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EXECUTIVE SUMMARY
Virtual currency schemes (VCS) have experienced remarkable developments over the past two years. As announced in its October 2012 report, the ECB has been examining these developments, partly in order to understand their potential relevance for retail payments.Although the term “virtual currency” is commonly used – indeed, it often appears in this report – the ECB does not regard virtual currencies, such as Bitcoin, as full forms of money as defined in economic […]
