The Challenges of Legal Regulation in Keeping Pace with Technological Development of Banking and Finance: Bitcoin (cryptocurrency) as a model of safe use under technology-based constraints in the absence of legal guarantees
Prof. Lafi Daradkeh
Professor of private law – School of Law – University of Yarmouk – Jordan
Abstract:
This article deals with the issue of law keeping pace with the technological developments regarding cryptocurrency as one of the contemporary challenges of legal guarantees in changing world. The problem stated in this article as there are no current local or international rules to govern this issue till now. As such, it is important to create a suitable legal environment in order to achieve safe use of cryptocurrency.
The importance of this article comes from the emergence of many cryptocurrencies and some countries recognized them as currency for payment. In addition, the use of such currencies is as cross-border transactions as it is based on internet. Furthermore, this article aims at adopting a flexible legislating mechanism to keep pace with any technological developments regarding cryptocurrencies.
This article concluded that the practice of cryptocurrency becomes a fact and it is surrounded by many legal, security, and technological dangers. Therefore, this article suggests to issue domestic legislations as well as international ones to secure the practice of cryptocurrency legally.
Key Words:
Cryptocurrency, Technology-based constrains, Bitcoin, Legal guarantees.