Bitcoin: The nexus between regulation and recognition

Alper Uyumaz; Enku Tensay Woldemaryam

doi:10.1556/032.2023.00046

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Acta Oeconomica

Volume/Issue:: Volume 73: Issue 4

Bitcoin: The nexus between regulation and recognition

Authors:

Alper Uyumaz

Alper Uyumaz Department of Civil Law, Selçuk University, 4250 Selçuklu/ Konya, Turkey

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alperuyumaz@gmail.com https://orcid.org/0000-0001-8479-4642

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Enku Tensay Woldemaryam

Enku Tensay Woldemaryam Department of Civil Law, Selçuk University, 4250 Selçuklu/ Konya, Turkey

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https://orcid.org/0000-0001-5284-8722

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Pages:: 579–589

Online Publication Date:: 12 Dec 2023

Publication Date:: 12 Dec 2023

Article Category:: Research Article

DOI:: https://doi.org/10.1556/032.2023.00046

Keywords:: Bitcoin; regulation; recognition; digital asset; cryptocurrency;

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Abstract

The article analyses the current issues contributing to the volatility of Bitcoin as the reliability of this new technology diminishes, leading to increased unpredictability of its value. Legal efforts and literature regarding Bitcoin have primarily focused on protecting society from the illegal use of this digital technology, with little emphasis on integrating it as an asset. However, this article proposes that countries adopt Bitcoin-related legislation, incorporating recognition and regulation clauses to transform Bitcoin into a stable, less volatile and functional digital asset. In the context of legal history, primary legal domains, such as contracts, family, trade and others, have been integrated through recognition and regulation processes. Therefore, we argue that adopting Bitcoin-specific legislation that recognizes this new technology while comprehensively regulating the associated risks would enhance the coin's stability and reduce volatility, ultimately increasing trust among digital investors and users.

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Acta Oeconomica Periodical of the Hungarian Academy of Sciences

Print ISSN:: 0001-6373

Online ISSN:: 1588-2659

Associate Editors

Péter Benczúr, Joint Joint Research Center, European Commission
Dóra Benedek, International Monetary Fund
Balázs Égert, OECD
Dániel Prinz, World Bank
Rok Spruk, University of Ljubljana, School of Economics and Business, Slovenia

Editorial Board

Anders Åslund, Georgetown University and Advisory Council of CASE, USA
István Benczes, Corvinus University of Budapest, Hungary
Agnieszka Chłoń-Domińczak, SGH Warsaw School of Economics, Poland
Fabrizio Coricelli, University of Siena, Italy
László Csaba, Corvinus University of Budapest, Hungary and Central European University, Austria
Beáta Farkas, Faculty of Economics and Business Administration, University of Szeged, Hungary
Péter Halmai, Budapest University of Technology and Economics, and National University of Public Service, Hungary
Martin Kahanec, Central European University, Austria
Michael Landesmann, The Vienna Institute for International Economic Studies (WIIW), Austria
Péter Mihályi, Corvinus University of Budapest, Hungary
Debora Revoltella, European Investment Bank

Corvinus University of Budapest
Department of Economics
Fővám tér 8 Budapest, H-1093, Hungary
E-mail: judit.kalman@uni-corvinus.hu

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2023
Web of Science
Journal Impact Factor	0.7
Rank by Impact Factor	Q3 (Economics)
Journal Citation Indicator	0.23
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CiteScore	1.4
CiteScore rank	Q3 (Economics and Econometrics)
SNIP	0.385
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SJR index	0.218
SJR Q rank	Q4

Acta Oeconomica
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Acta Oeconomica
Language	English
Size	B5
Year of Foundation	1966
Volumes per Year	1
Issues per Year	4
Founder	Magyar Tudományos Akadémia
Founder's Address	H-1051 Budapest, Hungary, Széchenyi István tér 9.
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ISSN	0001-6373 (Print)
ISSN	1588-2659 (Online)