Have library access?
  • Journals


The Impacts of Visual Currency on the Development and Legal issues and Electronic Commerce: Bitcoin



Parallel abstracts

〞Bitcion〞 has emerged in 2012 perhaps the hottest topic in e-commerce and has drawn lots attentions from the US and EU governments. While reports and analyses focus on the issues that surround taxations and money laundry, certain decisions had made by legal departments regarding definitions and characteristics to the visual currencies. These reports and decisions will be crucial important to the payment transactions in e-commerce. An important point from these report is that the decentralized visual currency scheme, in particular bitcoin, falls outside the scope of most e-money transaction and financial regulations; therefore the research needs to focus on the schemes and operations of the bitcoin in order to provide solutions to the irrelevant regulations. This paper offers an initial exploratory analysis to the currencies, including digital and visual currencies. It then introduces visual currencies concepts, such as architectures, general issuance schemes and decentralized visual currency. Therefore, this paper goes to a key point why 〞bitcoin〞, decentralized visual currency, can be a legal no man's land. The article then analyzes the legal issues and tasks to both financial systems and civil and criminal laws. The article closes by offering a conclusion on the impact of decentralized visual currency and authorities should initially establish visual-real currency transfer witness mechanisms to regulate the financial order, otherwise the authorities should keep close watch on attitudes of IMF and US European regimes regarding corresponding schemes to the Bitcoin.

Parallel keywords

e-commerce visual currency e-currency Bitcoin P2P network


Michael Filtz (2013), In Germany, Bitcoins are officially recognised as 'private money',ZDNetNews.Retrieved April 1, 2014, from the World Wide Web: http://www.zdnet.com/in-germany-bitcoins-are-officially-recognised-as-private-money-7000019628/
EFPLP(2013).Bitcoin exchange parterners with PSP for license compliance.E-Finance & Payments Law & Policy.06(12),1.
(2013).Virtual currencies: Mining digital gold.The Economist.Apr 13th
CNBC (2013). Bitcoin banned in Thailand. Retrieved April 1, 2014, from the World Wide Web: http://www.cnbc.com/id/100923551

Cited by