Digital currency distinguished from virtual currency

IN Circular Letter 2020-70, the Insurance Commission encouraged the use of digital payments in insurance transactions. But how do we distinguish digital currencies, which is legal tender, from virtual currencies which is not endorsed by the Bangko Sentral ng Pilipinas?Digital currency is the overall superset, whereas virtual currency (VC) is the subset. On the other hand, cryptocurrencies are a type of VC. Virtual currency is a type of digital currency. VCs are created by a community of online users and are stored in electronic wallets (e-wallets), and they are generally transacted online. It …

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