Default currency:
Virtual currency was defined in 2012 by the European Central Bank as “a type of unregulated digital money, issued and usually controlled by developers, that is used and accepted among members of a particular virtual community.” The US Treasury Department in 2013 defined it more succinctly as “a medium of exchange that functions as currency in some environments, but does not have all the characteristics of real currency.” The main feature of a virtual currency according to these definitions is the status as legal tender.
Cryptocurrency:
A cryptocurrency is a type of digital token that relies on cryptography to chain together digital signatures for token transfers, peer-to-peer networks and decentralization. In some cases a Proof of Work scheme is used to create and manage the currency.
