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Virtual Currency Schemes

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Citation Edit

European Central Bank, Virtual Currency Schemes (Oct. 2012) (full-text).

Overview Edit

This paper aims to provide some clarity on virtual currencies and tries to address the issue in a structured approach. It is important to take into account that these currencies both resemble money and necessarily come with their own dedicated retail payment systems; these two aspects are covered by the term "virtual currency scheme."

This report begins by defining and classifying virtual currency schemes based on observed characteristics; these might change in future, which could affect the current definition.

Depending on their interaction with traditional, "real" money and the real economy, virtual currency schemes can be classified into three types:

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