Virtual currency is a type of unregulated digital currency that is only available in electronic formThe term came into existence
around 2012, when the European Central Bank (ECB) defined virtual currency to classify types of “digital money in an unregulated
environment, issued and controlled by its developers and used as a payment method among members of a specific virtual
community".
The legality of Virtual Currency varies from country to country. Since Virtual Currency has little to no supervision from a third
party jurisdiction such as a Central Bank, which is the case for regular currencies, it has not ruled in favour of many governments
organisations.
