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13 Beijing L. Rev. 771 (2022)
Virtual Currency Societal Impact Today: Mitigate the Risks through Regulatory Framework

handle is hein.journals/beijlar13 and id is 795 raw text is: Scientific Research Publishing Beijing Law Review, 2022, 13, 771-784 https://www.scirp.org/iournaI/bIr ISSN Online: 2159-4635 ISSN Print: 2159-4627 Virtual Currency Societal Impact Today: Mitigate the Risks through Regulatory Framework M'Bia Hortense De-Yolande Universit6 Virtuelle de Cote D'Ivoire (UVCI), Abidjan, Cote D'Ivoire Email: hortense.d.mbia@gmail.com How to cite this paper: De-Yolande, M. H. (2022). Virtual Currency Societal Impact Today: Mitigate the Risks through Regula- tory Framework. Beijing Law Review, 13, 771-784. https://doi.org/10.4236/blr.2022134050 Received: September 6, 2022 Accepted: November 29, 2022 Published: December 2, 2022 Copyright © 2022 by author(s) and Scientific Research Publishing Inc. This work is licensed under the Creative Commons Attribution-NonCommercial International License (CC BY-NC 4.0). h ' , mmono cess n 0 Abstract Virtual currency has been at the heart of debates for a long time. The diffi- culty comes from the fact that being electronic, it is elusive and states have not finished thinking about the best way to limit its risks on the economy in general. Basis of capital outflow and presenting an open risk to the fight against money laundering, virtual currency is subject to regulation by coun- tries. While some have clear-cut legislation, others are still struggling to find an adequate legal framework. Meantime, initiatives are well underway. Wheth- er national laws are important to reduce the risks of virtual currency, cooper- ation between states is just as relevant. This work reviews the risks of the use of virtual currency in society, provides an overview of national legislation and international initiatives in adopting rules on the matter before making rec- ommendations. Keywords Virtual Currency, Regulation, Risks, Legal Framework 1 Introduction Among innovations observed in close connection with technological develop- ments in the online world, a significant one is virtual currencies which have sparked virtual communities (European central bank, 2012). These communities have created and circulated their own currency. Bitcoin which is the world's first cryptocurrency is just one of over 500 virtual currencies in existence. Launched in January 2009 by its creator, a computer programmer using the alias Satoshi Nakamoto bitcoin is a peer-to-peer operation where buyer and seller interact di- rectly without the need for a third-party intermediary, such as a financial insti- DOI: 10.4236/bir.2022.134050 Dec. 2, 2022 771 Beijing Law Review