Post
Topic
Board Bitcoin Discussion
Re: An interesting read about Bitcoin & legislation...
by
asdf
on 26/10/2011, 07:55:20 UTC
tl;dr version, anyone?
Go troll elsewhere, thank you.

How is this a troll?

Anyway...

This was probably one of the most interesting paragraphs:
Quote
Moving on, the creation of Bitcoins and sale to users potentially amounts to issuing payment instruments. Therefore the question is whether Bitcoins are payment instruments.  This means something used in order to initiate an instruction requesting the execution of a payment transaction.  A payment transaction means placing, transferring or withdrawing funds.  The key definition is funds.  This means banknotes and coins, scriptural money, and electronic money.  This means that the question is whether Bitcoins are money.

So is bitcoin "legally" money? ans: depends on courts, national and EU.

There were a bunch of other regulations that bitcoin might fall under, but it all got a bit too lawyer for me.