Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/213988
Authors: 
Yee, Andy
Year of Publication: 
2014
Citation: 
[Journal:] Internet Policy Review [ISSN:] 2197-6775 [Volume:] 3 [Year:] 2014 [Issue:] 3 [Pages:] 1-9
Abstract: 
Bitcoin is the first decentralised, peer-to-peer network that allows for the proof and transfer of ownership of virtual currencies without the need for a trusted third party. It has created a platform for tremendous financial innovation, but at the same time the role of traditional regulatable financial intermediaries is bypassed. The purpose of this article is to address the important policy question of how we can capture Bitcoin's potential benefits for the economy while addressing new regulatory challenges. To do so, we first conceptualise the Bitcoin ecosystem through the layered model of internet architecture. Second, we apply the layers principle of internet governance to identify control points and guidelines for regulation that respect the integrity of the layers. Third, we conclude with the need for governments to adopt an adaptive and novel regulatory approach to ensure that society can benefit from Bitcoin's revolutionary potential. This work forms a baseline for further understanding of the governance of Bitcoin and the various actors within the ecosystem based on the layers principle of internet architecture.
Subjects: 
Bitcoin
Cryptocurrency
Finance
Internet architecture
Internet governance
Persistent Identifier of the first edition: 
Creative Commons License: 
https://creativecommons.org/licenses/by/3.0/de/legalcode
Document Type: 
Article

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