In an age where the virtual world is commonly affiliated
with the physical, a degree of confusion surrounds the digital
realm with its fast-paced nature. The rise of cryptocurrency has
been an exponential one, influencing both the financial and legal
industries. The legality of digital currencies are known to few and
sought by many. Hence, it is necessary to understand the logic of
virtual currency and seek protection through the legal aspect of
the same.
Background
Cryptocurrency is a digital currency that implements blockchain
algorithms to facilitate its creation and trade. Digital currencies
are decentralised forms of currency, meaning that they are free
from any third party interference, whereby no government or central
authority is able to distribute or dictate control of it.
Coincidentally, blockchain is a set of 'blocks' that record
information on transactions. A blockchain is a database formed by a
sequence of entries called blocks. They feature a
