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VIRTUAL (CRYPTO) CURRENCY BETWEEN LEGALIZATION AND/OR TAXATION IN THE EUROPEAN UNION
Abstract
Currently, there is no particular or unanimously implemented regulation of crypto currency at European Union (EU) level. Crypto currency is a digital asset. From a legal point of view it is considered as a good/service or as a payment instrument. The purpose of virtual currency is to secure financial transactions by using powerful cryptography. Unlike digital payment systems or central bank systems, crypto currencies use decentralized control. However, crypto currencies are used to make global transactions and have a value in real money and can be traded on various trading platforms along with other assets and trading instruments such as stocks, commodities, derivative instruments. The purpose of this paper is to identify the level of legislation in the Member States of the EU and to identify the concept of crypto currency from the legal point of view. We also want to identify the legal effects of using these payment instruments as well as their evolution related to economic transactions. The methodology used in this paper is abstract and is based on the evaluation of concepts and notions. Considering that this paper seeks to clarify some conceptual aspects, we will use the logical analysis. In order to identify the applicable legislation in different EU countries the websites of the legislative and other institutions (Parliament, Public Finance Ministries, central banks and regulators and financial supervisors, etc.) of those respective states will be consulted, together with the websites of the European institutions (Parliament, Commission, Council, European Central Bank, etc.). The judicial practice of the European Court of Justice will be also a resource of information.
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