Surendra Shahwal

Virtual currency , also known as  virtual money , is a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, defined virtual currency in its guidance published in 2013. In 2014, the European Banking Authority defined  virtual currency  as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically In 2012, the European Central Bank defined  virtual currency  as "a type of unregulated, digital money, which is issued and usually controlled by its developers, and used and accepted among the members of a specific virtual community".:13 In 2013, Financial Crimes Enfor...

There are three types of e-wallets: 1. Closed E-Wallets :   A closed wallet is one that a company issues to its consumers for in-house goods and services only. You cannot withdraw cash from such wallets and you don't get any interest.Flipkart,jabong,Myntra offer such wallet. Your money is refunded in such wallets. No interest is paid on the money. You cannot withdraw your money using such wallets.  2. Semi-closed : As per the RBI, a semi-closed wallet can be used for goods and services, including financial services, at select merchant locations or establishments that have a contract with the issuing company to accept these payment instruments. Companies like Paytm, MobiKwik offer such wallets. You can transact using paytm for services and goods at merchants which are registered with paytm . Semi-closed wallets do not permit cash withdrawal or redemption by the holder as well. Companies can issue semi-closed wallets . 3. Open Wallets : Such wallets can be used for purchase ...