Digital Currency Innovation Lab FAQs (Public)

  • How am I protected as a consumer participating in the Digital Currency Innovation Lab?
    • DFI takes multiple steps to ensure the protection of consumers:
    • a) To ensure that a company is eligible to participate, DFI requires that the company submit an application to demonstrate that it has the necessary capital, personnel, financial and technical expertise to provide its services.
    • b) Upon admittance into the program, the company must provide DFI with the necessary data following DFI’s stipulated timeline. This data will allow DFI to monitor the activities ongoing in the Digital Currency Innovation Lab.
    • c) On its public-facing platform, the company must also provide written disclosures on the value fluctuations of digital currencies.
    • However, customers are encouraged to exercise discretion and caution in digital currency transactions as there will be associated risks. Neither HTDC nor DFI will be liable for any losses incurred with the consumer’s participation in the Digital Currency Innovation Lab.
  • What are digital currencies?
    • As per the definition of the Internal Revenue Service:
    • Digital currency is a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value. In some environments, it operates like “real” currency (i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance), but it does not have legal tender status in the U.S. Cryptocurrency is a type of digital currency that utilizes cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain, DAG, or Tempo.
    • Digital currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” digital currency. Bitcoin, Ether, Roblox, and V-bucks are a few examples of a convertible digital currency. Digital currencies can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or digital currencies.
  • How can I purchase digital currencies?
    • You will need to check with the companies operating in the Digital Currency Innovation Lab for program requirements.
  • Is there a limit to the amount of digital currency I can transact per day?
    • Each company may have limits to the amount or number of transactions or other restrictions.  Please review the company’s requirements before you engage in this activity.
  • Are all digital currencies accepted in this program?
    • The Digital Currency Innovation Lab will accept the various digital currencies.