Legal definition of the term "cryptocurrency"

[JDBound]

Blackacre is a cryptocurrency friendly jurisdiction with numerous policies which are advantageous to the growth and success of cryptocurrencies. However, there exists no legal definition for the term "cryptocurrency". The legislature of Blackacre is aware of the existence of many things which might be called cryptocurrencies (Devcoin, Namecoin, Zerocoin, Bitcoin, etc.) but is wholly unclear as to where to draw the line, if any line should be drawn at all!

The legislature of Blackacre approaches you with the following question. What is a cryptocurrency and why?

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[davidspitzer]

A friend of mine from Whiteacre uses this definition:

Cryptocurrency is a type of digital currency that is based on cryptography. Cryptocurrency uses cryptography for security, making it difficult to counterfeit. Public and private keys are often used to transfer the currency from one person to another.


A more in depth description could probably be derived from the above general description which could then be used to differentiate and identify the currency models that fit under it

[palle11]

From a simple view, it is a digital currency secured with numerous privacies to ensure a third party exclusion. Thus, decentralised and can't be monitored, ultered by a third party including the government.

[hacekd]

many of which prohibit crypto because it is viewed in terms of security and dissemination as well as price uncertainty that will certainly harm its users by ending them legalize crypto but on the belief that the higher the community is still there who use bitcoin and this all need rules how to minimize the possibility of action crim

[akila1994]

cryptocurrency is digital currency that based on the cryptography which has strong secure financial transaction

[camila92]

In many parts of the world, cryptocurrencies and Blockchain technology are being used more and more, virtual currencies are very popular due to their value, they are a good investment and offer a lot of security, in addition to the transactions that are made using these currencies are much faster and safer. On the other hand, Blockchain technology has been used to solve many problems in other markets, something that was not previously thought. Even banks that are against virtual currencies are implementing Blockchain in order to offer a better service.

But in Spain, the potential of the cryptocurrencies and Blockchain may not be fully exploited. A doctor in economics from that country named César Molinas spoke about this situation in an event, this expert said that in Spain this technology can be used to combat tax fraud but they do not do so since there is no political will.

https://criptogaceta.com/regulacion/un-experto-en-espana-dice-que-falta-voluntad-para-poder-darle-uso-al-blockchain-contra-el-fraude-fiscal/