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EC B Virtual currency schemes February 2014

EXECUTIVE SUMMARY 4 INTRODUCTION 6 1 PAYMENTS-RELATED ASPECTS OF VIRTUAL CURRENCY SCHEMES 7

1.1 Key actors and their roles

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1.2 The diversity of virtual currency schemes

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1.3 Differences between various decentralised virtual currency schemes

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1.4 Emerging business models

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1.5 Data and figures on virtual currency schemes

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1.6 The user’s perspective on virtual currency schemes

1 8 2 A CLOSER LOOK AT VIRTUAL CURRENCY SCHEMES FROM THE PERSPECTIVE OF A CENTRAL BANK 2 3

2.1 Virtual currencies do not fit the economic or legal definition of money or currency

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2.2 A ne w definition from the perspective of a central bank

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2.3 Impact on the tasks of the ECB/Eurosystem

2 6 3 LEGISLATIVE AND REGULATORY RESPONSES TO VIRTUAL CURRENCY SCHEMES 2 9

3.1 The interest and involvement of othe r European and international authorities

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3.2 National responses to virtual currency schemes

3 0 4 CONCLUS IONS 32 GLOSSARY 33 ANNEX – NATIONAL RESPONSES TO VIRTUAL CURRENCY SCHEMES IN THE EU 3 4