virtual token

American  

[vur-choo-uhl toh-kuhn] / ˈvɜr tʃu əl ˈtoʊ kən /

noun

1. a digital unit of value that can be traded and is built on the blockchain of an existing cryptocurrency to represent different kinds of assets, from real estate or art in the real world to services and utilities on the blockchain.

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Etymology

Origin of virtual token

First recorded in 1980–85

Example Sentences

While most projects are still at an early stage, central banks have switched into higher gear in the past year after Facebook FB.O announced plans to create its own virtual token and the COVID-19 pandemic boosted digital payments.

From Reuters

Under federal law, anyone who promotes a “virtual token or coin” also has to say how they’re being compensated for the promotion, the SEC notes in its announcement.

From The Verge

An alternative to centuries-old forms of currency such as notes and coins, a cryptocurrency is like a virtual token which can be bought and sold on the internet.

From BBC

“Any celebrity or other individual who promotes a virtual token or coin that is a security must disclose the nature, scope, and amount of compensation received in exchange for the promotion,” the SEC said in a public statement posted on its website.

From Reuters

To understand what drives the wild cryptocurrency market—the technology, hype and innovation, combined with the hacking, market manipulation and increased regulation—we decided to experiment with a digital currency of our own: WSJCoin, a virtual token for the newspaper industry.

From The Wall Street Journal