Electronic currencies and cryptocurrencies, like Bitcoin, are technological innovations but not novelties from a legal-conceptual perspective. This article seeks to provide definitions for ‘electronic currencies’ and ‘cryptocurrencies’ alongside the traditional forms of money. It becomes apparent that Bitcoin is not real ‘money’ but relies on existing currency. At present, its actual role is rather to enable speculation and to circumvent fiscal regulations.
Rahmatian, Andreas, Electronic Money and Cryptocurrencies (Bitcoin): Suggestions for Definitions (March 20, 2019). Journal of International Banking Law and Regulation (2019), volume 34(3), pp 115-121.