• The digital currency challenge for the regulatory regime
Gonzalo Arias, Andrés Sánchez

Abstract

ABSTRACT There are some puzzles in digital currency matter. First, finding the best definition. Digital currencies have specific features that make necessary to mention in its definition. The second puzzle is the function of Internet. It is important because the Internet is the vehicle for the good functioning of digital currency schemes. The network provides all the facilities to digital currency, but it also may be a place for criminal activity. The third puzzle is the relation of digital currencies and the e-commerce. The electronic commerce is an antecedent of virtual currencies. The necessity to make the payment quicker and easier makes possible the growth of virtual currencies. Finally, there is the puzzle of the regulation. A complete regulation does not exist in the digital area. It is the nature of the Internet. It is a place where there are no financial rules. Criminal activity and improper use of Internet will increase over time.

keywords

Digital currency – bitcoin – electronic money – legal challenges – e-commerce

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DOI: 10.5354/0719-2584.2016.43541