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Virtual currencyor virtual moneyis a type of unregulated digital currencywhich is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. The U. Commodity Futures Trading Commission has warned investors against pump and dump schemes that use virtual currencies. Inthe European Banking Authority defined virtual currency as «a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currencybut is accepted by natural or legal persons as a means of payment try investments virtual money can be transferred, stored or traded electronically». By contrast, a digital currency that is issued by a central bank is defined as » central bank digital currency «.

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Virtual currencyor virtual moneyis a type of unregulated digital currencywhich is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. The U. Commodity Futures Trading Commission mmoney warned investors against pump and dump schemes that use virtual currencies. Inthe European Banking Authority defined virtual currency as «a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currencybut is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically».

By contrast, a digital currency that is issued by a central bank is defined as » ihvestments bank digital currency «. Inthe European Central Bank ECB defined virtual currency 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».

InFinancial Crimes Enforcement Network FinCENa bureau of the US Treasuryin contrast to its regulations defining monye as «the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates ingestments [iii] is customarily used and accepted as a medium of exchange in the country of issuance», also called «real currency» by FinCEN, defined virtual currency as «a medium of exchange investmrnts operates like a currency in some environments, but does not have all the attributes of real currency».

In particular, virtual currency does not have legal tender status in any jurisdiction. The Directive defines the term «virtual currencies» to mean «a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically».

In a congressional hearing on virtual currencies, Ben Bernanke said they «have been viewed as a form of ‘electronic money’ moeny area of payment system technology that has been evolving over the past 20 years», referencing a congressional hearing on the Future of Money before the Committee on Banking and Financial Services.

Although the correct classification is «digital currency», the U. Attributes of a real invesrments, as defined in in the Code of Federal Regulationssuch as real paper money and real coins are simply that they act as legal tender and circulate «customarily». The IRS decided in Marchto treat bitcoin and other virtual currencies as property for tax purposes, not as currency. Virtual currencies have been called «closed» or «fictional currency» when they have no official connection to the real economy, for example, currencies in massively multiplayer online role-playing games such as World of Warcraft.

While there may be a grey market for investemnts such currencies or virtuao virtual assets for real-world assets, this is usually forbidden by the games’ terms of service. This type of currency has been known for a long time in the form of customer incentive programs or loyalty programs. The first known coupon in history is probably from the Mpney, attributed to Asa Candlerinventor of Coca-Cola and the free drink coupons mkneyfollowed by C.

Post ‘s one-cent-off coupon in breakfast cereal boxes inboth to drive sales. The business issuing the coupon functions as a central authority. The latest incarnation drives the increase of investmengs commerce, online services, development of online communities and games. Here virtual or game currency can be bought, but not exchanged back into real money. The virtual currency is akin to a coupon. A virtual currency that can be bought with and sold back for legal tender is called a convertible currency.

It can be decentralized, as for example bitcoin. FinCEN defined centralized virtual currencies in as virtual currencies that have a «centralized repository», similar to investmdnts central bank, and a «central administrator».

A decentralized currency was defined by the US Department of Treasury as a «currency 1 that has no central repository and no single administrator, and 2 that persons may obtain by their own computing or manufacturing effort». Digital currency is a particular form of currency that is electronically transferred and stored, i.

According to the European Central Bank, virtual currencies are «generally digital», although their enduring precursor, the coupon, for example, is physical.

A cryptocurrency is a digital currency using cryptography to secure transactions and to control the creation of new currency units. Cryptocurrencies are generally not legal tender. Ecuador is the first country attempting a government run digital currency -no cryptocurrency; during the introductory phase from Moneu Eve until mid February people can open accounts and invetsments passwords. At the end of February transactions of electronic money will be possible.

RippleMkney [21]. Virtual currencies pose challenges for central banks, financial regulators, departments virutal ministries of finance, as well as fiscal authorities and statistical authorities.

Gareth Murphy, Central Bank of Ireland, described the regulatory challenges posed by virtual currencies as relating to: [ citation needed ]. On 20 Marchthe Financial Crimes Enforcement Network issued a guidance to clarify how the US Bank Secrecy Act applied to persons creating, exchanging and transmitting virtual currencies.

In May the U. Securities and Exchange Commission SEC «warned about the hazards of bitcoin and other virtual currencies».

In Julythe New York State Department of Financial Services proposed the most comprehensive regulation of virtual currencies to date commonly referred to as a BitLicense.

The proposal, per NY DFS press release «… sought to strike an appropriate balance that helps protect consumers and root out momey activity». In a May report ECB expressed concerns that «crypto assets provide opportunity for anonymous participation in illegal activities of all sorts».

Virtual currencies are defined as «a digital representation of value that is not issued or guaranteed by virutal central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by vjrtual or legal persons as a means of exchange virtuaal which can be transferred, stored and traded electronically».

The fact that European Union lawmakers regard Bitcoin as mojey archetypal example of virtual currencies and that Bitcoin therefore fulfills all elements of the legal definition can serve as an anchor try investments virtual money for interpretation.

Basically, the definition consists of six elements: [27] [28]. The authors of the legal definition under EU law primarily had blockchain inveetments in investmentz — and Bitcoin as an archetypal form. On the contrary, the legal definition is strikingly technology neutral. From Wikipedia, the free encyclopedia. See also: Token money. For fictional currencies used within games, such as Monopoly money, see Virtual economy.

Main article: Virtual economy. See also: Legality of bitcoin by country and United States virtual currency law. Numismatics portal. Retrieved Invvestments 30, Frankfurt am Main: European Central Bank.

Archived PDF from the original on Financial Crimes Enforcement Network. Archived from the original on 19 March Retrieved 29 May cirtual European Banking Authority.

Retrieved 8 July Congressional Hearing. Internet Archive. Retrieved 27 May Does the latest digital currency have staying power? Chicago Tribune. Archived from the original on Government Accountability Office May Report to the Committee on Virrtual, U. Code of Federal Regulations.

Fact sheet. March Retrieved 25 April Does that kill it as a currency? The Guardian. Retrieved 30 May New York Magazine. The Economist. Retrieved 8 August Retrieved 1 February International Business Times. Bank of England. Retrieved 2 October Retrieved 3 October Retrieved 13 October NY Times. Retrieved Medium of exchange. Africa Trade bead. Money portal. List of historical currencies Barter. Economic theory Political economy Applied economics. Economic model Economic systems Microfoundations Mathematical economics Econometrics Computational economics Experimental economics Publications.

Schools history of economic thought. Notable economists and thinkers within economics. Proof of authority Proof of space Proof of virtyal Proof of work.

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