virtual digital currency

Virtual currency refers to any currency that is not printed on paper or printed on metal, so it is virtual and only exists in the virtual world. In 2014, the European Banking Authority (EBA) defined virtual currency: "Virtual currency is a digital expression of value that is not issued by a central bank or a public authority, nor is it necessarily linked to a legal currency, but is A natural person or legal person accepts it as a means of payment and can transfer, store or trade electronically.”

Virtual currency refers to any currency that is not printed on paper or printed on metal, so it is virtual and only exists in the virtual world.

In 2014, the European Banking Authority (EBA) defined virtual currency: “Virtual currency is a digital expression of value that is not issued by a central bank or public authority and is not necessarily associated with a certain It is pegged to legal tender but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically.”

Therefore, Tencent’s Q Coin is a centralized virtual currency: issued and managed by Tencent itself. It can be recharged through WeChat payment, bank cards, etc., and purchased at the ratio of 1Q Coin/RMB. It can only be used To purchase products (such as game props) and services on the QQ platform, they can only be circulated in one direction, that is, they cannot be exchanged for cash or transferred.

Similar to this, there are coupons in online games, fish balls on live broadcast platforms, and golden beans on e-commerce platforms, all of which belong to the category of virtual currencies. Virtual currencies are generally issued by network operators, and the number of issuances is determined by the issuing entity. The credit guarantee comes from the operator's brand credit. The issuance quantity and pricing can be changed at any time, and can only be circulated in one direction in a certain scenario. So to a certain extent, this type of virtual currency is more like a “toy”.

But by definition, virtual currency has the largest scope. Bitcoin can also be regarded as a decentralized virtual currency, but it is essentially different from Q coins and game coupons. For example, it is not subject to any centralized organization. Control, can be used to purchase certain goods and services, and is equivalent to two-way exchange with legal currency, so Bitcoin defines Bitcoin as a cryptocurrency (digital) currency more accurately. Therefore, some people in the domestic securities industry believe that virtual currency only refers to Q coins and does not include crypto (digital) currencies such as Bitcoin.

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