Digital currency reduce risk, Zug immediately converts any bitcoin received into the Swiss currency.Swiss Federal Railways, government-owned railway company of Switzerland, sells bitcoins at its ticket machines. UK The Chief Scientific Adviser to the UK government advised his Prime Minister and Parliament to consider using a blockchain-based digital currency. The chief economist of Bank of England, the central bank of the United Kingdom, proposed abolition of paper currency. The Bank has also taken an interest in bitcoin. In 2016 it has embarked on a multi-year research programme to explore the implications of a central bank issued digital currency. The Bank of England
Virtual currency law in the United States The Internal Revenue Service (IRS) describes Virtual Currencies (VCs) as "a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value [and] does not have legal tender status in any jurisdiction." Although, electronic payment systems have been part of American life since at least 1871 when Western Union "introduced money transfer" through the telegraph and in 1914 "introduced the first consumer charge-card", virtual currencies differ from these digital payment structures because unlike traditional digital transfers of value, virtual currencies do not represent a claim on value; rather the virtual currency