Consumer protection and digital currencies in the EU: A comparative analysis between fiat currencies and blockchain payment methods

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

Abstract

Despite the fact that "bitcoin" as a digital currency is not a new term anymore, its actual legal nature remains unclear and unregulated. Bitcoin could be defined as a decentralized, peer-to-peer version of electronic cash that facilitates the purchase of online goods and services without an intermediate financial institution". Bitcoins and other digital currencies are used online and in practice payments via these "currencies" for selling of goods and services are made through a blockchain network. Users of digital currencies are not only people with a high level of expertise in online technology but additionally consumers. The use of digital currencies and blockchain technology raises many legal questions and has implications that are yet unknown to in consumers The main research question of this chapter regards the "ecosystem" of digital currencies, and the legal risks and implications of blockchain payment methods for consumers. More specifically it attempts to define the notion of "digital currencies," as well as other related terms, to identify key differences between digital and traditional currencies and commonly used forms of online payment, such as credit and debit cards, to analyze the legal nature of digital currencies and to discuss relevant regulation with a focus on Europe. Lastly, it explores the legal issues, risks, and implications of the use of digital currencies by consumers mostly in terms of consumer protection and legal recourse.

Original languageEnglish
Title of host publicationEU Internet Law in the Digital Single Market
PublisherSpringer International Publishing
Pages629-647
Number of pages19
ISBN (Electronic)9783030695835
ISBN (Print)9783030695828
DOIs
Publication statusPublished - 25 Jun 2021

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