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Title:

The basis of the model of electronic means of payment without the issuer

Subject and Keywords:

blockchain   financial innovation   cryptocurrency   virtual currencies

Abstract:

In practice, there is only one kind of the electronic means of paymentwithout the issuer – EMPWI – it is a cryptocurrency. Its functioning isbased on the technology of a blockchain. However, taking into accountthe technological progress that has recently taken place in the areaof payments, the possibility of other solutions in the future cannot beexcluded, which justifies starting discussion on the model of EMPWI.So, the aim of the publication is to indicate the basis of the model. In thearea of legal sciences were used elements of the method of dogmatic andcomparative law, and in the area of economic sciences was conducteda comparative analysis on functioning cryptocurrency mechanisms inrelation to economics theories described in the literature. The findingsindicated the most important bases on which can be supported theeconomic and legal model of EMPWI. These include ideas of the meansof payment without the issuer, the idea of distributed and decentralizedEMPWI creation system, broad functionality going beyond the paymentfunction, the need to establish mechanisms preventing reproducingfinancial pyramid scheme by EMPWI and the potential possibility offulfilment money functions by EMPWI

Publisher:

Uniwersytet Wrocławski. Wydział Prawa, Administracji i Ekonomii

Date issued:

2018

Identifier:

ISSN 2544-8382

Language:

eng

Relation:

Kwartalnik Prawno-Finansowy, ISSN 2544-8382 ; nr 2/2018, s. 7-25

Is part of:

Kwartalnik Prawno-Finansowy

Is referenced by:

https://kpf.wpae.uni.wroc.pl/

Access rights:

The use of this material is allowed only with accordance of applicable rules of fair use or other exceptions provided by law, and any broader use requires the permission of the authorized entity

License:

Making materials available on the basis of the agreement with the owner of the property copyrights

Rights holder:

Copyright by Uniwersytet Wrocławski