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Cryptocurrencies are digital assets that present unique challenges for fiduciaries. In a two-part series, we use the lifecycle of the fiduciary relationship as a framework to provide a practical guide to the acceptance, management, investment and distribution of cryptocurrency by executors1 and trustees. In Part I, we’ll introduce the basic principles of cryptocurrency and address common issues relating to acceptance and management of cryptocurrency by executors and trustees.
The Basics
Cryptocurrency is a digital representation of value that functions as a unit of account, a store of value and/or a medium of exchange (similar to the function of fiat currency) and is secured through cryptography. Transactions in cryptocurrency are recorded...
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