Last week, the European Central Bank (ECB) released its in-depth report on Bitcoin and virtual currencies. The paper titled “The Relevance of Virtual Currency Schemes for Central Bankers,” which is the first central bank study to look at the emergence of Bitcoin, a decentralized digital currency that is the most widely used virtual currency.
The purpose of the report is to clarify, define, classify and address virtual currencies in a “structured approach.” Officials at ECB put virtual currencies into three different categories: closed virtual currencies (Type 1), unidirectional flows (Type 2) and bidirectional flows (Type 3).
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