Re: A first draft of the future Web Payments Interest group is available for comments

RE: "Virtual currency that has an equivalent value in real currency,
or that acts as a substitute for real currency, is referred to as
“convertible” virtual currency."  Source:
http://www.irs.gov/pub/irs-drop/n-14-21.pdf

Tobie,

(a) Having worked a decade in a government central agency, I can spot
a confused government bureaucrat pretty quickly.
(b) The W3C needs to use language that comfortably spans jurisdictions.
(c) Several jurisdictions incl China are explicit that BTC is a
commodity, not a currency. Therefore buying something with it is a
form of barter, like trading the rights to some of your digital photos
in exchange for some egg rolls.
(d) You did not say what you think of my suggestion of "electronic
tokens" as neutral, routine, yet precise language

Joseph


On Tue, May 27, 2014 at 11:35 AM, Tobie Langel <tobie.langel@gmail.com> wrote:
> On Tue, May 27, 2014 at 4:59 PM, Joseph Potvin <jpotvin@opman.ca> wrote:
>> On Tue, May 27, 2014 at 9:47 AM, Stephane Boyera <boyera@w3.org> wrote:
>> > The case of cryptocurrencies or digital
>> > currencies is more problematic. i got your point, and i agree with it,
>> > however, this is quite a generic name, independently of the legal status
>> > of
>> > a currency or not isn't it?
>> > Is there a way we could mention these emerging payment options through
>> > the
>> > use of a neutral word?
>>
>> [JRP1:]  A neutral term could be "electronic tokens" which can be a
>> type of "electronic media of exchange" regardless of whether or not
>> they are deemed to represent a currency in and of themselves  I wonder
>> if anyone from the Ripple, Ven, Bitcoin+derivatives communities on
>> these lists might let us know if my suggestion would bother them, or
>> if it's a reasonable compromise considering the W3C's need (well, I
>> reckon it's a need) to steer clear or taking sides in the ongoing
>> juridical interpretations worldwide.
>
> Cryptocurrency is the commonly used terminology. Event though the IRS
> doesn't treat cryptocurrencies as legal currencies (which I suspect was the
> case you were referring to, Joseph), it still calls them virtual
> currencies[1]. So, I really don't think there's any issue with using
> cryptocurrency in the context of the charter. Quite the contrary: it's
> explicit.
>
> --tobie
>
> ---
> [1]: http://www.irs.gov/pub/irs-drop/n-14-21.pdf



-- 
Joseph Potvin
Operations Manager | Gestionnaire des opérations
The Opman Company | La compagnie Opman
jpotvin@opman.ca
Mobile: 819-593-5983

Received on Tuesday, 27 May 2014 15:54:15 UTC