Among the new 850, which fell into the Merriam-Webster dictionary, was the definition of cryptocurrency, blockchain, bitcoin, and Initial Coin Offering.
Thus, the cryptocurrency in the dictionary entry includes any form of currency that can only exist in digital form, has no Central Issuer or controller, but uses a decentralized system to record transactions and manage issue of new units, to prevent fraud and fraudulent transactions based on cryptography.
Bitcoin is described as digital currency for peer-to-peer online transactions. ICO as the primary offer cryptocurrency, and the blockchain — how the digital information (e.g., records, financial transactions) that can simultaneously use and distribute within a decentralized, publicly accessible network, as well as the technology behind such databases.
Recall that in late November of 2017 as part of the development of norms of legal regulation in the field of cryptocurrency and blockchain technology Russian Association for electronic communications (RAEC) submitted its terminological dictionary on 8 pages. And at the end of January this year, a draft Federal law proposing to consolidate digital financial asset cryptool as a legitimate means of payment in Russia. However, the Minister of communications and mass communications of the Russian Federation Nikolai Nikiforov has considered the use of the terms “cryptocurrency” and “scriptural” correct enough from a Bank’s point of view and proposed for them the name “digital token”.