bitcoin -- legal and business issues surrounding the digital currency - november 2013 - jeff...

8/13/2019 Bitcoin -- Legal and Business Issues Surrounding the Digital Currency - November 2013 - Jeff Neuburger

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Mdtgcdks? A Kiw Hcr` ch Xdrtuaj Gurrikgy3

Oihhriy L. Kiumurfir

Uartkir

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=

Mdtgcdks? A Kiw Hcr` ch Gurrikgy3

Wcurgi? Jud, Wd`ujgru`.gg

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7

Mdtgcdk ck tni hrckt pafis

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Ncw Vijj Lc Tcu Bkcw Mdtgcdk3

=. \niri ds kc sugn tndkf as ak A\@ hcr mdtgcdks. \rui cr Hajsi3

4 Kcvi`mir 1


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7. Tcu gak stcri mdtgcdks ck ycur @itrcgarl3 \rui cr Hajsi3

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1= Kcvi`mir 1


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Mut, a @itrcgarl wdjj stdjj fit ycu hrc` Vasndkftck Nidfnts tcGckiy Dsjakl hcr $=.95.

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Livijcpil dk =554, Mdtgcdk tclay ds tni `cst wdlijy-usil ldfdtajgurrikgy.

Ixdsts ckjy as a jckf strdkf ch ku`mirs akl jittirs dk a usirs

gc`putir hdji, usdkf pumjdg akl prdvati biy ikgryptdck akl a kitwcrbch gc`putirs tc gcklugt akl virdhy traksagtdcks.

Mdtgcdks agt as a riaj wcrjl gurrikgy akl ajsc a spigujatdvidkvist`ikt cptdck.

As ch Kcv. 1, =517, cvir 11.> `djjdck mdtgcdks wiri dk gdrgujatdck.

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]dsi ch Mdtgcdk

Oak. =554? Mdtgcdk schtwari startsrukkdkf2 hdrst traksagtdck

Oujy =515? @t. Fcx istamjdsnil2 uktdj

viry rigiktjy, tni jarfist Mdtgcdkixgnakfi. Ctnirs dkgjuli Mdtsta`p,X\G-I, M\GGndka, Mdtgcdk.li

Him. =511? 1 M\G0$1

Wprdkf =517? Mdtgcdk `arbit gapsurpassis $1 mdjjdck2 kcw, $=.9 mdjjdck

Kcv. 17, =517? 1 M\G 0 $74=

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Mdtgcdk @dkdkf

Mdtgcdks ari griatil akl iktiril dktc gdrgujatdck tnrcufn a prcgiss, gajjil`dkdkf tnat ì`mirs ch tni mdtgcdk kitwcrb pirhcr`.

@dkirs lcwkjcal schtwari usil tc scjvi ixtriìjy gc`pjix àtniàtdgajprcmji`s, wndgn virdhy tni vajdldty ch past mdtgcdk traksagtdcks akl prcvi

tnat tni traksagtdcks ldl kct riprisikt lcumji spikldkf ch a mdtgcdk. Vnik a `dkirs gc`putir scjvis ak iquatdck, tni mdtgcdk kitwcrb griatis

=9 kiw mdtgcdks (ak a`cukt tnat wdjj ligriasi cvir tdì) akl awarls tni`tc tni `dkir.

My lisdfk, tniri wdjj mi a àxdù` ch =1 `djjdck mdtgcdks dk gdrgujatdck, wdtn

tni jast tc mi `dkil dk =1


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Mdtgcdk @dkdkf

1> Kcvi`mir 1


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Mdtgcdk \raksagtdcks

Mdtgcdks ari sikt hrc` a mdtgcdk wajjit tc tni Mdtgcdk Allriss ch tnictnir pirsck vda gc`putir, sàrtpncki cr ctnir livdgi.

- ]igdpdikts kiil prdvati biys tc aggiss tnidr mdtgcdks.

-Mdtgcdk traksagtdcks ari ikgryptil, gc`pjitijy akcky`cus akl lc kctusi aky dktirìldardis.

- Ahtir a traksagtdck nas miik gcklugtil, tni Mdtgcdk kitwcrb virdhdistraksagtdcks akl iksuris tnat tni saì mdtgcdk nas kct miik spikt twdgi.

Akcky`cus, pumjdg traksagtdcks!

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Ncw Ds Mdtgcdk Ysil3

=5

Wcurgi? Wurviy ch 1,555 Mdtgcdk usirs my Jud, Wd`ujgru`.gg

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\ni Wdjb ]cal

=1 Kcvi`mir 1


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==Kcvi`mir 1


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=7 Kcvi`mir 1


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=48 M\G. \niy wiri $98at tni td`i (wndgn ds ajrialy grazy). ]iivajuatdkf atM\Gs ndfn pcdkt , D spikt $>8 ck gupgabis. @y ixpiksi

ripcrt ds fcdkf tc mi a kdfnt`ari.Kcvi`mir 1


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Mdtgcdk Dssuis? ]dsbs & Lcwksdlis

]ifujatcry Ikvdrck`ikt akl Jagb ch Gc`priniksdvi Fcvirk`iktajMagbdkf

Dkhrastrugturi Dssuis? Lata Wigurdty, Wirvdgi Cutafis Lata KitwcrbUrcmji`s

Xcjatdjdty akl Jdqudldty Uragtdgaj Dssuis

]iputatdckaj Dssuis

=> Kcvi`mir 1


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=4

\ni ]ifujatcry Ikvdrck`ikt

71 GH] 1515.155(hh)? A @ckiy Wirvdgis Musdkiss `ustrifdstir wdtn HdkGik.

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75

HdkGIK Fudlakgi

Dk @argn =517, HdkGIK dssuil a Fudlakgi (HDK-=517-F551) gjardhydkf tnat aktd-`ckiy jauklirdkf rifujatdcksgckgirkdkf rigcrlbiipdkf akl rigcrldkf appjy tc ldfdtajgurrikgy ixgnakfis- Ak al`dkdstratcr cr ixgnakfir tnat (1) aggipts akl traks`dts a

gckvirtdmji vdrtuaj gurrikgycr (=) muys cr sijjs gckvirtdmji vdrtuajgurrikgy hcr aky riasck ds a `ckiy traks`dttir uklir HdkGIKsrifujatdcks, ukjiss a jd`dtatdck tc cr ixi`ptdck hrc` tni lihdkdtdck appjdis

tc tni pirsck.

-\ni lihdkdtdck ch a `ckiy traks`dttir lcis kct ldhhiriktdati mitwiik riajgurrikgdis akl gckvirtdmji vdrtuaj gurrikgdis.

Dk =556, tni Fcvt dkldgtil akl jatir snut lcwk I-Fcjl, ak ukjdgiksil`ckiy traks`dttir tnat ajjifiljy sndijlil djjifaj agtdvdty mindkl avdrtuaj gurrikgy tdil tc fcjl

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Fcvirkìkt ]ifujatdck Ikhcrgiìkt Agtdcks

71

@ay =517? Fcvirkìkt dkldgts Jdmirty ]isirvi, a `ckiy traks`dttirtnat ajjifiljy hagdjdtatil djjifaj traksagtdcks wdtn tnidr J] ldfdtajgurrikgy.

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@t. Fcx (@ay 75, =517)? Dt ds cur rispcksdmdjdty tc prcvdlia trustil akl jifaj ixgnakfi, akl tnat dkgjulis `abdkfsuri tnat wi ari cpiratdkf wdtndk strdgt aktd-`ckiy-

jauklirdkf rujis akl priviktdkf ctnir `ajdgdcus agtdvdty.

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Wtati ]ifujatdck Kiw Tcrb Lipt ch Hdkakgdaj WirvdgisWumpcikas == Mdtgcdk Iktdtdis

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Dktirkatdckaj ]ifujatdck @dxil ]isujts

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Lata Wigurdty

Chhjdki scjutdcks tc litir nagbdkf

Wtartup mdtgcdk sirvdgi prcvdlirGdrgji statil tnat dt wcujl prcvdlisigurdty hcr dts gustc`irs mdtgcdks my

cpikdkf chhjdki risirvis issiktdajjy, narl lrdvis kctgckkigtil tc tni dktirkit dk a hagdjdtyprctigtil my ar`il fuarls.

Wwdss iktriprikiur ]dgnarlUcrumgak nas ritrchdttil cjl Wwdsskugjiar snijtirs dktc siguri mukbirshcr siguri mdtgcdk `dkdkf cr ldfdtajgurrikgy stcrafi


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Hraul

WIG v. Wnavirs, Kc. 17-


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Xcjatdjdty --Yps akl Lcwks

Mdtgcdks ixgnakfi ds ahhigtil my a vardirty ch ixtirkaj `arbit hcrgis.

Dk Aprdj =517, wdtndk a spak ch sivik lays, mdtgcdk jcst aj`cst 65% chdts vajui ahtir a sirvdgi cutafi at @t.Fcx.

Dk =517, mdtgcdk vajui wikt hrc` amcut $=5 tc dts rigikt ndfns kiar$


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Jdqudldty

As ch Kcvi`mir =517, tniri ari cvir 11.> `djjdckmdtgcdks dk gdrgujatdck, wdtn àrbit gap ch cvir $7.>M(lipikldkf ck tni ixgnakfi rati), akl tniri ckjy ivirwdjj mi =1 `djjdck mdtgcdks griatil.

Jd`dtil a`cukt ch mdtgcdks kct ikcufn tc naklji akysdziamji snari ch wcrjl igckc`dg agtdvdty wdtncutgausdkf jdqudldty dssuis.

Dh mdtgcdk wiri alcptil ck a jarfi sgaji, gak aìrgnakt mi gckhdlikt tnat dts jarfi sijj crlirsgckvirtdkf mdtgcdk magb tc YWL wdjj mi ixigutil at aprildgtamji prdgi3 Vdtncut ahhigtdkf tni àrbit3

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Frcwdkf Jifdtdàgy Dkvistìkt

Arias hcr huturidkvistìkt?

- Ckjdkiixgnakfis

-

i-Vajjit aklctnir usirsirvdgis

- Musdkisssirvdgisrijatil tctraksagtdcksaklgc`pjdakgi


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Frcwdkf Jifdtdàgy Dkvistìkt

\ni Vdkbjivcss Mdtgcdk \rust

Gaìrck akl \yjir Vdkbjivcss ripcrtiljy ncjlapprcxdàtijy $11 `djjdck dk mdtgcdks

\ni Vdkbjivcss twdks hdjil a prcpcsaj wdtn tni

WIG tc griati a mdtgcdk dkvistìkt hukl (abdk tcak ixgnakfi-tralil hukl) ajjcwdkf dkvistcrs tcpurgnasi snaris dk a trust tnat ncjl mdtgcdks,wdtn tni prdgi dklixil tc tni mjiklil prdgiagrcss vardcus ixgnakfis.

Asntck Butgnirs A-Frali Dkvistìkts ocdkilctnirs dk a sumsiquikt rcukl ch siil hukldkfhcr mdtgcdk sirvdgi prcvdlir Mdtpay.

Ykdck Wquari Xikturis radsil $9@ hcrGcdkmasi


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Mikihdts tc Musdkiss Vny Wncujl A Gc`paky Aggipt Mdtgcdk3


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Mikihdts tc Musdkiss Vny Wncujl A Gc`paky Aggipt Mdtgcdk3

Mdtgcdk sirvdgi prcvdlirs gnarfi jcwir traksagtdckhiis tnak pay`ikt garls. \ypdgaj gnarfis ari jisstnak =% vs. =-7% hcr traldtdckaj grildt garls, aklUaypaj =.=-=.4% wdtn + 75-gikt txk hii).

Gcdkmasi? kc `irgnakt hiis ck hdrst $1@ dk sajis,tnik 1% ck gckvirsdck ch M\G tc YWL.

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Dssuis hcr Musdkissis Vnat Lc D Navi tc Lc tc Aggipt Mdtgcdks3

Gc`pakdis jdbi MdtUay cr MDUW chhir musdkiss prcgissdkf schtwariakl sirvdgis, wdtn tni cptdck ch trakshirrdkf mdtgcdks d`ìldatijy dktclcjjars ahtir tni traksagtdck.

@ust vit garihujjy ajj sirvdgi prcvdlirs akl ixgnakfis tnat naklji

ckjdki cr pcdkt ch saji traksagtdcks.

Idtnir ìtncl trakshirs mdtgcdks dktc a ìrgnakts i-wajjit, wndgngak mi jatir trakshirril dktc narl gurrikgy akl lipcsdtil dktc a makbaggcukt.


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Dssuis hcr Musdkissis Vnat Lc D Navi tc Lc tc Aggipt Mdtgcdks3

Hcr mrdgb akl `crtar sajis, gustc`irs gak pay vda `cmdji pncki mysgakkdkf a Q] gcli ck a tamjit cr my iktirdkf viklcrs mdtgcdk wajjitallriss dktc tnidr mdtgcdk pay`ikt schtwari.

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Wc, Wncujl D Aggipt Mdtgcdks3Vndgn Wdli ch tni Jdki Ari Tcu Ck3

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\ni Huturi

Vdjj `cri vcjatdjdty cr nagbdkf dkgdlikts listrcy gckhdlikgi dk tnimdtgcdk gurrikgy, cr wdjj dt gcujl gcktdkui tc fadk dk stamdjdty akljifdtdàgy3

Vdjj mdtgcdk migcì a staklarl payìkt cptdck, riàdk a kdgniprclugt, cr must gc`pjitijy uklir tni widfnt ch spigujatcrs3

Vdjj Mdtgcdks cpik up kiw musdkiss cppcrtukdtdis, i.f.,Mdt@ckit, `dgrcpayìkts tc pumjdsnirs hcr artdgji aggiss.

Vdjj Mdtgcdk mi i`mragil my ctnir payìkt prcgisscrs3

9= Kcvi`mir 1


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\ni Ldfdtaj Gurrikgy ]usn Ds Niri 78 Gryptc-Gurrikgdis akl Gcuktdkf

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Mdtgcdk Griatcr Vnc ds Watcsnd Kaba`ctc3

Usilucky` hcr a gclir cr nagbir, cr afrcup ch gc`putir sgdiktdsts wijj-virsil dk gryptcfrapny.

Livijcpil schtwari tnat startil tni

Mdtgcdk systi` (crdfdkaj risiargnpapir pcstil dk =55> akl Mdtgcdkkitwcrb appiaril dk =554)

A mdt ch a parjcr fa`i nas livijcpilarcukl Vnc ds Watcsnd3 Wc`i tndkb

dts ak i`dkikt gc`putir sgdiktdst,wndji ctnir gckspdragy-`dklil picpjispigujati dt was griatil my tigngc`pakdis cr ivik tni Y.W. Fcvt3

9< Kcvi`mir 1


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Mdtgcdk Griatcr Vnc ds Watcsnd Kaba`ctc33

Kaba`ctc wrcti `akywim pcsts, akl atignkdgaj papir aklgcrrispcklil wdtn ctnir

schtwari livijcpirs cktni mdtgcdk cpik scurgigcli uktdj =511, wnikni ldsappiaril.

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Vnc ds Watcsnd Kaba`ctc33

Ivik a Kiw Tcrbirripcrtir dk =511 gcujlktldsgirk nds/nir/tnidr3dliktdty

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Wc, Vnc ds Watcsnd Kaba`ctc333

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\nakb Tcu!

bitcoin -- legal and business issues surrounding the digital currency - november 2013 - jeff...

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