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.
Sovereign Currency Act of 2018 September 2018, the International Monetary Fund (IMF) released a report warning the RMI not to launch its own cryptocurrency, the Sovereign, with primary concerns with cryptocurrency being a second form of legal tender, that the revenue from the ICO would be smaller than expected, and that proper governance on the cryptocurrency were not adequate. Sovereign Currency Act of 2018 Sovereign Currency Act of 2018 is a statute of the Legislature of the Marshall Islands which was passed on February 26, 2018. The Act creates and issues a digital decentralized currency (“cryptocurrency”) that will be used as the legal tender of