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Bitcoin and modern alchemy: in code we trust

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  • Jeffrey Simser

Abstract

Purpose - – This paper aims to explore the challenge posed by Bitcoin to regulators, particularly anti-money laundering regulators. Bitcoin is a crypto-currency based on open-source software and protocols that operates in peer-to-peer networks as a private irreversible payment mechanism. The protocol allows cross-border payments, for large and small items, with little or no transactional costs. Design/methodology/approach - – Case studies and case law are examined as are relevant reports by regulators. Findings - – Bitcoin is based on complex computer code supported by a robust community in a peer-to-peer network. Unlike other virtual currencies, Bitcoin appears to have obtained purchase and as such poses unique challenges to regulators. Research limitations/implications - – Bitcoin is at a nascent stage and the evolution of the virtual currency is difficult to predict. Practical implications - – Those who study financial systems, anti-money laundering regimes and asset forfeiture laws will have an interest in this topic. Originality/value - – This is a new and emerging currency; there is limited literature on the implications of this currency to anti-money laundering systems.

Suggested Citation

  • Jeffrey Simser, 2015. "Bitcoin and modern alchemy: in code we trust," Journal of Financial Crime, Emerald Group Publishing Limited, vol. 22(2), pages 156-169, May.
    • Handle: RePEc:eme:jfcpps:jfc-11-2013-0067
    DOI: 10.1108/JFC-11-2013-0067
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