The Role of Cryptocurrencies in Private Law and the General Framework for their Regulation

The 21st century is known for its strong technological advancements, where blockchain technology and a cutting-edge product built on it like cryptocurrencies are evolving daily. According to recent research, bitcoin is particularly appealing to both experienced and novice investors. Numerous individuals and legal entities around the world accept cryptocurrencies as payment. Cryptocurrency can be used to purchase both products and services. As a result, the need for legal regulation of cryptocurrency is high on the priority list. The purpose of this article is to evaluate the legal status of cryptocurrencies, namely what its legal character is and whether it is conceivable to treat cryptographic currency as an object of private law, as property, as electronic money, or as virtual cash. Is it better than traditional currencies, and if so, what are they? All of the foregoing will be reviewed in light of the suggestions of the United States of America, Australia, Argentina, Brazil, Germany, Zealand, Japan, South Korea, China, Georgia, and the European Central Bank.