ECB - Virtual currency schemes

I will warn you, this is not light reading. This is a professional document created by those employed at ECB.

I could try and explain it all in this review, but I think ECB should be the one to explain their own ruling to you without my intervention. Without further a due, I’ll list some key points discussed here and hopefully it’ll interest you enough to take a look!

• Payments-related aspects of virtual currency schemes
• Key actors and their roles
• The diversity of virtual currency schemes
• Differences between various decentralized virtual currency schemes
• Emerging business models
• Data and figures on virtual currency schemes
• The user’s perspective on virtual currency schemes
• A closer look at virtual currency schemes from the perspective of a central bank
• Virtual currencies do not fit the economic or legal definition of money or currency
• A new definition from the perspective of a central bank
• Impact on the tasks of the ECB/Eurosystem
• Legislative and regulatory responses to virtual currency schemes
• The interest and involvement of other European and international authorities
• National responses to virtual currency schemes