Virtual currency is an electronic medium of exchange. Virtual currencies can be purchased, sold and exchanged with other types of virtual currencies or real currencies, like the U.S. dollar. This can happen through various mechanisms such as exchangers, administrators or merchants that are willing to accept virtual currencies in lieu of real currency.
"These virtual currencies - unlike U.S. dollars - are not backed by tangible assets or the full faith and credit of the U.S. government, and currently are subject to little or no regulation in any country," said Secretary of Banking and Securities
Keywords for this news article include: Banking and Finance,
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