Encryptocurrency as Property
$ 45.5
Description
Globally, cryptocurrencies have caused a stir regarding their legal and economic implications. The associated concerns are with regard to the nature and application of cryptocurrency as legal tender, or a virtual currency, or a means of digital bartering. The concerns extend to whether, and how, cryptocurrency can be regarded as a type of property. Despite the prevailing economic value of cryptocurrency, the legal system - at least in Roman-Dutch law systems - has not yet created appropriate legal accommodations for the property rights of cryptocurrency holders. This research work interrogates the concept of property under Roman-Dutch law and weaves the golden thread to its most modern conceptualization. Subsequently, it discusses the nature of cryptocurrency and the technology underlying it. It analyses the implications of its nature in the context of the Roman-Dutch law regarding property. In analyzing the legal nature of cryptocurrency as property, the research work explores analogical symmetries and asymmetries between cryptocurrencies and recent developments in intangible property (i.e. shares, funds credited to a bank account, electricity, and a participatory interest in a collective investment scheme). Ultimately, the research work journeys to an inescapable conclusion that legislative recognition is required in order to appropriately protect the rights of cryptocurrency holders.