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24 January 2020
Issue: 7871 / Categories: Features
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Prized assets in a brave new (blockchain) world

14754
Cryptocurrencies under common law: are we there yet, asks Valya Georgieva
  • Cryptoassets can be regarded as a form of property and can be subject to long established legal principles.
  • Legislation and further fact-specific interpretation will be required as the use of cryptoassets continues developing.

Over the past few years, blockchain technology has become increasingly important to the global economy, with virtual currencies such as Bitcoin, Ethereum, and Ripple slowly infiltrating our lives. As these disruptive technologies have evolved, so has the litigation they generate.

Many questions arise in the context of cryptocurrency litigation: how does legal title to a cryptocurrency pass; can cryptocurrencies be held on trust; what legal recourse or remedies exist if cryptocurrencies are exploited for unlawful purposes, what happens in the event of insolvency? All of these questions revolve primarily around establishing the legal status of cryptocurrencies in order to ascertain whether they could be subject to well-established legal principles.

In November 2019, the UK Jurisdiction Taskforce (UKJT), a government commissioned body comprising members of the legal

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MOVERS & SHAKERS

Bell Yard Kysen—Liz Giles

Bell Yard Kysen—Liz Giles

Bell Yard Kysen appoints senior legal PR and ex-government communications adviser, Liz Giles

Clarke Willmott—Lee Edwards

Clarke Willmott—Lee Edwards

Clarke Willmott boosts Southampton commercial property team with addition of partner Lee Edwards

Lime Solicitors—four promotions

Lime Solicitors—four promotions

Lime Solicitors announces four promotions

NEWS
The Attorney General, Ellie Reeves KC MP, and Solicitor General, Andy Slaughter KC MP, marked the 25th anniversary of Pro Bono Week by joining lawyers, charities, students and parliamentarians at events celebrating voluntary legal work
An indemnity costs battle with a £20m gap could reopen an important question: what weight should an approved budget carry?
Possession claims are entering a new digital era, with procedural traps awaiting practitioners who assume familiar rules still govern every step
Witness evidence can be compromised by AI before a solicitor sees the draft, leaving safeguards focused on authorship incomplete
A polished legal defence may owe more to artificial intelligence than legal merit—and creditors risk paying the price in delay and expense
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