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 bullion audits, raising concerns that such companies do not maintain a 100% reserve ratio, or that their currency is entirely virtual and not backed by physical gold at all. Due to increase of compliance requirements for payment service providers, Jersey-based GoldMoney decided to suspend its DGC service as from January 21, 2012 Digital gold currency Digital gold currency (or DGC) is a form of electronic money (or digital currency) based on mass units of gold. It is a kind of representative money, like a US paper gold certificate at the time (from 1873 to 1933) that these were exchangeable for