Regulating peer-to-peer network currency

Lessons from Napster and payment Systems

Safari Kasiyanto

    Research output: Contribution to journalArticleScientificpeer-review

    Abstract

    It was only yesterday when the central banks across the world shared a similar
    concerns about the rise of e-money as a ‘new’ form of money. Theoretically, e-money as a network good has the potential to achieve a position necessary to replace traditional money. If this happens, the central bank’s task in conducting monetary policy will become more and more difficult. This phenomenon gives rise to a dilemma among the central banks as to whether or not to regulate e-money at its early stage. The recent emergence of Bitcoin, a peer-to-peer network currency that is totally different from e-money or many other payment
    instruments has elevated the debate on whether to regulate new forms of money. How should the authorities react to this innovation then? This paper outlines the legal issues surrounding the rise of peer-to-peer network currency and the measures available in dealing with the rise of such cryptocurrency. Two lessons are provided by this paper, one from the case of peer-to-peer
    network file sharing system, Napster, and the other from existing payment systems instruments.
    Original languageEnglish
    Pages (from-to)40-73
    Number of pages34
    JournalJournal of Law, Technology and Public Policy
    Volume1 2015
    Issue number2
    Publication statusPublished - 5 Jun 2015

    Fingerprint

    Peer-to-peer networks
    Currency
    E-money
    Payment system
    Central bank
    Authority
    Legal issues
    Peers
    Innovation
    File sharing
    Monetary policy

    Keywords

    • cryptocurrency
    • Bitcoin
    • payment systems
    • regulation
    • Napster
    • innovation
    • technology

    Cite this

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    abstract = "It was only yesterday when the central banks across the world shared a similarconcerns about the rise of e-money as a ‘new’ form of money. Theoretically, e-money as a network good has the potential to achieve a position necessary to replace traditional money. If this happens, the central bank’s task in conducting monetary policy will become more and more difficult. This phenomenon gives rise to a dilemma among the central banks as to whether or not to regulate e-money at its early stage. The recent emergence of Bitcoin, a peer-to-peer network currency that is totally different from e-money or many other paymentinstruments has elevated the debate on whether to regulate new forms of money. How should the authorities react to this innovation then? This paper outlines the legal issues surrounding the rise of peer-to-peer network currency and the measures available in dealing with the rise of such cryptocurrency. Two lessons are provided by this paper, one from the case of peer-to-peernetwork file sharing system, Napster, and the other from existing payment systems instruments.",
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    Regulating peer-to-peer network currency : Lessons from Napster and payment Systems. / Kasiyanto, Safari.

    In: Journal of Law, Technology and Public Policy, Vol. 1 2015, No. 2, 05.06.2015, p. 40-73.

    Research output: Contribution to journalArticleScientificpeer-review

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    AB - It was only yesterday when the central banks across the world shared a similarconcerns about the rise of e-money as a ‘new’ form of money. Theoretically, e-money as a network good has the potential to achieve a position necessary to replace traditional money. If this happens, the central bank’s task in conducting monetary policy will become more and more difficult. This phenomenon gives rise to a dilemma among the central banks as to whether or not to regulate e-money at its early stage. The recent emergence of Bitcoin, a peer-to-peer network currency that is totally different from e-money or many other paymentinstruments has elevated the debate on whether to regulate new forms of money. How should the authorities react to this innovation then? This paper outlines the legal issues surrounding the rise of peer-to-peer network currency and the measures available in dealing with the rise of such cryptocurrency. Two lessons are provided by this paper, one from the case of peer-to-peernetwork file sharing system, Napster, and the other from existing payment systems instruments.

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