Bitcoin is a type of alternative currency created in 2009 and known as cryptocurrency.
A Canadian layer shared his plan to write the world’s first bitcoin law book that will cover digital currencies, including bitcoin.
Christine Duhaime, a lawyer and Certified Financial Crime and Anti-Money Laundering Specialist, has already gathered a team of collaborators, economists, legal experts and financial crime experts that would help in such a complex task.
The aim of the book is to provide general understanding and guidance to the world of digital currencies, as well as cover legislative issues.
Duhaime is a partner at a law firm Duhaime Law. She helps clients with advices on financial regulation and financial crime compliance.
“I am thrilled to have the opportunity to write about the evolving law surrounding bitcoin and other digital currencies,” Christine Duhaime said:
“As the US Federal Reserve noted only weeks ago, bitcoin’s disruptive technology may force banks and other financial institutions to adapt and change the way they provide services to consumers and it will open new markets for business all over the world.”
Moreover, Duhaime pointed out that it is essential for the law to stay on the same level with the developments in the bitcoin field. In addition, it is likely that Canada will be the fist jurisdiction in the world with federal law on bit coin.
Canada’s government upon bitcoin has always been improving and it is currently debating reforms to existing legislation necessary to regulate digital currencies.
Role in crime prevention
Duhaime thinks that bitcoin can result in crime prevention and she wants to evaluate the legal risks and benefits of bitcoin.
“For example, the £4bn carbon credit frauds that took place in the European Union could have been prevented if carbon credit exchanges were operated on the bitcoin protocol because it has built-in fraud prevention mechanisms, something that is not well-known,” she said.
Duhaime believes that apart from its traditional application,bitcoin can provide financial services to millions of customers who do not have access to traditional financial services, e.g. refugees, people in developing countries and women in destitute conditions.
“It also has the potential to eliminate global economic disparity,” said Christine Duhaime. “But there are legal issues with such fundamental legal and economic shifts that need to be addressed in the legal literature and that’s what we’re doing.”
The release of the book is planned to happen later this year.