THERE are, at present, more than 1,500 virtual currencies (VCs) in circulation, with dozens of new schemes being launched monthly, including initial coin offerings (ICOs). The global value of all VCs is currently around a fifth of the value of all euro banknotes in circulation and around 3 percent of the narrow monetary aggregate M1. Of course, these figures are probably already out of date, such is the volatility of the market.
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