Legal Aspects on the Currency Policy, Currency Regime, Currency Market and Virtual Currency

The concept of “currency” designates the cash that is used in international transaction, \nother than the one used for national transactions. Foreign currency is, practically, the \nnational “coin” of another state or the “coin” used by a monetary union of some states. \nWhile the monetary policy of a state represents a set of measures meant to ensure \nthe internal stableness of a national currency, the currency policy is a set of measures \nbeing taken to ensure and maintain the stableness of the national currency at a foreign \nlevel. \nThe virtual currency is, according to ESMA (European Security and Market Authority), \n“the virtual representation of the value, which is not issued by a central bank, \ncredit institution or institution of electronic currency, and which can be used as an \nalternative to the legal currency in certain circumstances”.