Legal implications of virtual currencies

Abstract

The advance in technology brings its own challenges and legal implications. As time went by, we came to know the internet and ultimately developed laws regulating certain things about the internet and the legal implications thereof. Lately a new concept has come into the picture, namely the concept of virtual currency. The concept of virtual currencies has presented its own challenges and hence this mini dissertation seeks to look at some of the legal implications and challenges associated with the concept of virtual currency. Whenever the term virtual currency is mentioned people usually think of bitcoin as it is the biggest virtual currency. Therefore, most of the discussion will use bitcoin as an example of a virtual currency.