What is Closed Virtual Currency?
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This form of currency is unregulated and cannot be converted or used as a legal tender. Closed Virtual currencies do not have any connection whatsoever to the real economy of a country. Another key emphasis is that they are neither real nor a full form of money.They do not ascribe to the characteristics of real money such as being in the form of real paper money or real coins. They are issued and controlled by their developers and are accepted as payment by members of the specific virtual community it was intended for. A key characteristic of this form of currency is that it is usually traded, stored and transferred through electronic means.
How Did Virtual Currencies Come to Be?
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