Virtual Currencies

At a glance
- Project leader : Prof. Dr. Harald Bärtschi
- Project team : Nicolas Jacquemart, Stephan Meyer
- Project status : completed
- Funding partner : SNSF
- Project partner :
- Contact person : Harald Bärtschi
Description
Virtual currencies are systems of units which have been
digitally created and may be used as means of payment or exchange
even without having been officially recognized as such. The
economic importance of virtual currencies can no longer be denied:
The aggregate value of cryptocurrencies has reached an amount of
over 150 billion Swiss Francs. Moreover, many attempts have been
made to use blockchain tokens not only as a means of payment, but
also to transfer rights ranging from claims, intellectual property
to membership rights, i.e., shares. However, this development
raises numerous legal questions which are mostly unsettled. The
technical progress proceeds quicker than the development of the
regulatory framework.
The existing financial market law hardly considers the
characteristic features of the FinTech industry. Further, the
qualification of virtual currency units under civil law is unclear.
In this Project which is carried out by ZHAW Zurich University of
Applied Sciences, the legal framework for the use of virtual
currencies in Switzerland are examined, and proposals for new
regulations will be made taking into account the different
interests involved.
The legal analysis and preparation of new regulations require
substantial knowledge of the technical aspects of virtual
currencies. Hence, the project includes a close cooperation with
experts in computer sciences.
Given that similar problems exist all over the world and that it is
often difficult to allocate Internet transactions to a national
supervisory authority or a competent court, the project will take
into account the amendments to the legislation implemented by other
states. Due to the expected growth of blockchain technology and
considering the regulations prepared by other countries,
Switzerland will need to think of introducing equivalent
legislation. The results of this project shall serve as basis for
possible amendments to the existing law.
Further information
Publications
-
Meyer, Stephan; Bärtschi, Harald ; Jacquemart, Nicolas;
2018.
Winterthur:
ZHAW Zürcher Hochschule für Angewandte Wissenschaften.