A
virtual currency or
virtual money has been defined in 2012 by the
European Central Bank as "a type of unregulated,
digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific
virtual community." The
Financial Crimes Enforcement Network(FinCEN), a bureau of the US Treasury, defined virtual currency in its guidance published in 2013. In 2014, the
European Banking Authority defined
virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a
fiat currency, but is accepted by
natural or
legal persons as a means of payment and can be transferred, stored or traded electronically".