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