Cryptocurrencies between criminaliztion and regulation

Doi:https://doi.org/10.37940/JRLS.2020.1.1.8

Abstract

This study dealt with the definition and basis of cryptocurrencies from the historical, philosophical and legal aspects. Cryptocurrencies are decentralized digital currencies in issuance, development and control that perform fiduciary functions. The research included distinguishing cryptocurrency from other currencies, physical and digital, as well as ways to resolve the weakness of the Iraqi technical capabilities, including human and material capacities, and need for the existence of virtual financial means in general and cryptocurrencies in particular. We discussed attitudes of different countries towards cryptocurrencies. These attitudes are divided into three groups. Some of them including Iraq criminalized cryptocurrencies, and some are silent about it, while others chose to regulate cryptocurrencies such as in Japan, Norway, South Korea, Mexico, Germany and Canada. Although the best attitude is that which regulates, there are several criticisms due to its shortcomings and the continuous need to develop it.