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What is a 'cryptocurrency'?

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'Cryptocurrencies', more commonly referred to as 'crypto-assets', are virtual digital assets that rely on blockchain technology through a decentralized ledger and an encrypted computer protocol. A crypto-asset is not a currency. Its value is determined solely based on supply and demand.

Crypto-assets do not rely on a trusted third party, such as a central bank for a currency. As of today, there are more than 1,300 crypto-assets. The most well-known are bitcoin, ripple, ether, litecoin, nem, and dash.