Latvian lats Latvian lats The lats (plural: "lati" (2–9) "latu" (10 and more)), ISO 4217 currency code: LVL or 428) was the currency of Latvia from 1922 until it was replaced by the euro on 1 January 2014. A two-week transition period during which the lats was in circulation alongside the euro ended on 14 January 2014. It is abbreviated as "Ls" and was subdivided into 100 "santīmi" (singular: "santīms"; from French "centime"). The lats was first introduced on 3 August 1922, replacing the Latvian rublis at a rate of 1 lats = 50 rubļi. The lats was pegged against the gold
Virtual currency to its regulations defining currency as "the coin and paper money of the United States or of any other country that [i] is designated as legal tender and that [ii] circulates and [iii] is customarily used and accepted as a medium of exchange in the country of issuance", also called "real currency" by FinCEN, defined virtual currency as "a medium of exchange that operates like a currency in some environments, but does not have all the attributes of real currency". In particular, virtual currency does not have legal tender status in any jurisdiction. In 2014, the European Banking Authority defined