22/07/2016 1 Introduction to legal definition of bitcoin. Stefano Capaccioli www.coinlex.it WHAT IS BITCOIN UNDER A LEGAL POINT OF VIEW?

22/07/2016 2 HYPOTHESIS MONEY? CURRENCY? COMMODITY? SECURITY? BARTER RIGHT? MEAN OF PAYMENT? WHAT HAPPENS ANALYZING CHARACTERISTICS?

22/07/2016 3 It is like guessing an ANIMAL from a single feature An EXAMPLE

22/07/2016 4 IT IS AN SEMI-AQUATIC ANIMAL Is it a FROG? NO IT HAS WEBBED FEET Is it a DUCK? NO

22/07/2016 5 IT HAS A LARGE AND FLAT BEAK Is it a BIRD? NO IT INOCULATES VENOM TO VICTIMS Is it a SNAKE? NO

22/07/2016 6 IT IS AN EGG-LAYING Is it a REPTILE? NO IT IS SIMILAR TO A RODENT Is it a MOUSE? NO

22/07/2016 7 A similar animal cannot exist. Is it a JOKE? A FREAK of NATURE? NO Here it is: the Platypus

22/07/2016 8 The platypus is not aware of the human classifications, BUT IT DOES EXIST, REGARDLESS OF YOUR TAXONOMY BITCOIN IS A PLATYPUS

22/07/2016 9 BECAUSE BITCOIN IS NOT MONEY CURRENCY COMMODITY SECURITY BARTER RIGHT MEAN OF PAYMENT

22/07/2016 10 BUT AT THE SAME TIME BITCOIN IS

22/07/2016 11 MONEY 1. Medium of exchange 2. Unit of account 3. Store of value FOREIGN CURRENCY 1. Not legal tender in the Country. 2. Is foreign currency in every Country.

22/07/2016 12 COMMODITY 1. It is a Chattel. 2. It is fungible marketable item. SECURITY 1. It is a tradable financial asset. 2. Its value depends on demand/supply.

22/07/2016 13 BARTER RIGHT 1. A bitcoin could be bartered. 2. A bitcoin can be transferred. MEAN OF PAYMENT 1. It is used as a simple mean of payment. 2. Voluntary based.

22/07/2016 14 BITCOIN HAS NO LEGAL DEFINITION LIKE GOLD. Gold is CURRENCY – CAPITAL – COMMODITY – RAW MATERIAL - PRODUCT LEGAL DEFINITION OF BITCOIN VARIES DEPENDING ON THE LAW AND THE CONTEXT

22/07/2016 15 Stefano Capaccioli Via de' Cenci 15 - 52100 Arezzo (AR) Italy Mail s.capaccioli(at)capaccioli.net Twitter: @s_capaccioli Website: www.capaccioli.net / www.coinlex.it Blog: coinlexit.wordpress.com