SMART CONTRACTS AND THEIR APPLICATION TO VIRTUAL CURRENCY (A COMPARATIVE STUDY)
Journal of college of Law for Legal and Political Sciences,
2021, Volume 10, Issue issue 39 part 2, Pages 351-376
AbstractThrough this research, we aim to shed light on smart contracts and their application to virtual currency, as we researched and studied the legal and legal frameworks for smart contracts and the mechanism of their application to virtual currencies, by stating the definition of smart contracts and their legal and jurisprudential provisions, and then touching on the conceptual foundations of virtual currencies and their most important types Focus on legal adaptation of smart contracts in virtual currencies. The characteristics of smart contracts make it a major role in the stability of transactions, such as being encrypted so that it is very difficult to penetrate, being distributed in such a way that it is impossible to change or falsifying it, and being self-executing and irreversible, thus adding stability to transactions at every stage of the smart contract programs. The virtual currency is one of the biggest financial phenomena of our time. While the skyrocketing market value at the end of last year triggered dreams of quick wealth among many, the decline in its value during the current year raised fears of a huge speculative bubble bursting in this market.
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