Volume 6 - Special Issue (The Fourth Industrial Revolution: Challenges and Solutions) (4) | PP: 28 - 42
Language : العربية
DOI : https://doi.org/10.31559/LCJS2025.6.specialissue.4
DOI : https://doi.org/10.31559/LCJS2025.6.specialissue.4
59
18
The Suitability of the Digital Currency "Bitcoin" for Fulfilling International Trade Contracts
Received Date | Revised Date | Accepted Date | Publication Date |
17/12/2024 | 24/12/2024 | 14/1/2025 | 28/1/2025 |
Abstract
Objectives: The study aimed to highlight the importance of digital currencies in general and Bitcoin in particular as they play a significant and vital role in the global economic system and are part of the digital economy. Methods: In this study, the inductive method was relied upon by extrapolating and reviewing comparative legal and technical studies to benefit from them in addressing the research problem, in addition to the analytical method to reach the rulings related to digital currencies as a means of payment in international trade contracts. Results: Bitcoin offers features that are not available in other currencies, as it can be fulfilled directly without resorting to financial intermediaries or central banks thus eliminating the connection to any financial institution in the world. However, it is also accompanied by many issues, challenges, and difficulties; it is not considered electronic money because it is not based on a specific paper or coin currency, and it is not considered legal tender as it is not issued by a central financial authority and does not fall under the supervision of any specific financial entity. Conclusions: This study has come up with a set of recommendations, the most prominent of which is the necessity for recognition by governments and central banks of countries, considering it a legal currency, and an approved means of fulfilling obligations in national and international contracts, as it is an unavoidable reality. Therefore, there is an urgent need to regulate it legally, legislatively, and judicially to mitigate the risks of its use and to make it suitable to be a commodity, a means of payment, or a tool for exchanging services.
How To Cite This Article
, A. s. A. (2025). The Suitability of the Digital Currency "Bitcoin" for Fulfilling International Trade Contracts. International Journal of Legal and Comparative Jurisprudence Studies, 6 (Issue), 28-42, https://doi.org/10.31559/LCJS2025.6.specialissue.4
Copyright © 2025, This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.