Virtual currencies, also known as virtual money or cryptocurrencies, are a type of digital and unregulated money, issued and often controlled by its developers, used and accepted at members of a defined virtual community.
In 2017, the European Banking Authority defined virtual currencies as a digital representation of value that is not issued by either a central bank or a public authority, is not necessarily linked to a legal tender but it is accepted by natural or legal entities as a means of payment and can be transferred, stored and exchanged electronically.
