Virtual currency

General description

The term “virtual currency” was defined in 2012 by the European Central Bank as “a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community” 1. The US Department of Treasury in 2013 defined it as “a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency” 2.

References

  1. ECB, 2012 “Virtual Currency Schemes “Available at: http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
  2. US Treasury Department, 2013 “Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies “Available at: http://www.fincen.gov/statutes_regs/guidance/html/FIN-2013-G001.html
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