Bitcoin Transactions : A Bit of Financial Privacy

Bitcoin Transactions : A Bit of Financial Privacy

Journal article

23 pages

0736-7694

This Note explores the existing framework of financial privacy laws and its application to Bitcoin and other virtual currencies. Whether Bitcoin by definition is a currency, commodity, or otherwise, financial privacy laws should arguably apply to protect users of Bitcoin, similar to the protection Bitconica and Mt. Gox needed in order to either prevent the theft of its money or somehow track the party responsible for the theft. Although Bitcoin, by definition, may or may not be a currency, what is important is that it allows users to buy, sell, and exchange goods. Rather than accepting paper money, credit cards, checks, or bank transfers, consumers can exchange Bitcoin to complete certain financial transactions. As the use of Bitcoin becomes more popular, users’ financial privacy should be taken into consideration as state and federal governments aim to regulate Bitcoin. This Note proposes to identify and analyze the application of current financial privacy laws to the use of Bitcoin.

Published in : Cardozo Arts & Entertainment Law, vol. 35, no. 1 (2017)

[New York City, New York] : Yeshiva University Benjamin N. Cardozo School of Law, 2017.

eng