Skip to main content
Find a Lawyer

North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-09.1-44. Definitions

Current as of January 01, 2024 | Updated by Findlaw Staff

For the purposes of sections 13-09.1-44 through 13-09.1-54, the following definitions apply:

1. “Blockchain analytics” means the analysis of data from blockchains or publicly distributed ledgers, including associated transaction information to provide risk-specific information about virtual-currency transactions and virtual currency addresses.

2. “Control of virtual currency”, when used in reference to a transaction or relationship involving virtual currency, means the power to execute unilaterally or prevent indefinitely a virtual-currency transaction.

3. “Exchange”, used as a verb, means to assume control of virtual currency from or on behalf of a person, at least momentarily, to sell, trade, or convert:

a. Virtual currency for money, bank credit, or one or more forms of virtual currency; or

b. Money or bank credit for one or more forms of virtual currency.

4. “Transaction hash” means a unique identifier made up of a string of characters that act as a record and provide proof the transaction was verified and added to the blockchain.

5. “Transfer” means to assume control of virtual currency from or on behalf of a person and to:

a. Credit the virtual currency to the account of another person;

b. Move the virtual currency from one account of a person to another account of the same person; or

c. Relinquish control of virtual currency to another person.

6. “United States dollar equivalent of virtual currency” means the equivalent value of a particular virtual currency in United States dollars shown on a virtual-currency exchange based in the United States for a particular date or period specified in this chapter.

7. “Virtual currency”:

a. Means a digital representation of value that:

(1) Is used as a medium of exchange, unit of account, or store of value; and

(2) Is not money, whether or not denominated in money; and

b. Does not include:

(1) A transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for money, bank credit, or virtual currency; or

(2) A digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.

8. “Virtual-currency address” means an alphanumeric identifier associated with a virtual-currency wallet identifying the location to which a virtual-currency transaction may be sent.

9. “Virtual-currency administration” means issuing virtual currency with the authority to redeem the currency for money, bank credit, or other virtual currency.

10. “Virtual-currency business activity” means:

a. Exchanging, transferring, or storing virtual currency or engaging in virtual-currency administration, whether directly or through an agreement with a virtual-currency control-services vendor;

b. Holding electronic precious metals or electronic certificates representing interests in precious metals on behalf of another person or issuing shares or electronic certificates representing interests in precious metals; or

c. Exchanging one or more digital representations of value used within one or more online games, game platforms, or family of games for:

(1) Virtual currency offered by or on behalf of the same publisher from which the original digital representation of value was received; or

(2) Money or bank credit outside the online game, game platform, or family of games offered by or on behalf of the same publisher from which the original digital representation of value was received.

11. “Virtual-currency control-services vendor” means a person that has control of virtual currency solely under an agreement with a person that, on behalf of another person, assumes control of virtual currency.

12. “Virtual-currency kiosk” means an electronic terminal acting as a mechanical agent of the virtual-currency kiosk operator to enable the virtual-currency kiosk operator to facilitate the exchange of virtual currency for money, bank credit, or other virtual currency, including by:

a. Connecting directly to a separate virtual-currency exchange that performs the actual virtual-currency transmission; or

b. Drawing upon the virtual currency in the possession of the electronic terminal's operator.

13. “Virtual-currency kiosk operator” means a person that operates a virtual currency kiosk in this state.

14. “Virtual-currency kiosk transaction” means:

a. A transaction conducted or performed, in whole or in part, by electronic means via a virtual-currency kiosk.

b. A transaction made at a virtual-currency kiosk to purchase virtual currency with fiat currency or to sell virtual currency for fiat currency.

15. “Virtual-currency wallet” means a software application or other mechanism providing a means to hold, store, or transfer virtual currency.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - North Dakota Century Code Title 13. Debtor and Creditor Relationship § 13-09.1-44. Definitions - last updated January 01, 2024 | https://codes.findlaw.com/nd/title-13-debtor-and-creditor-relationship/nd-cent-code-sect-13-09-1-44/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard