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n
n economic commentaries
A virtual currency is a Have virtual currencies affected the retail nO. 2, 2014
means of payment in
the form of a digital payments market?
unit of value. Virtual
currencies come in
Björn segendorf
many different forms
and are intended to the author work in the Financial stability Department of the riksbank.
be used for payments
made on or via the retail payments market has begun to change in recent years, due to various
the Internet. They innovations and new participants. one example of this is virtual currencies. Virtual
differ from national
currencies come in many different forms and are often intended to be used for on-line
currencies, such as the
Swedish krona. The payments. there has recently been considerable media attention paid to these, and
national authorities do in particular to Bitcoin. However, use of these currencies is very limited and they have
not regulate the issue not made any impact on the swedish payment system.
of virtual currencies
and there are therefore
very little statistics What are virtual currencies?
available. This
Economic Commentary a virtual currency is a means of payment in the form of a digital unit of value. it is
explains what virtual intended for use in payments within a specific virtual community, such as a particular
currencies are and website or a network of users with special software to manage the virtual currency
discusses the risks and make payments. this type of virtual community can be compared with a simple
connected with them. agreement to use a specific item as a means of payment. in a non-virtual world this
could be bottle caps, shells, a
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