Legal Protections for Bitcoin Users Essay
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While there are many benefits to the use of cryptocurrency, there is also much skepticism from the general public. Much of this concern centers around legal protection associated with transactions. From your research, discuss what legal protections exist for Bitcoin users in the US and other countries.
Please make your initial post and two response posts substantive. A substantive post will do at least TWO of the following:
- Ask an interesting, thoughtful question pertaining to the topic
- Answer a question (in detail) posted by another student or the instructor
- Provide extensive additional information on the topic
- Explain, define, or analyze the topic in detail
- Share an applicable personal experience
- Provide an outside source (for example, an article from the UC Library) that applies to the topic, along with additional information about the topic or the source (please cite properly in APA)
- Make an argument concerning the topic.
At least one scholarly source should be used in the initial discussion thread. Be sure to use information from your readings and other sources from the UC Library. Use proper citations and references in your post.
Can i get the replies for below two Discussions.
Discussions 1:
The new technology, decentralized cryptocurrencies, is used in many applications like money transfer, investments, and recording. Like other businesses, it does not have a specific legal entity for consumer protection due to its virtual power. The present regulatory status of the decentralized cryptocurrencies is that digital currencies are enigmatic (Sun et al., 2020).
The legal status of the bitcoin changes from state to state, and it is still undefined. Due to these few countries have explicitly used for trading and few areas, it was restricted and instead banned in few regions (Sun et al., 2020).
The legal protections that prevail in the usage of bitcoin in the US are allowed but still with few taxation and laws in it. In the survey reports, the most interesting fact about the upcoming cryptocurrency is their fluidity. Even though it has various forms like digital currency, virtual commodity, crypto-token, payment token, cyber currency, electronic money, and virtual asset, but it has the same type of decentralized t4echnolgy name as blockchain (Sun et al., 2020). The Financial Consumer Agency of Canada allows the use of cryptocurrencies on its webpage as digital currencies. It can be used to buy goods and services on the internet and currency exchanges. However, it is not used in legal tender. The goods or services used by the digital currency comes under the taxation laws (Sun et al., 2020).
The Central Banks and their decentralized agencies highlighted that they do not regulate or supervise cryptocurrencies as a means of payment; moreover, they emphasized that transactions with cryptocurrencies cannot be made through the National System of Electronic Payment (Alexander & Dakos, 2020). The cryptocurrencies are not legal tender in any of the jurisdictions.
References
Sun, X., Liu, M., & Sima, Z. (2020). A novel cryptocurrency price trend forecasting model based on LightGBM. Finance Research Letters, 32, 101084.
Alexander, C., & Dakos, M. (2020). A critical investigation of cryptocurrency data and analysis. Quantitative Finance, 20(2), 173-188.
Discussions 2:
The legality of bitcoin as well as other cryptocurrencies tends to be different in a substantial manner from one country to another in addition to being not defined or still changing within most of the countries. In addition, most of the countries have not classified the use of bitcoin to be illegal this is because its commodity or money status tends to vary with regulatory implications which are different. A few countries have permitted its trade as well as use explicitly while on the other hand, there are countries which have either restricted it or banned it (Prayogo, 2018).
Most countries have had the cryptocurrencies to be considered as illegal within their states because they consider it as an act of laundering money in addition to being a media which is used by terrorist to finance their criminal activities hence promoting criminality. Other countries have made sure that it is banned completely. Countries such as South Africa consider crypto currency as a virtual currency which is known for not having regulatory framework or legal status hence making it an asset which is not tangible. Based on the transactions nature, the government of the federal in addition to the states, basically tend to have regulations which are considered to be varying at a great extent in addition to being responsible for governing the resolution of errors, inclusive of how payments can be reversed for the people using payroll cards, debit and credit cards, check as well as the transfers of funds (Ruslina, et.al, 2019, May).
References
Prayogo, G. (2018). Bitcoin, regulation and the importance of national legal reform. Asian Journal of Law and Jurisprudence, 1(1), 1-9. Retrieved from https://www.researchgate.net/profile/Galang_Prayogo/publication/328064514_BITCOIN_REGULATION_AND_THE_IMPORTANCE_OF_NATIONAL_LEGAL_REFORM/links/5bb5af1b92851ca9ed37a904/BITCOIN-REGULATION-AND-THE-IMPORTANCE-OF-NATIONAL-LEGAL-REFORM.pdf
Ruslina, E., Hernawan, D., & Rastuti, T. (2019, May). Legal Protection for Bitcoin Users in E-commerce Transactions. In Proceeding Interuniversity Forum for Strengthening Academic Competency (Vol. 1, No. 1, pp. 311-315). Retrieved from http://proceedings.conference.unpas.ac.id/index.php/ifsac/article/view/179