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 the rise in the Euro in the latter half of 2010 was China's purchase of Euro-denominated bonds. While China's intervention was in some ways helpful for the Eurozone, it also generated concern with several European officials speaking out against the action. These officials included: ECB governor Jean-Claude Trichet and Eurogroup president Jean-Claude Juncker. Japan also has a large current account surplus, and in 2009 and 2010 the country allowed the Yen to appreciate. However, in September 2010 Japan twice intervened to effect a devaluation. Japan has a number of challenges that limit its ability to allow ongoing currency appreciation, including