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Convertible virtual currency (also called open virtual currency)
|“||[is a] type of virtual currency [that] either has an equivalent value in real currency, or acts as a substitute for real currency.||”|
|“||has an equivalent value in real currency and can be exchanged back-and-forth for real currency.||”|
"Some convertible virtual currencies can be exchanged directly through the issuing administrator (directly exchanged); others must be exchanged through a virtual currency exchanger (third-party exchanged)."