Definitions[]
Convertible virtual currency (also called open virtual currency)
| “ | [is a] type of virtual currency [that] either has an equivalent value in real currency, or acts as a substitute for real currency.[1] | ” |
| “ | has an equivalent value in real currency and can be exchanged back-and-forth for real currency.[2] | ” |
Overview[]
"Examples include: Bitcoin; e-Gold (defunct); Liberty Reserve (defunct); Second Life Linden Dollars; and WebMoney."[3]
"Some convertible virtual currencies can be exchanged directly through the issuing administrator (directly exchanged); others must be exchanged through a virtual currency exchanger (third-party exchanged)."[4]