Transcription of VIRTUAL CURRENCY SCHEMES, OCTOBER 2012
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V i r t ua l c u r r e n c y s c h e m e s O CT O B ER 2012. VIRTUAL CURRENCY schemes . O cto b er 2012. In 2012 all ECB. publications feature a motif taken from the 50 banknote. European Central Bank, 2012. Address Kaiserstrasse 29. 60311 Frankfurt am Main Germany Postal address Postfach 16 03 19. 60066 Frankfurt am Main Germany Telephone +49 69 1344 0. Website Fax +49 69 1344 6000. All rights reserved. Reproduction for educational and non-commercial purposes is permitted provided that the source is acknowledged. ISBN: 978-92-899-0862-7 (online). CONTENTS. Executive summary 5. 1 Introduction 9. Preliminary remarks and motivation 9. A short historical review of money 9.
Virtual currency schemes differ from electronic money schemes insofar as the currency being used as the unit of account has no physical counterpart with legal tender status. The absence of a distinct legal framework leads to other important differences as well. Firstly, traditional financial
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