Document Type : Original Article
Author
Associate Professor of Law, Faculty of Law, Shahid Behshti University
10.52547/jlr.2022.228506.2293
Abstract
Understanding Cryptocurrency and the Challenges Facing Legal Systems
Parviz SAVRAI (Associate Professor of Law, Shahid Beheshti University)
Abstract
Public interest in cryptocurrencies, such as Bitcoin and Ethereum, has increased recently and the global crypto market continues to thrive. Cryptocurrencies are often portrayed as a major challenger to the current financial system, promising security, speed, transparency, increased financial transactions and creating a fairer economy, preserving privacy and eliminating administrative formalities. Assuming that we accept all these points but the crypto world does not always have positive aspects. Governments, regulatory agencies, central banks, and other financial institutions are struggling to consider the prospect of decentralized cryptocurrencies in terms of the legal, economic, and technical challenges they pose but there are still important and various challenges, including the problem of determining the competent court and the governing law, violation of mandatory regulations, tax evasion, committing crimes and disruption of the economic order, that require legal serious consideration. In this article, we discuss the most important legal, economic and technical challenges of crypto problems that lawyers, economists, software experts and investors should be aware of.
Key Words
Electronic Money, Cryptocurrency, Digital Currency, Virtual Currency.
Keywords
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