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Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. [ 1] In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is ...
Digital currency. Digital currency ( digital money, electronic money or electronic currency) is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency.
The regulatory and market environment. The Internal Revenue Service (IRS) describes Virtual Currencies (VCs) as "a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value [and] does not have legal tender status in any jurisdiction." [4] Although, electronic payment systems have been ...
Money serves three purposes: a store of value, a medium of exchange, and a unit of account. [99] According to The Economist in 2014, bitcoin functions best as a medium of exchange. [99] In 2015, The Economist noted that bitcoins had three qualities useful in a currency: they are "hard to earn, limited in supply and easy to verify". [100]
Art. 117. — The purchase, sale, use, and holding of so-called virtual currency is prohibited. Virtual currency is that used by internet users via the web. It is characterized by the absence of physical support such as coins, notes, payments by cheque or credit card.
Cryptocurrency exchange. A cryptocurrency exchange, or a digital currency exchange ( DCE ), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in ...
A central bank digital currency ( CBDC; also called digital fiat currency[ 1] or digital base money[ 2]) is a digital currency issued by a central bank, [ 3] rather than by a commercial bank. It is also a liability of the central bank and denominated in the sovereign currency, as is the case with physical banknotes and coins. The two primary ...
Habbo Hotel uses three different kinds of currency: Credits (or coins), Duckets (which are earned through accomplishing specific achievements during gameplay), and Diamonds. Diamonds are only obtained through buying Credits with real-life money. In Second Life, the Linden Dollar (L$) is the virtual currency used to power the game's internal ...
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