Virtual Currency | Practical Law

Virtual Currency | Practical Law

Virtual Currency

Virtual Currency

Practical Law Glossary Item w-014-6290 (Approx. 4 pages)

Glossary

Virtual Currency

A digital representation of value that is not available in physical form but which can be used as a medium of exchange, a unit of account, or a store of value. Virtual currency is stored and transacted in electronic form, and therefore does not have legal tender status in any jurisdiction. Virtual currency includes a subset referred to as cryptocurrencies (an example of which is Bitcoin) which are protected by cryptography.