Part VIII The Future of the International Law of Tainted Money, 24 Virtual Currencies, Artificial Intelligence, and Emerging Legal Questions »
Kay Firth-Butterfield, Richard Brent, Tom GrantFrom: Banks and Financial Crime: The International Law of Tainted Money (2nd Edition)
Edited By: William Blair, Richard Brent, Tom Grant
This chapter provides a background to technologies such as the distributed ledger (e.g., blockchain) that underlie virtual currencies such as Bitcoin. It also considers the concept-or range of concepts-that the expression ‘Artificial Intelligence’ (AI) denotes. The chapter then presents an overview of legislation and regulation adopted to date as relevant to virtual currencies in the UK, EU, and U.S. and of policy statements suggesting the near-term course that legislation might take. Turning to private law, the chapter considers issues that Bitcoin raises in relation to private law claims. Finally, it finishes by considering wider legal and societal issues entailed by the interplay of virtual currencies, AI, and financial crime.