virtual currency

American  

[vur-choo-uhl kur-uhn-see, kuhr-] / ˈvɜr tʃu əl ˈkɜr ən si, ˈkʌr- /

noun

1. an unregulated currency available only in electronic form that is issued and controlled by its developers and usually used within a specific online community.

   The game is free to play, but you must make purchases in the app if you want virtual currency to spend.

   As a virtual currency, bitcoin has less stability than a currency issued by a central bank.

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Usage

What's the difference between cryptocurrency, virtual currency, and digital currency? See digital currency ( def. ).

Etymology

Origin of virtual currency

First recorded in 1995–2000

Example Sentences

Last year, the U.S. imposed sanctions on virtual currency mixer Tornado Cash, alleging it helped hackers, including from North Korea, to launder proceeds from cyber crimes.

From Reuters

Brian E. Nelson, the under secretary for terrorism and financial intelligence, said North Korea’s effort to generate revenue using stolen virtual currency “directly threatens international security,” and destabilizes the international financial system.

From New York Times

The Lazarus Group pulled off one of the largest virtual currency heists to date, stealing almost $620 million in virtual currency from a blockchain project linked to an online game in March 2022, according to U.S. officials.

From New York Times

In the first indictment, the government charged a banker based in China, Sim Hyon Sop, 39, along with three cryptocurrency traders with conspiring to convert virtual currency that had been stolen from accounts into dollars.

From New York Times

Since 2017, North Korea has pilfered an enormous amount of currency through fraud schemes and by hacking into virtual currency accounts.

From New York Times