The brave new world of Bitcoin – Austria

Bank- und Finanzrecht

ILO Newsletter, 26. Juni 2015

Virtual currencies - predominantly Bitcoin - have become the focus of internet aficionados and young entrepreneurs. The possibility of paying for services worldwide simply by using a smartphone and without having to consider exchange rates is a unique feature that clearly outguns established financial systems. However, no legislative steps have been taken to provide a reliable legal framework allowing Bitcoin to develop.


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