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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 ...
Virtual money (or in-game currency) is used to purchase virtual goods within a variety of online communities, which include social networking websites, virtual worlds and online gaming sites. A key revenue driver within social media , virtual currencies are specific within each game and are used to purchase in-game goods.
Many banks do not offer virtual currency services themselves and can refuse to do business with virtual currency companies. [234] In 2014, Gareth Murphy, a senior banking officer, suggested that the widespread adoption of cryptocurrencies may lead to too much money being obfuscated , blinding economists who would use such information to better ...
In March 2013, the US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as bitcoin, classifying American bitcoin miners who sell their generated bitcoins as money services businesses, subject to registration and other legal obligations. [25]
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.
United States virtual currency law is financial regulation as applied to transactions in virtual currency in the U.S. The Commodity Futures Trading Commission has regulated and may continue to regulate virtual currencies as commodities. [1] [2] The Securities and Exchange Commission also requires registration of any virtual currency traded in ...
A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual world, usually exchanging virtual goods in the context of an online game, particularly in massively multiplayer online games (MMOs). People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual ...
Ethash [ 76] KodakCoin is a "photographer-centric" blockchain cryptocurrency used for payments for licensing photographs. Petro. Venezuelan Government. onixCoin [ 77] C++ [ 78] Stated by Nicolás Maduro to be backed by Venezuela 's reserves of oil. As of August 2018.