The Need for Legal Adaptation of Bitcoin in Light of the Inevitability of Survival

Abstract

The global monetary system has undergone significant transformations, with the emergence of encrypted virtual currencies, most notably Bitcoin, which has gained widespread popularity due to its unique characteristics distinguishing it from traditional currencies. Despite its growing usage, the legal aspects surrounding the use of Bitcoin remain unclear, necessitating an urgent need for examination. This study aims to explore the concept, characteristics, and advantages of Bitcoin in order to understand its nature and establish legal provisions for its regulation. The study concludes that these currencies have become inevitable and cannot be ignored ; instead, they must be embraced. Attempts to establish a traditional counterpart and link legal adaptation to it have proven to be insufficient due to the distinctive features and nature of virtual currencies. Therefore, regulating and governing their use can only be achieved through enhanced collaboration among various entities and international organizations, emphasizing the need to transition from decentralization to centralized governance as the crucial step forward