3 Cryptocurrencies in International and Public Law Conceptions of Money

Subject(s):

Electronic money — Currency — Concept of money — Bank of England

This chapter considers the practical consequences of cryptocurrencies for international and public law conceptions of money. It begins with a discussion of existing legal theories of money, two of which are the state theory of money and the societary theory of money, and the extent to which cryptocurrencies either conform to, or depart from, such theories. It then examines a working definition of a cryptocurrency before explaining how cryptocurrencies such as Bitcoin can affect international or public law approaches to money. It also analyses how the status of cryptocurrencies may arise in terms of criminal law, focusing on three areas: theft or fraud, money laundering, and financial markets regulation. The chapter concludes with an assessment of how the increased use of cryptocurrencies may affect the financial stability and monetary policy of central banks, taking into account the legislation that governs the Bank of England.