A Comparative Study of Cryptocurrencies from Perspectives of the Contract Law and Banking Law
Subject Areas : Legal Studies of Cyberspace
alireza mohamad zade
1
(Ph.D. Student in Private law group, Human science faculty, of Payam-e-Noor University)
Asghar Mahmoudi
2
(Associate Professor, Faculty Member of Payam-e-Noor University, Private law group, Tehran , Iran)
Ebrahim Taghizadeh
3
(استادیار گروه حقوق خصوصی دانشگاه پیام نور تهران)
Hassan Khosravi
4
(Associate Professor,Faculty Member of Payam-e-Noor University, Department of Private Law, Tehran and Iran.)
Keywords: Cryptocurrency, Currency, Contract Law, Banking Law,
Abstract :
The current article revolves around the comparative study of the cryptocurrencies from the perspectives of the contract law and banking law by examining the basics of contract law and banking law and taking into account the validity and credibility of the Cryptocurrencies Code in Iran. What present paper is in pursuit of is seeking the application of crypto currencies and their validity in contract law and banking law while taking an effective step in acknowledging the rights to deploy the Cryptocurrencies Code in Iranian trade by elaborating on its dimensions. The results reveal that in Iran, the only law that has been approved on the use cryptocurrency is the approval of the Cabinet dated 06/05/2017 which is in reality based on the Principle 138 of the Constitution of the Islamic Republic of Iran regulated in 6 Articles and 7 Notes. From the perspective of contract law, citing Articles 1 and 2 of the above decree, it can be stated that the use of cryptocurrencies, which is done only by accepting responsibility for risk by traders, is not subject to the support and guarantee of the government and the banking system, and that its use is not permitted in domestic transactions. It needs mentioning that under the mentioned content, the only exception is the case of extracting encrypted processing products whereby mining has been allowed with the permission of the Ministry of Industry, Mines and Trade. In banking law, the use of the cryptocurrencies and the amount of its supply is done solely by the Central Bank of Iran and are totally subject to the laws and regulations of the Islamic Republic of Iran.
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