Legal Status of Bitcoin: Regulatory Challenges

Licencinė sutartis Nr. MRU-EDT-715

The novelty of Bitcoin and cryptocurrency, in general, has led to almost no legal regulation and the emergence of a number of challenges. Due to the complexity of Bitcoin's characteristics, not all attempts to regulate it are successful. The emergence of Bitcoin is also characterized by almost a lack of scientific work and research. Therefore, the study of the legal nature of Bitcoin is extremely relevant. The thesis draws attention to the history of origin, definition, and the main features of the negative and positive elements of Bitcoin. The research also highlights the legal status of Bitcoin at the level of the European Union and the examples of other countries. Particular attention in this paper is paid to the future position of Bitcoin in legal regulation and the possible improvement of this cryptocurrency by the legal authorities of the states.