Virtual currency Financial Services. The Internet currency Flooz was created in 1999. The term "virtual currency" appears to have been coined around 2009, paralleling the development of digital currencies and social gaming. Although the correct classification is "digital currency", the U.S. government prefers and has uniformly adopted the term "virtual currency". The U.S. Treasury's FinCEN was first, followed by the FBI in 2012, the General Accounting Office in 2013, as well as the government agencies testifying at the November 2013 U.S. Senate hearing on bitcoin, including the Department of Homeland Security, the Securities and Exchange Commission, the Office of the Attorney General.
Currency War of 2009–11 war' is over, saying it is still on-going. In an April interview with the "Wall Street Journal", Mantega spoke out against the loose monetary policies of advanced nations which have been aggravating inflation in emerging economies. Unlike other emerging economies, China has so far chose to continue holding its currency down against the dollar, fighting inflation instead with interest rate rises. The rate rises cause even greater pressure from the markets for a currency appreciation, and to prevent this, at least in the months leading up to early 2011, China had to buy dollar assets at a faster rate than