Virtual currency

virtual currenciesdigital tokensvirtualvirtual coins and currenciesvirtual money
Virtual currency, or virtual money, is 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.wikipedia
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Central Bank Digital Currency

central bank issued digital currencydigital base money
By contrast, a digital currency that is issued by a central bank is defined as "central bank digital currency".
Central bank digital currency is different from "digital currency" (or virtual currency and cryptocurrency), which are not issued by the state and lack the legal tender status declared by the government.

Commodity Futures Trading Commission

CFTCCommissioner of the Commodity Futures Trading CommissionCommissioners
The U.S. Commodity Futures Trading Commission has warned investors against pump and dump schemes that use virtual currencies.
In October, CFTC's Global Markets Advisory Committee discussed virtual currencies.

Loyalty program

loyalty cardloyalty programsloyalty cards
This type of currency has been known for a long time in the form of customer incentive programs or loyalty programs.
Loyalty programs have been described as a form of centralized virtual currency, one with unidirectional cash flow, since reward points can be exchanged into a good or service but not into cash.

Financial Crimes Enforcement Network

FinCENFinancial Crimes Enforcement Network (FinCEN)financial crimes unit of the Treasury Department
The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, defined virtual currency in its guidance published in 2013. In 2013, Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, in contrast to its regulations defining currency 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 and [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 that operates like a currency in some environments, but does not have all the attributes of real currency". The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.
On March 18, 2013 FinCEN issued a guidance regarding virtual currencies, according to which, exchangers and administrators, but not users of convertible virtual currency are considered money transmitters, and must comply with rules to prevent money laundering/terrorist financing ("AML/CFT") and other forms of financial crime, by record-keeping, reporting and registering with FinCEN.

Facebook Credits

Examples are frequent flyer programs by various airlines, Microsoft Points, Nintendo Points, Facebook Credits and Amazon Coin.
Facebook Credits was a virtual currency that enabled people to purchase items in games and non-gaming applications on the Facebook Platform.

Frequent-flyer program

frequent flyer programfrequent flyerfrequent flyer miles
Examples are frequent flyer programs by various airlines, Microsoft Points, Nintendo Points, Facebook Credits and Amazon Coin.
Frequent-flyer programs can be seen as a certain type of virtual currency, one with unidirectional flow of money to purchase points, but no exchange back into money.

Digital currency

electronic moneydigital currencieselectronic purse
Virtual currency, or virtual money, is 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. The term "virtual currency" appears to have been coined around 2009, paralleling the development of digital currencies and social gaming.
Examples include virtual currencies and cryptocurrencies and central bank issued money accounted for in a computer database (including digital base money).

Flooz.com

The Internet currency Flooz was created in 1999.
Virtual currency

BitLicense

licensed
In July 2014, the New York State Department of Financial Services proposed the most comprehensive regulation of virtual currencies to date commonly referred to as a BitLicense.
A BitLicense is the common term used for a business license of virtual currency activities, issued by the New York State Department of Financial Services (NYSDFS) under regulations designed for companies.

Amazon Coin

Examples are frequent flyer programs by various airlines, Microsoft Points, Nintendo Points, Facebook Credits and Amazon Coin.
Amazon has called Amazon Coins a "virtual currency".

Convertibility

convertibleconvertible currencyconvertible currencies
A virtual currency that can be bought with and sold back for legal tender is called a convertible currency.
Virtual currency

Virtual community

virtual communitiesonline communitiesonline community
Virtual currency, or virtual money, is 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.

Pump and dump

pump-and-dumpcreate expectations of rapid growthpump and dump strategy
The U.S. Commodity Futures Trading Commission has warned investors against pump and dump schemes that use virtual currencies.

European Banking Authority

EBACOREPEBA regulator
In 2014, the 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 currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically".

Fiat money

fiat currencyfiatfiat currencies
In 2014, the 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 currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically".

Natural person

naturalnatural personsindividual
In 2014, the 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 currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically".

Legal person

legal personalitylegal entitybody corporate
In 2014, the 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 currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically".

European Central Bank

ECBThe European Central Bankmonetary policy
In 2012, the European Central Bank 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".

Legal tender

demonetizationdemonetizedtender
In 2013, Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, in contrast to its regulations defining currency 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 and [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 that operates like a currency in some environments, but does not have all the attributes of real currency".

Ben Bernanke

Ben S. BernankeBernankeBen S. Bernanke, Chairman and a member of the Board of Governors of the Federal Reserve System
In a 2013 congressional hearing on virtual currencies, Ben Bernanke said they "have been viewed as a form of 'electronic money' or area of payment system technology that has been evolving over the past 20 years", referencing a 1995 congressional hearing on the Future of Money before the Committee on Banking and Financial Services.

Social-network game

social network gamesocial gamingsocial
The term "virtual currency" appears to have been coined around 2009, paralleling the development of digital currencies and social gaming.

United States Department of the Treasury

Treasury DepartmentDepartment of the TreasuryTreasury
In 2013, Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, in contrast to its regulations defining currency 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 and [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 that operates like a currency in some environments, but does not have all the attributes of real currency". The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.

Federal Bureau of Investigation

FBIF.B.I.FBI Special Agent
The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.

Government Accountability Office

GAOGeneral Accounting OfficeU.S. Government Accountability Office
The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.

Bitcoin

bitcoinsbitcoin walletBitcoin blockchain
The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.