This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies. V prispevku analiziramo možne definicije virtualnih valut v zakonodaji in ekonomiji. Proučujemo vidike Evropske centralne banke, urada Financial Crimes Enforcement Network in organizacije Financial Action Task Force o virtualnih valutah. Analizirali smo tudi osnutek zakonodaje o prepovedi denarnih surogatov v Ruski federaciji. Avtorica prispevka predlaga dva sprejemljiva pristopa za definiranje virtualnih valut v pravu in ekonomiji. Podajamo tudi pregled argumentov predstavnikov avstrijske šole o obstoju zasebnega denarja. Avtorica prispevka predlaga uvedbo nekaterih sprememb v zakonodaji Ruske federacije, da bi virtualnim valutam podelili legalni status.