Making something out of nothing – Bitcoin under the law
Making something out of nothing.
Were very pleased to welcome UK Barrister, Leigh Sagar, to Coinscrum on Tuesday 18th October (at a new venue, Shoreditch Platform, on the corner of Old Street and Kingsland Road). Unlike money, which consists of chattels issued by the legal authority of the State, bitcoin is not a currency that is acceptable as a means of payment in legal tender. The European Union Court of Justice called bitcoin a non-traditional currency which is accepted by the parties to a transaction as an alternative to legal tender and which has no purpose other than to be a means of payment (Skatteverket v David Hedqvist (2015) Case C-264/14).
Bitcoin are created by the operation of computer code and cannot be seen, touched or tasted. They exist as electronic signals in semiconducting or magnetic materials. The signals represent information that is used by the system to identify and transact in the notional tokens that are generated. How, then, does the law characterise this “virtual currency” as property?This talk will introduce the law relating to property rights that are associated with digital assets (i.e. computer records representing digital information) and go on to discuss how this can be applied to bitcoin.
About Leigh Sagar
Leigh is a barrister practicing at New Square Chambers in Lincoln’s Inn. His practice includes trusts and estates and commercial advice and litigation. He also advises on the administration of digital information. He is a member of the Society of Trust and Estate Practitioners (STEP) Digital Assets Working Group.
Thanks to our venue sponsors:
Shoreditch Platform is a pay-by-the-hour workspace and lounge for businesses and individuals. Slot into a hot-desk in the workspace or settle into a sofa in the lounge where clients, colleagues and friends are welcome. Click here (www.shoreditchplatform.com) to find out more
Whether you’re new to the crypto scene or a veteran, Coinscrum’s Tuesday night social is an opportunity for like minded people to get together, chew the fat over a beer and plan the future of economic interaction. We welcome everyone, whether local to London or travelling through, to our regular events.
Shoreditch Platform, 1 Kingsland Road, London, E2 8AA