International Journal of Green Management and Business Studies (IJGMBS)
DOI https://www.doi.org/10.56830/IJGMBS12202104
Author
Radgy M. chaho
Abed Rzaij Aswad
Ali Mukhlif Hammad
Abstract
Cryptocurrency is financial innovation and has affected many countries and institutions
worldwide at the economic and legislative levels. The purpose of this study to investigate the
nature, origin, characteristics and mechanism of action, then its condition in global markets, the
position of countries towards it and other related matters. The research concluded with results,
including: the economic inefficiency of most of the cryptocurrency – and the like – as a legal
currency and a tool of exchange and financial intermediary as a result of the expected (current
and future) instability; Because it is subject to market forces in an uncontrollable way, in addition
to the lack and difficulty of providing a legal regulation that guarantees rights and obliges duties,
and the presence of technical gaps in the currency, which reduces its efficiency and exposes it to
the risks of piracy and loss of rights. Virtual currencies in light of their lack of legislative texts
regulating them through the growth of the e-commerce sector and modern technologies, the
emergence of various means of payment via the Internet, and the spread of virtual currencies and
their widespread circulation between supporters and opponents, which necessitated Addressing
the issue of virtual currencies with a comparative analytical study that sheds light on what virtual
currencies are, how they originated, their legal nature, the challenges arising when trading them,
the position of legislation on them, and a review of their most significant risks. The study concluded
several actual results to reach the truth of these ambiguous currencies, the most important of
which is that these currencies do not receive recognition from most countries of the world and are
not traded under a legal and regulatory cover that can control the price of these currencies. They
may collapse and lose their value, which will be presented its users to lose their assets.
Keywords: Cryptocurrency, Legal, Environmental Challenges, Fintech, Economy
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