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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 part of American life since at least 1871 ...
Virtual currency. 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 ...
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.
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, [ 4 ] as is the case with physical banknotes and coins. The two ...
The recent history of central bank digital currencies (CBDCs) has been marked by continuous exploration and development.By March 2024, over 130 countries were actively engaged in CBDC research with 3 countries, territories or currency unions having launched CBDCs, and 36 implementing pilot programs.
Additionally, FinCEN claimed regulation over American entities that manage bitcoins in a payment processor setting or as an exchanger: "In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance ...
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 ...
Premium currency typically is limited to purchase time-limited virtual goods, access to new characters or levels, large quantities of standard in-game currency, temporary boosts to the player-character's experience growth, or other goods that cannot be acquired with the common in-game currency.