan, 2014. "Who Uses Digital Currency?," Palgrave Macmillan Books, in: The Digital Currency Challenge: Shaping Online Payment Systems through US Financial Regulations, chapter 2, pages 13-15, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38255-9_3
    DOI: 10.1057/9781137382559_3
    as

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