Cryptocurrencies: A ‘Sandbox for Regulators’?

By thinking loudly about putting the regulation of cryptocurrencies on the agenda of the G20, governments seem to have managed to keep the Bitcoin bubble from inflating into a systemic risk, so far. In a tongue-in-cheek sense, this behavior of supervisory and regulatory authorities can be described as the distributed ledger technology of financial supervision. It is distributed because it does not have a clear center. The G20 seems to be the common reference point for many actors, but it does not speak itself. It is like a shared code.

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The ECJ’s First Bitcoin Decision: Right Outcome, Wrong Reasons?

A few days ago, the Court of Justice of the European Union issued its first ever ruling on the digital currency known as Bitcoin. The case is likely to be only the opening salvo in the barrage of legal quandaries to come. It is the provenance of courts to pour new wine into old wine skins. Lawmakers, policymakers, and the academics who advise them, on the other hand, should start thinking long and hard about whether what we are dealing with is wine at all anymore.

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