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.
Digital gold currency e-gold complied with all other terms of its plea agreement, it was not able to obtain money transmitting licenses due to its guilty plea. Since returning value to customers could constitute money transmitting without a license, e-gold entered into an agreement in 2010 with the US Government to enable e-gold account holders to claim the "monetized value" of their accounts, collectively valued in excess of 90 million US Dollars. 1mdc was a digital gold currency backed by e-gold rather than by physical gold. In April 27, 2007, a US court ordered e-gold to freeze or block the e-gold accounts 1mdc