The aim of the article is to analyze the stages in the evolution of electronic money. The research methodology is composed of the evolutionary theory of the origin of money and the theory of money and credit developed by the Austrian School of Economics. The emergence cryptocurrency is seen as the next stage in the process of money evolution.
The article concludes that it is cryptocurrency which can truly be considered electronic money as it exists only in electronic form and is in no way connected to the objects of in material world. As a result, cryptocurrency have several advantages when compared to other forms of money.
Key Words: Electronic money, gaming currency, virtual currency, cryptocurrency, Bitcoin.