The legal nature of Bitcoin: Analysis of the legal challenges to Bitcoin caused by Advancements in Technology and lack of Legal Regulatory framework for it’.

Abstract

The aim of this dissertation is to discuss and analyse in detail the regulation of Bitcoin in various countries due to the fact that, in the past few years, Bitcoin has become the focal point of digital currency, given rise to a huge debate around the world within the world of finance and technology and, most crucially, in the legal field. This dissertation also offers a critical analysis of the challenges associated with Bitcoin, since it has dramatically transformed the way transactions are conducted, resulting in illegal activities such as taxation avoidance, which affects both businesses and individuals. Furthermore, it discusses the challenges of applying such regulations under different branches of law, such as property law. A review of relevant case law, statutory law, and regulations is also undertaken to identify the natural challenges presented by dealing with Bitcoin. It is argued that, due to the nature of Bitcoin and the legal and technical challenges with which it is associated, it must be regulated under the international financial system. This paper concludes by emphasising the importance of regulating Bitcoin nationally and internationally under a system that allows advances in technology to continue without restrictions.