Bitcoin: Where Two Worlds Collide
There are over 275 virtual currencies in existence today. One of these currencies is Bitcoin, the largest andmost recognised virtual currency in the world. With its exponential growth over recent years, Bitcoin isbringing a degree of permanence for, and dependability on virtual currencies that can n...
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| Format: | Article |
| Language: | English |
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Bond University
2015-12-01
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| Series: | Bond Law Review |
| Online Access: | https://doi.org/10.53300/001c.5635 |
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| author | Russ Marshall |
| author_facet | Russ Marshall |
| author_sort | Russ Marshall |
| collection | DOAJ |
| description | There are over 275 virtual currencies in existence today. One of these currencies is Bitcoin, the largest andmost recognised virtual currency in the world. With its exponential growth over recent years, Bitcoin isbringing a degree of permanence for, and dependability on virtual currencies that can no longer be ignored byregulators. While an increase in international regulatory activity over the past 12 months suggests that somegovernments understand this, Australian regulators appear reluctant to act. In addition to examining Bitcoin’soperational system in detail, this article examines the affect that Bitcoin is having on two key features of thefinancial system: (1) the money laundering and illicit finance supply system; and (2) the payment system. Bycomparing the effectiveness of the response measures enacted by Australian and international regulators inCanada, Singapore, the United States, and the United Kingdom, this article demonstrates that even thoughAustralia’s current payment system policy is capable of addressing the threats posed by virtual currencies, thecurrent money laundering and terrorist financing regulations fail to satisfy Australia’s international obligations,and stifle the legitimate use and development of virtual currencies in Australia. |
| format | Article |
| id | doaj-art-eebf57d9f1ea46a38012ecc91b309b82 |
| institution | Kabale University |
| issn | 1033-4505 2202-4824 |
| language | English |
| publishDate | 2015-12-01 |
| publisher | Bond University |
| record_format | Article |
| series | Bond Law Review |
| spelling | doaj-art-eebf57d9f1ea46a38012ecc91b309b822025-08-20T03:51:18ZengBond UniversityBond Law Review1033-45052202-48242015-12-0127110.53300/001c.5635Bitcoin: Where Two Worlds CollideRuss MarshallThere are over 275 virtual currencies in existence today. One of these currencies is Bitcoin, the largest andmost recognised virtual currency in the world. With its exponential growth over recent years, Bitcoin isbringing a degree of permanence for, and dependability on virtual currencies that can no longer be ignored byregulators. While an increase in international regulatory activity over the past 12 months suggests that somegovernments understand this, Australian regulators appear reluctant to act. In addition to examining Bitcoin’soperational system in detail, this article examines the affect that Bitcoin is having on two key features of thefinancial system: (1) the money laundering and illicit finance supply system; and (2) the payment system. Bycomparing the effectiveness of the response measures enacted by Australian and international regulators inCanada, Singapore, the United States, and the United Kingdom, this article demonstrates that even thoughAustralia’s current payment system policy is capable of addressing the threats posed by virtual currencies, thecurrent money laundering and terrorist financing regulations fail to satisfy Australia’s international obligations,and stifle the legitimate use and development of virtual currencies in Australia.https://doi.org/10.53300/001c.5635 |
| spellingShingle | Russ Marshall Bitcoin: Where Two Worlds Collide Bond Law Review |
| title | Bitcoin: Where Two Worlds Collide |
| title_full | Bitcoin: Where Two Worlds Collide |
| title_fullStr | Bitcoin: Where Two Worlds Collide |
| title_full_unstemmed | Bitcoin: Where Two Worlds Collide |
| title_short | Bitcoin: Where Two Worlds Collide |
| title_sort | bitcoin where two worlds collide |
| url | https://doi.org/10.53300/001c.5635 |
| work_keys_str_mv | AT russmarshall bitcoinwheretwoworldscollide |