Topic: Legal nature of cryptocurrency - page 2. (Read 451 times)

So you basically lined out 3 ideas on crypto currency on its main use or how it can be viewed by the mass. Let me give more detailed idea for you,

1. Crypto as money:
Yes it is! But crypto does not fit the conventional definition of money as it is not rolled out by a central authority. However, cryptos can be used to purchase goods and services around the world. Even though the numbers are less, but it is increasing day by day. We need to understand that cryptos have started getting the acknowledgement very recently. So we have a long way to go. But within the internet economy, crypto is indeed being used as a means of payment.

2. Crypto as an obligation:
I believe here the obligation means, the obligation to transfer the value. It doesn't apply for crypto for the same reason mentioned above. Any central bank issued currency is mainly the obligation/promise of that central bank to transfer the value of the currency to the holder. Since crypto is not issued by a central authority, there is no obligation or promise to pay the value. This particular parameter is not applicable for cryptos.

3. Crypto as a commodity:
For some cryptos it is true especially the asset backed stable coins like USDT, PXLT or Venezuela issued Petro. These cryptos are backed by real assets like US dollars or petroleum or bank deposits or even by a mix of assets. But doesn't stand true for the majority of other coins.

My idea about cryptos:
My idea of defining cryptos is very simple. Don't try to match crypto with any conventional asset to classify it. Crypto is absolutely a new kind of currency which is decentralized in nature. The more we try to compare it with the conventional system, the more confusing it becomes. I am not a law student or an economist. So try to write a new definition for cryptos which may not correlate with the standard system. The closest similarity you can find is with Gold. There are some characteristics of gold that goes well with cryptos.

 

Great study. Not many have delved into the topic of cryptocurrencies in the academe because it’s still hardly talked about. However, you may find it hard to find scholarly articles and sources to support your study. I siggest that you look into how different countries have various legal stands towards cryptocurrency. Some have created a ban, legalized it or is neutral towards it. Such as the Philippines where it’s neither legalized nor banned but has recognized crypto to have legal tender.

The easy approach like, peer to peer transaction, no third party is required, no need of walking to the bank spending time for transactions and being at ease of no hacking.  These have been and are best features to look at when we talk about crypto currencies. Blockchain secured system has been phenomenal and is one of the main pillars to be spoken at.

Hi dude, it's a currency which is seen as an asset. The main reason behind it is the price that bitcoin attains. Crypto currencies special is, it's unique from fiat's.  The fluctuations in price,  the transaction nature,  the secured protection system the Blockchain and no banking system. These are the things to look at when comparing with fiat's and speaking on crypto currencies.

I wouldn't subscribe to the idea that you are writing something new and so you should run away from it. Dissertation are meant to be researched upon and you come up with answers to questions asked by curios people on that subject matter. The answers will further help the society .

Therefore, I urge you to go ahead in your research, cryptocurrency to me is no longer a green horn. So you will find materials and editorials that will support your work. Use the web like google, this forum too will assist you when you raise question in appropriate section. Wish you the best of luck.

I think cryptocurrencies are an asset. They cannot be called a currency. Any currency has a Central Bank that regulates its turnover. He is also responsible for the process of inflation or deflation. All this crypto-currencies do not have. Perhaps in the future, cryptocurrencies and ICO can replace the stock market, but Fiat will always be.

This is very interesting question. There is need to mention openly about cryptocurrency as thesis. It is under analysis in most jurisdictions regularly. You can google it.

In the "2018 joint economy report", from the US, they dedicated a full chapter to speak about the cryptoworld, its implications and the legal point of view towards crypto and even exchangers. Also, they discuss if bitcoin should be considered as money or not. Chapter nine: https://www.congress.gov/115/crpt/hrpt596/CRPT-115hrpt596.pdf

This paper from the department of finance seems informative too: https://www.finance.gov.ie/wp-content/uploads/2018/03/Virtual-Currencies-and-Blockchain-Technology-March-2018.pdf

Another one you can find of interest from the IMF, this is complete: https://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf

Another paper from the South Africa reserve Bank and its position towards bitcoin (I haven't read it yet, so any comments will be appreciated): https://www.resbank.co.za/RegulationAndSupervision/NationalPaymentSystem(NPS)/Legal/Documents/Position%20Paper/Virtual%20Currencies%20Position%20Paper%20%20Final_02of2014.pdf

I hope it helps, as I said to you before, as well as I find something I will share.

To make the first research first is useful to read a lot about the topic, and, after that just choose a little problem to solve.
Just an advice from my PhD girlfriend jajaa.

it takes a very long time if you really want to learn this but you have to have a goal so what you learn about crypto is not widened and if you want to know what it is crypto according to experts is not many crypto experts who learn about this but economists are already trying to learn about this.

I'm not an expert but I want to tell you that  there are no common approaches and identical legal definitions for this word in the legal world or in digital realm.there are different legal and economical definitions from the court,therefore I advice you to read more about concrete country's court decisions about this relationships,because it will help you to understand exactly what it means for a concrete country.very often court precedents help us to precise something because of its practical nature,but at the same time its very important to read more books related to cryptocurrency(you will find literature easily,just Google it),without this I think you will never finish your dissertation.

Bitcoin is a universal tool. Everyone can treat bitcoin as he understands it and will be right. In the art gallery, too, everyone in the picture sees his own. For example Malevich's black square. Bitcoin can be compared to this picture. You will not be able to fully explain the bitcoin phenomenon. It's all at the same time nothing.

haven't we all been newbies in this field not so long ago
if he is willing to study the material and is smart
he will become an expert sooner than you think,cryptocurrencies is not something extra hard to grasp
but then there might be a thesis that sums up all the information about legal aspects of crypta in one place
win win in my books,so don't discourage the man or throw him your one line definitions

The crypto currency was found by someone who called Satoshi Nakamoto to be used as currency over internet,but most of the people using it as an asset over the currency but the real reason for the invention is currency so it need to be considered as legally even.

This will be a very interesting topic for the thesis. After all, the crypto currency has not been practically studied at the scientific level. Crypto currency can be regarded as a kind of money, because it has the function of a means of payment. To say that this is a commodity, it seems to me that it will be wrong. Each product must have a consumer value. What is the consumer value, for example, bitcoin? Yes, for theorists there is a large field for research.

I'll also recommend it but if he's on that topic finally there's no need to turn back.

I'm not an expert or what but I can give you some of my opinion but can you please state first what's the reason for these.

1. Why lawyers see it as money?
2. Why it is an obligation?

If you have zero knowledge about cryptocurrency you better start from different guides on the web, you can google them actually.

Honestly, I would pick a bit easier topic, moreover, if you are a newbie in this field.

Nature of cryptocurrency is to be used as an asset and currency.In many state bitcoin is used as an currency.In some countries,bitcoin is used as an trusted asset.If the bitcoin is accepted as legal one,people can use it as both currency and asset.If bitcoin and crypto accept as legal,people have to pay tax.

I think it is not very wise to write a dissertation on the subject you have a very vague idea about
you should start your research in (surprise,surprise) Google
I suggest you get a list of search queries, examples: cryptocurrencies+definition, what is cryptocurrency,legal aspects of cryptocurrency, cryptocurrency as a ..... (commodity,obligation,money etc.)
and so on and so forth
get first 100 results on each and skim through to pick ten most relevant,save them,read them,make notes
in the process you will be cross referenced to the sources,books and articles
it is a lot of work,but this way you can become an expert and your dissertation might become a success

Hey guys!

I am a 4th-year law student in the UK and want to write a dissertation on legal nature of cryptocurrency. There are 3 predominant ideas regarding the topic. Firstly, some lawyers see it as money. The second view is that it is an obligation. And the last one, and the position mainly taken in the US, is that it is a commodity (like diamonds or oil).

I don't know anything about cryptocurrencies, and maybe someone could help with starting the research or maybe with some expert opinion on the issue?

Thank u very much in advance for any help!