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Legal Aspects of Bitcoin, AK MOTUZOVA for NBS

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Pavol Luptak

on 17 February 2014

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Transcript of Legal Aspects of Bitcoin, AK MOTUZOVA for NBS


Bitcoin surprises the world with its legally unregulated nature

In fact, the money was not always money as we know it and was not always regulated by official authorities

It is a time to make a decision :)

It is more important how to regulate (public or private law) than what to regulate

Some facts about Bitcoin
Everybody wants to be THE FIRST ONE

There were always more players on the market, unless unregulated cryptocurrencies came to attention of states

Bitcoin has a type of value - consensual value and
is a medium of exchange

Bitcoin is legal in Slovak republic

It does not really matter what Bitcoin is
or does it?

Zuzana Motúzová | your lawyer
Kindly thank you for your attention

Legal definition of Bitcoin
Article 2 Paragraph 3 of Slovak Constitution

"Everyone is allowed to do what is not prohibited by law and no one may be forced to do anything that is not prescribed by law."

what type of norms should regulate Bitcoin?

Should Bitcoin be regulated by


Some more legal Bitcoin facts ... :)

1. Bitcoin was firstly completely forbidden in Thailand

2. Germany said Bitcoin is private money

3. Great Britain sees Bitcoin as single - time bond

4. Opinion of South Korea National Bank: The Bitcoin should be opened to the public. The bank also points to the fact that Bitcoin can be used for illegal activities.
Public vs. Private regulation
Private regulation
Contracts - resolving trust issues
Property laws
Business law
Faster financial transaction

E-commerce may be finally truly and legally binding
Public law

How Bitcoin/virtual currencies can help us

Banks can help to point out major micro/macro-economic impacts of Bitcoin on legal system and help to draft public and private regulation

Tax issues

Criminal aspects of Bitcoins
Full transcript