The Fundamentals of Cryptocurrency

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Question 1 of 10

1. Question
1. What is Virtual Currency?
- A. A type of regulated digital currency that is issued and controlled by the “Agencies” and used and accepted among all customers and business lines
- B. A type of regulated digital currency that is issued and controlled by the bank and used and accepted among all customers and business lines
- C. A type of unregulated digital currency that is issued and controlled by its developers and used and accepted among members of a specific virtual community
Question 2 of 10

2. Question
2. What is one of the most famous types of cryptocurrencies?
- A. Bitcoin
- B. Checks
- C. Cash
Question 3 of 10

3. Question
3. According to FinCEN’s guidance on CVC, the term virtual currency refers to a means of exchange that can operate like currency without encompassing all the attributes of actual currency, including legal tender status:
- A. Including legal tender status
- B. Including bank policy
- C. Including cash status
Question 4 of 10

4. Question
4. ________________ fall under the umbrella of Nonbank Financial Institutions for BSA
- A. Convertible Virtual Currency (CVC)
- B. Money Service Businesses (MSBs)
- C. Bitcoin
Question 5 of 10

5. Question
5. Money Services Businesses include five distinct types of financial services providers and the U.S. Postal Service What are they?
- A. Local currency dealers or exchangers; Issuer debit cards or credit cards; Seller or redeemer of monetary instrument; Wires; Local Post Office; and Customer Accounts
- B. Foreign currency dealers or exchangers; Issuer of traveler’s checks, money orders, or prepaid access items; Seller or redeemer of traveler’s checks, money orders, or prepaid access items; Money transmitters; Check cashers; and U.S. Post Office
- C. None of the above
Question 6 of 10

6. Question
6. An MSB that has agents is a _______________.
- A. Principal
- B. CVC
- C. Partner
Question 7 of 10

7. Question
7. A _______________ is an ATM or kiosk that allows for the purchase of bitcoin of other types of virtual currency using cash, debit or credit card.
- A. Bitcoin ATM
- B. Bitcoin Check
- C. None of the above
Question 8 of 10

8. Question
8. FinCEN defined three players within cryptocurrency transactions, what are they?
- A. Administrators, Agents and Users
- B. Check cashers, Agents, and Users
- C. Users, Administrators, and Exchangers
Question 9 of 10

9. Question
9. Which of the following are one of the distinct moving parts of digital assets?
- A. It can be anything that exists in binary data that is self-contained, uniquely identifiable and has a value or ability to be used;
- B. Is a digital representation of values that are not issued or guaranteed by a central bank or public authority and do not have the legal status of currency or money;
- C. Is accepted by natural persons as a means of exchange or payment, or is used for investment purposes and can be transferred, stored and traded electronically.
- D. All of the above
Question 10 of 10

10. Question
10. Digital assets generally are going to include for purposes of banking, cryptocurrencies, security tokens, and crypto-securities.
- A. True
- B. False

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