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Bitcoin - Between Legal And Informal


  • Loredana MAFTEI

    () (Faculty of Economics and Business Administration within Alexandru Ioan Cuza University of Iasi, Romania)


The proliferation of technology emphasized new forms of payment. During the last years, current literature highlighted the role of virtual currency, the channels of payment through digital coins and the importance of assimilation of such platforms. Bitcoin or BTC is known as a digital coin, issued for the first time in 2009 and based on a peer to peer system. The difference from other forms of payment is that BTC is not controlled by any institution or central authority. BTC transactions have grown rapidly, ”asking" for regulation measures or legal approval of governments. Although BTC has become very popular, the market is poor and unfortunately of no confidence. There is a lack of regulation which can determine a number of risks associated with criminal financing activities. However, the legal status of Bitcoin is present in many European countries like Belgium, Bulgaria, Denmark, Finland, Germany, Lithuania, Norway, Poland, Slovenia, Switzerland or Turkey. Also, this type of currency has experienced a rapid evolution among coffee shops and restaurants.

Suggested Citation

  • Loredana MAFTEI, 2014. "Bitcoin - Between Legal And Informal," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 6(3), pages 53-59, September.
  • Handle: RePEc:jes:wpaper:y:2014:v:6:i:3:p:53-59

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    References listed on IDEAS

    1. Horwitz, Steven, 2011. "Do we need a distinct monetary constitution?," Journal of Economic Behavior & Organization, Elsevier, vol. 80(2), pages 331-338.
    2. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December.
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    More about this item


    virtual currency; intelligence technology; Bitcoin; globalization;

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F62 - International Economics - - Economic Impacts of Globalization - - - Macroeconomic Impacts
    • H27 - Public Economics - - Taxation, Subsidies, and Revenue - - - Other Sources of Revenue


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