Cryptocurrency and the Consideration Conundrum: Does Crypto Have Legal Value under Contract Law?

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2022

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Giancaspro, M.

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Journal article

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Journal of Banking and Finance: Law and Practice, 2022; 33(1):3-20

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Mark A Giancaspro

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Abstract

Cryptocurrency is a flagship technology of the Fourth Industrial Revolution. Millions of crypto trades are occurring daily, with the global crypto market now having an estimated capitalisation of US$2.47 trillion. It was inevitable that cryptocurrency's compatibility with existing legal frameworks would be questioned, though close to no attention has been devoted to its inherent legal value. Without a sufficient measure of such value, it cannot be consideration to support a contract for its sale. This article argues that contract law principles do not comfortably recognise value in cryptocurrency and calls for the conception of a comprehensive and detailed regulatory framework to resolve this and other conundrums afflicting cryptocurrency.

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© 2022 Thomson Reuters (Professional) Australia Limited for further information visit www.thomsonreuters.com.au or send an email to care.anz@tr.com

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https://anzlaw.thomsonreuters.com/Document/I9bfcffb0f07d11ecb9f3a238f400dc69/View/FullText.html?transitionType=Default&contextData=(sc.Default)&VR=3.0&RS=cblt1.0

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https://hdl.handle.net/2440/135906