Legal nature of cryptocurrencies in the light of soft law pronouncements in Colombia
##plugins.themes.bootstrap3.article.sidebar##
PDF (Español (España))
FLIP
HTML (Español (España))
The author (or authors) of the article titled: ________________________________________ _________________________________________________________________________, which is submitted to the editorial process, certifies and authorizes the following considerations:
- I certify that I am a primary author of the article presented for possible publication. I guarantee that the entire content is a product of my intellectual contribution. All information and references to any material already published are correctly attributed and included in the references and citations. In cases when it is required, I have obtained the necessary permissions from those who possess the property rights.
- The article has not been published nor submitted simultaneously to any other serial publication for editorial consideration.
- I certify that all the references and cites in the article are cited according to the journal’s guidelines.
- I authorize the journal to evaluate and ask for external evaluation (peer reviewers).
- I guarantee that all the materials presented are entirely free of copyright. I am responsible for any lawsuit or any complaint related to intellectual property rights. I release Surcolombiana University of any charge.
- I authorize the journal to send emails to solve any situation presented during the editorial process.
- In the case that the article is approved for publication, as author and owner of the copyright, I transfer the rights to the journal unlimited time to include the manuscript in the Piélagus Journal. The text can be reproduced, edited, exhibited, and circulated in the country and abroad. That process can be through print, electronic publication, CD ROM, internet, full text or any other means known or to be known.
By completing the following, I confirm the previous to be true and agree to the aforementioned terms on __________ (month) the ____ (day), 20__ in ___city____, (____Country__).
##plugins.themes.bootstrap3.article.main##
Cryptocurrencies are instruments of enormous growth in national and international trade. The rise and growth of the cryptocurrency market has generated a huge regulatory challenge for the States, whose first dilemma consists of determining its legal nature, which has a direct influence on its regulatory treatment in terms of consumer protection standards, money laundering and terrorism financing regulations, tax treatment, registration, supervision of licences and intermediaries, and regulation of Distributed Ledger Technology (DTL).
This paper analyzes the characteristics of cryptocurrencies, as well as a comparative perspective on the legal treatment that they have been given in the United States and the concepts that different Colombian government agencies have given about them, in order to determining it´s legal nature, considering these soft law pronouncements. In other words, are cryptocurrencies an instrument comparable to the legal currency of forced tender? Are they a currency? Are they a security considering the law of the public securities market? Are they a material asset? Are they an intangible asset? Or are they an asset of a special legal nature, that is, a digital asset?
Downloads
##plugins.themes.bootstrap3.article.details##
I. Arango-Arango, C. y Bernal-Ramírez, J. (2017). Banco de la Republica de Colombia. Recuperado el 6 de 03 de 2018. http://www.banrep.gov.co/sites/default/files/publicaciones/archivos/documento-tecnico-criptomonedas.pdf
II. Banco de la República. (2014, 14 de abril). Comunicado Bitcoin. https://www.banrep.gov.co/es/comunicado-01-04-2014
III. Banco de la República. (2018, 17 de diciembre). JDS-23920. https://www.banrep.gov.co/es/jds-23920
IV. Banco de México. (2018, 03 de marzo). Banco de México. http://www.banxico.org.mx/divulgacion/billetes-y-monedas/importancia-billetes-monedas-.html
V. Bech, M. y Garrat, R. (2018). Criptomonedas de Bancos Centrales. Boletín del CEMLA 64(1), 99-119. http://web.a.ebscohost.com.ez.urosario.edu.co/ehost/pdfviewer/pdfviewer?vid=5&sid=68e421fa-13b2-4d19-92b8-dade4a86f50c%40sdc-v-sessmgr03
VI. Bitdegree. (2020, 08 de septiembre). ¿Dónde y cómo comprar criptomonedas? https://es.bitdegree.org/crypto/tutoriales/como-comprar-criptomonedas
VII. Bolotaeva, O. S., Stepanova, A. A. y Alekseeva, S. S. (2019). The Legal Nature of cryptocurrencies. IOP Conference Series: Earth and Environmental Science, 272, (3). https://doi.org/10.1088/1755-1315/272/3/032166
VIII. Brunner, S. D. (2016). Access to Digital Assets -- Florida’s New Law for Fiduciaries: What Are Digital Assets and Why Are They Relevant? Florida Bar Journal, 90(9), 34–38.
IX. Commonwealth. (2015, octubre). Commonwealth Working Group on virtual currencies. https://thecommonwealth.org/sites/default/files/pressrelease/documents/P14195_ROL_Virtual_Currencies_D_Tait_V5_LoRes.pdf
X. Contaduría, C. T. (2017). Concepto 977 de 2017. http://www.ctcp.gov.co/CMSPages/GetFile.aspx?guid=aa56b447-5c39-4b33-8fb1-5e8a90689b0d
XI. Dian. (2017, 02 de agosto). Concepto 20436 del 2 de agosto de 2017 dirección de impuestos y aduanas nacionales. https://incp.org.co/Site/publicaciones/info/archivos/concepto-20436-dian.pdf
XII. Díez, A. B. (2019). Criptomonedas, economía y derecho. Revista Chilena de derecho y tecnología, 8(1). http://dx.doi.org/10.5354/0719-2584.2019.51584
XIII. Enyi, J. A. y Ngoc, L. (2017). The Legal Nature of Cryptocurrencies in the US and the Applicable Rules. SSR. http://dx.doi.org/10.2139/ssrn.2995784
XIV. FATF. (2014). Virtual Currencies: Key Definitions and Potential AML/CFT Risks.
https://www.fatf-gafi.org/documents/documents/virtual-currency-definitions-aml-cft-risk.html
XV. FAFT. (2018). Regulation of virtual assets. https://www.fatf-gafi.org/publications/fatfrecommendations/documents/regulation-virtual-assets.html#:~:text=The%20FATF%20uses%20the%20term,or%20a%20store%20of%20value
XVI. Fernández-Paniagua, A. (2019, 07 de enero). Las 10 criptodivisas (o criptomonedas) con más futuro. IEBS. https://www.iebschool.com/blog/criptodivisas-criptomonedas-invertir-finanzas/
XVII. Gámez, A. (2020). Obligaciones de dinero, intereses y operaciones en criptomonedas. Bogotá: Temis S.A.
XVIII. Low, K. F. (2017). Bitcoins and other cryptocurrencies as property? Law, Innovation & Technology, 9(2), 235–268. https://doi.org/10.1080/17579961.2017.1377915
XIX. Mancera, A. C. (2017). Macroeconomía. (J. E. Callejas, Ed.) Ciudad de México, México: Grupo Editorial Patria S.A. de C.V.
XX. Martín, L. (2017, 10 de noviembre). Bitcoin, una criptodivisa con mucha volatilidad BBVA. https://www.bbva.com/es/bitcoin-criptodivisa-mucha-volatilidad/
XXI. McGinnis, J. (2020). Bitcoins nature and its future. Harvard Journal of Law & Public Policy, 43(1), 59-66.
XXII. Minor, A. (2020). Cryptocurrency Regulations Wanted: Iterative, Flexible, and Pro-Competitive Preferred. Boston College Law Review, 61(3), 1149–1181.
XXIII. Moin, A., Sekniqi, K., Gun-Sirer, E. (2020). Soak: A Classification Framework for Stablecoin Designs. Finalcial Criptography. https://doi.org/10.1007/978-3-030-51280-4_11
XXIV. Nakamoto, S. (2009). Bitcoin. https://bitcoin.org/bitcoin.pdf
XXV. New York Department of Financial Services. (s.f.). Official compilation of codes, rules and regulations of the state of New York. Title 23. Financial services
chapter I. Regulations of the superintendent of financial services part 200. Virtual currencies. https://govt.westlaw.com/nycrr/Document/I85908c6b253711e598dbff5462aa3db3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)&bhcp=1
XXVI. Prasad, E. (2020, 25 de agosto). China’s Digital Currency Will Rise but Not Rule. Proyect Syndicate. https://www.brookings.edu/opinions/chinas-digital-currency-will-rise-but-not-rule/
XXVII. Preukschat, A. (2017). Blockchain: la revolución industrial de internet (Vol. 6). Madrid: Gestión 2000.
XXVIII. Qing, L. (2019). Yuan go to digital. Beijing Review, 10009140. Vol. 62, Fascículo 38. http://web.a.ebscohost.com.ez.urosario.edu.co/ehost/detail/detail?vid=2&sid=232e986d-3c66-4d73-82f9-8a4b9a558b41%40sdc-v-sessmgr02&bdata=Jmxhbmc9ZXMmc2l0ZT1laG9zdC1saXZl#AN=138718210&db=a9h
XXIX. Sarel, R. (2020). Your Bitcoin Is Mine: What Does Law and Economics Have to Say about Property Rights in Cryptocurrencies? SSRN. http://dx.doi.org/10.2139/ssrn.3542545
XXX. Superintendencia de Sociedades. (2017, 29 de noviembre). Superintendencia de Sociedades. https://www.supersociedades.gov.co/Noticias/Paginas/2017/supersociedades-alerta-sobre-riesgos-de-invertir-en-criptomonedas.aspx
XXXI. Superintendencia Financiera. (2014, 26 de marzo). Superintendencia Financiera, carta circular 29 de 2014. https://www.superfinanciera.gov.co/descargas?com=institucional&name=pubFile1007286&downloadname=cc29_14.doc
XXXII. Superintendencia Financiera. (2016, 16 de noviembre). superintendencia financiera, carta circular 78 de 2016. https://www.superfinanciera.gov.co/descargas?com=institucional&name=pubFile1021430&downloadname=cc78_16.doc
XXXIII. Superintendencia Financiera. (2017, 22 de junio). Circular externa 52. Riesgos potenciales asociados a las operaciones realizadas con “Monedas Electrónicas- Criptomonedas o Monedas Virtuales”. Bogotá. https://www.superfinanciera.gov.co/jsp/10089581
XXXIV. United States of America vs Larry Dean Harmon. (2020). Criminal Action No. 19-395 (BAH, United States District Court for the Distric of Columbia, July 24th, 2020). https://www.bloomberglaw.com/public/desktop/document/USAvHARMONDocketNo119cr00395DDCDec032019CourtDocket/1?1601075334
XXXV. Wulf, A, K. Dell’Erba, M. (2017). Initial Coin Offerings: Emerging Practices, Risk Factors, and Red Flags. Fintech Handbook, Florian Möslein & Sebastian Omlor eds., Verlag C.H. Beck (2018). Legal Studies Research Paper, No. 17-18. http://dx.doi.org/10.2139/ssrn.3067615
