The regulation of virtual currencies in comparative perspective : new private money or niche technological innovation?
Purpose: This paper aims to situate virtual currencies (VCs) in a landscape of regulatory questions that help orient the direction and purpose of a possible legal approach, vis-à-vis this relatively recent technological and financial phenomenon. Design/methodology/approach: The triangulation of historical overview and comparative examination of regulatory interventions allows to situate VCs in relation to a range of regulatory topics: from monetary policy, to fundraising and money laundering. First, the paper charts the emergence of VCs in time, and situates this innovation on a continuum with historically observed forms of private money. Second, it provides an overview of different regulatory approaches that can be observed on a comparative landscape. Findings: At present, several features of VC schemes (particularly their deflationary character and fixed supply) prevent them from working as private money, competitive with sovereign currency. Instead, three specific kinds of uses – as security tokens, utility tokens and currency tokens – offer a more realistic picture of the risks and potentials associated with different forms of use. Originality/value: The paper puts forth an integrated framework for devising a more sensitive regulatory approach towards VCs.
Year of publication: |
2020
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Authors: | Sadok, Hicham ; El Maknouzi, Mohammed El Hadi |
Published in: |
Journal of Money Laundering Control. - Emerald, ISSN 1368-5201, ZDB-ID 2094548-6. - Vol. 24.2020, 4 (04.11.), p. 712-724
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Publisher: |
Emerald |
Saved in:
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