A Comparative Study of Challenges and Solutions for the Use of Digital CryptoCurrencies in the Iranian and American Legal System

Document Type : Research Paper

Authors

1 University of Tehran

2 PhD Student in Private Law In University of Judicial Sciences and Administrative Services

Abstract

With the advent of data encryption technology, today new electronic money instruments have emerged that allow the exchange of large sums of money in the form of electronic messaging data. One of these tools is the digital cryptocurrencies. cryptocurrencies are divided into two types. The first species, such as Ethereum, is produced by the sovereignty of the countries, and the second is mined by miners from decentralized territories. Due to the difference in the nature of these currencies with the official currency of the countries in exchanging monetary markets, the possibility of considering the currency's title to these instruments is facing challenges. In the United States, there is the current issue of virtual currency exchange auditing, which has solved the problem of foreseeing the allocation of licenses to applicants. But in Iran, because it does not provide a definite definition of currency, these instruments can not be considered as part of the circle of inclusion of the currency, nor can it be used by using principles such as the principle of the sovereignty of will and the perception of such instruments as commodities in exchanges, the possibility of using Provided their maximum capacity in monetary markets. , legal validation, legal requirements and the prediction of competent authorities are among the requirements of the Iranian legal system for the use of these currencies.

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References

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Law Quarterly
Volume 51, Issue 2
July 2021
Pages 275-293

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