Understanding cryptocurrencies is crucial since they pose a number of global challenges.
Why is bitcoins so talked about in the media? What is its relevance?
Bitcoin is one of the most resonant cryptocurrencies of recent times. Its infrastructure integrates technological developments like cryptography and proof of work that were crucial to its growth. It is an example of an alternative system of private monetary issue without intermediation, based on the consensus of its peers. At the same time, it is a deflationary type currency, therefore, contrary to traditionally issued currencies, it appreciates over time and its supply is finite and predetermined.
What is the future of cryptocurrencies?
It is clearly a promising future in every sense. They have come to respond to the needs that society raised regarding the monetary issue. Although there are multiple challenges from the regulatory level and its proper approach, the scenario is characterized by its permanent innovation, and from the social aspect, it serves as a unique empowerment tool.
The future will reside in finding a uniform regulation at the international level that embraces its characteristics without suffocating them and allows the maximum degree of guarantees to its users, enhancing its multiple social and economic benefits.
Why did they appear in the world?
They emerged as a result of the fusion of two innovations-advanced cryptographic techniques and the proofs of work that permit their issuance-and in response to an obvious demand that was reflected in the money market: that of a monetary environment free from government intermediation, where the characteristics of the ecosystem itself are determined by the mutual consent of its users.
Cryptocurrencies are an advanced electronic means of payment. The advent of cryptocurrencies is an irreversible truth that our right must analyze and consider at the banking, financial, commercial, business, and civic levels, among other levels, in a similar fashion to how the expansion and widespread use of the credit card system was not anticipated at the time.
How do they interact with the national currencies?
They do it in a different way. As they are privately issued currencies, in the vast majority of countries they are not recognized as legal tender, since they compete directly with legal tender that are issued by national central banks. The issuance of money by these authorities is, in legal terms, an extension of the sovereignty of the State, and its private issuance collides in principle with these traditional ideas.
What are cryptocurrencies' legal standings in Argentina?
In Argentina they are not considered as legal tender, notwithstanding which there are regulations regarding the prevention of money laundering and financing of terrorism and their tax consideration.
What are the challenges involved in the appearance of this type of coins at a legal level?
The main challenge is to propose an adequate level of legal protection, which, without leaving its users unprotected, optimizes its social, economic and financial functions.
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