Legal regulation of Virtual Currencies in the Arab Countries "Iraq and the United Arab Emirates as a Model"
DOI:
https://doi.org/10.31150/ajshr.v5i1.2646Keywords:
Virtual, currencies, Bitcoin, crime, blockchainAbstract
Virtual currencies are a medium of exchange but are not regular money. Unlike dollar bills and coins, crypto currencies are not issued or backed by the Iraqi government or any other government or central bank. The lack of a physical token to count and hold may confuse some. crypto currencies are a form of digital currency used in electronic payment transactions—no coins, paper money or banks are involved; there are zero to minimal transaction fees; transactions are fast and not bound by geography; and, similar to using cash, transactions are anonymous. Digital currencies are stored in digital wallets, which are software or apps installed by users on their computer or mobile device.
Virtual currencies like are digital representations of value that, like ordinary currency, function as media of exchange, units of account, and stores of value. However, unlike ordinary currencies, virtual currencies are not legal tender, meaning they cannot be used to pay taxes and creditors need not accept them as payments for debt. While virtual currency enthusiasts tout their technological promise, a number of commentators have contended that the anonymity offered by these new financial instruments makes them an attractive vehicle for money laundering. Law enforcement officials.
This study aims to clarify the role of criminal law in dealing with money laundering and other economic crimes committed by virtual currencies, and the study comparing Iraqi law with United Arab Emirates laws.
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