Unregulated Cyber Currencies

Unregulated cyber currencies are a type of virtual money that is used as a medium of exchange within online communities. These virtual currencies have many of the same features as coins and banknotes, but they are not considered to be legal tender. Unregulated cyber currencies are issued and controlled by developers and may be used to conduct trade transactions. Virtual currencies may be either centralized or decentralized. As of March 2014, the Internal Revenue Service considers virtual currency to be property (as opposed to currency) for tax purposes. Unregulated cyber currencies are popular in online communities for completing financial transactions in a way that allows one or more parties to remain anonymous. This entry looks at the flow of unregulated cyber currency, examines decentralized and ...

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