The aim of this study was to investigate the relationship between cryptocurrencies, digital currencies, virtual currencies, and electronic money, based on their definitions by major international bodies such as the European Central Bank, the Bank for International Settlements, and the European Parliament, and the classifications they have established for these terms. This study concluded that both virtual currencies and cryptocurrencies, as well as electronic money, are digital currencies; however, both virtual currencies and cryptocurrencies are not subject to any legal regulation, and therefore cannot be considered electronic money nor classified as money. Thus, electronic money is the only term that is considered money in the true sense.