legal.sciences@uos.edu.iq 07816013511
Login Register العربية
University Logo
Ministry of Higher Education and Scientific Research

College of Law, Sumer University

كلية القانون جامعة سومر

P-ISSN: 3081-1082
Researchers in the field of law

The legal nature of virtual currencies

اسراء رزاق

Abstract

The widespread circulation of virtual currencies in commercial environments, and their adoption by many despite the absence of a clear legal framework, has generated significant controversy regarding their legal nature, market strength, stability, and the extent to which they may be equated with traditional forms of money. Questions have also arisen as to whether such currencies possess legal tender power in commercial transactions, or whether their use remains confined to specific consenting groups. Accordingly, it has become necessary to examine the legal nature of these currencies and to analyze their essence in depth, particularly in light of the instability of their official status, the absence of sovereign exchange rates governing their circulation, and the lack of comprehensive legislative regulation, in addition to the divergence in state positions between recognition and prohibition. The primary objective of this study is to clarify the legal characterization of virtual currencies and to assess the possibility of subjecting them to legislative regulation. The study concludes that their legal nature does not allow them to be classified either as money or as commodities, due to their failure to meet the established legal criteria of both categories. Rather, they may be regarded as digital value or virtual assets of a sui generis nature, which necessitate a specific legal framework to regulate their circulation and use, or alternatively, to prohibit them.

الكلمات المفتاحية: Virtual Currencies, Legal Nature, Bitcoin, Blockchain, Consensual Discharge of Obligations

اقرأ البحث

تحميل الطبيعة القانونية للعملات الافتراضية (Arabic)

معلومات النشر

كيفية الاقتباس

اسراء رزاق. "The legal nature of virtual currencies ". College of Law, Sumer University, %2026.