What future for Bitcoin? This was the question at the closing panel of the 2014 Internet Festival in Pisa.
On 12 October 2014 ADLP Studio Legale, represented by Avv. Giulia Arangüena, took part in the panel «What future for Bitcoin?», which closed the four days of the festival. The panel was moderated by Professor Dianora Poletti of the University of Pisa.
The slides of the talk are published in Internet of money: le slide sul Bitcoin all’Internet Festival di Pisa 2014 (in Italian).
The legal questions raised in the talk
The talk, «Bitcoin, the Internet of money: a challenge for policymakers and regulators», approached Bitcoin from the standpoint of Italian law at a time when no specific rules existed. Under Article 1277 of the Italian Civil Code, monetary debts are discharged only with legal tender at its nominal value: Bitcoin is therefore not money in the legal sense. The Italian Supreme Court, however, had already acknowledged the progressive dematerialisation of money (Joint Divisions, judgment no. 26617 of 18 December 2007), holding that what is paid is value rather than physical currency.
On that basis the talk described Bitcoin as a complementary currency: a means of exchange accepted on a voluntary basis, circulating alongside legal tender without replacing it. It also has legal relevance as an asset under Article 810 of the Civil Code, since it gives its holder an economic utility, and it can be read as an electronic document under the Italian Digital Administration Code (Legislative Decree no. 82 of 7 March 2005), signed by electronic signatures that certify each cryptographic validation.
Three proposals for regulators
The talk closed with three proposals: an international, self-regulated and independent governance modelled on that of the Internet; legal recognition of Bitcoin that does not stifle technological innovation; and regulation of Bitcoin-based business by extending existing legal paradigms rather than creating special regimes from scratch. At European level the context was the opinion on virtual currencies published by the European Banking Authority on 4 July 2014, which asked national authorities to discourage banks, payment institutions and e-money institutions from buying, holding or selling them until a regulatory framework was in place.
Read more (in Italian): ADLP all’Internet Festival di Pisa 2014.
Frequently asked questions
What was the Bitcoin panel at the 2014 Internet Festival in Pisa?
A panel entitled «What future for Bitcoin?», held on 12 October 2014 to close the four days of the festival.
Who took part and who moderated?
ADLP took part with Avv. Giulia Arangüena. The panel was moderated by Professor Dianora Poletti of the University of Pisa.
Where can I see the slides of the talk?
In the article «Internet of money: le slide sul Bitcoin all’Internet Festival di Pisa 2014» (in Italian), where they are published in full.
Working on a crypto-asset project?
We can help you today with the legal framework of crypto-assets and blockchain-based services.
Nota informativa. Contenuto a carattere informativo, aggiornato alla data di pubblicazione (22 ottobre 2014); non costituisce consulenza legale.
© 2014 ADLP Studio Legale. Testi, immagini, grafiche e documenti di questo sito sono protetti dalla legge 22 aprile 1941, n. 633; la riproduzione è riservata (art. 65). Sono consentite citazioni e riprese, anche da parte di motori di ricerca e sistemi di IA, purché indichino l’autore, ADLP Studio Legale e il link all’articolo. Sono vietati copia e riuso senza attribuzione, nonché l’estrazione di testo e dati per addestrare modelli di IA (art. 70-quater).
