The processes of digitization and innovation development create new market environments conducive to the establishment of virtual currency as a medium of exchange. The emergence of virtual currency is linked to virtual environments, such as multi-user online games, and the dominance of virtual currencies has been overtaken by cryptocurrencies based on the distributed ledger and blockchain technologies. Cryptocurrencies, as the dominant form of virtual currency, have become synonymous with it. The development and application of virtual currencies requires the establishment of a functional value chain of the environment in which the virtual currency is established. It includes the creation of virtual currencies, their transactions, safekeeping, conversion, and trading. The basic environments in which virtual currencies were created are presented, as well as the regulatory frameworks, tax aspects, risks, and limitations in their application. The relationship with complementary currencies that could experience expansion using virtual currencies is shown. The development of technology and innovations affects the creation of increasingly intensive economic activity in virtual environments that are conducive to the development of virtual currencies. With technological solutions, virtual currencies can be quickly and easily integrated into business as a medium of exchange for both virtual and real goods and services.