Culmination of Law

Culmination of Law

The legal validity of data containing payment information based on cryptocurrency

Document Type : Original Article

Authors
1 Assistant Professor of Private Law, Department of Business, Faculty of Entrepreneurship, University of Tehran, Tehran, Iran.
2 PhD in private law, Faculty of Law, , University of Judicial Sciences, and Administrative Services, Tehran, Iran.
3 PhD student of private law, Faculty of Law,, , University of Judicial Sciences, and Administrative Services, Tehran, Iran.
Abstract
One of the uses that can be from cryptocurrency as a type of digital money is to use it as a means of payment. The most important legal issue in this regard is whether payment information based on cryptocurrency that is transferred and maintained in the form of electronic communication and data message, can be considered as a valid document? As long as the document of this information is not proven, the cryptocurrency payer cannot be considered clear from obligation in front of the recipient.
The present study is a fundamental type and research method is descriptive-analytic.
By dissection the legal ingredients of the document and its flow in e-documents and finally matching it with payment information based on cryptocurrency, it can be found that the information of this payment by the existence of a secure information system, the use of digital signature, asymmetric encryption algorithm and encrypted hash, In the stage of creation and at the time of registration of information, firstly is considered an electronic document and secondly is a valid document in the courts to prove payment.
Keywords

  1. Books and Articles
  1. Biddle, B. (2017) Legislating Market Winners: Digital Signature Laws and the Electronic Commerce Marketplace, Arizona State University (ASU) - College of Law, Available at: https://ssrn.com/abstract=3022170.
  2. Quest, M. (2018), Cryptocurrency Master Bundle: 101 Cryptocurrency.
  3. Satoshi Nakamoto, Bitcoin: A Peer-to-Peer Electronic Cash System. Available at: https://bitcoin.org/bitcoin.pdf.
  4. Xu, M. Tian, Y. Li, J. (2018) Blockchain an Illustrated Guidebook to Understanding Blockchain, Translated by Jie Liv, Skyhorse Publishing, USA.
  1. Regulations and Guides
  1. UNCITRAL Model Law on Electronic Commerce 1996
  2. The Guide to Enactment of UNCITRAL Model Law of Electronic Commerce 1996
  3. UNCITRAL Model Law on Electronic Signatures 2001
  4. United Nations Convention on the Use of Electronic Communications in International Contracts 2005