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E87v4 27 wang faye fangfei 2014 law of electronic

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E.87.V.4)27Wang, Faye Fangfei. 2014.Law of Electronic Commercial Transactions.2nd ed.London: Routledge.28The United Nations Convention on Contracts for the International Sale of Goods, Art.29(1).Electronic copy available at:
International Journal for Research in LawVolume 2 | Issue 4 (1) | ISSN-2454-871523On other hand, Cryptocurrency is the electronic currency that isreleased on the conclusion of the contract, but there‘s an ongoingdebate as to the validity of cryptocurrency as a valid considerationfor the contract. Scholars like Joshua A.T. Fairfield29and Dr. FayeFangfei Wang,consider cryptocurrency as valid consideration for acontract. TheEuropean Court of Justice in Skatteverket case30,expressly accepted Cryptocurrency transactions to be valid ones.iv.Technological Neutrality:The principle of technological neutrality means that the ElectronicCommunications Convention is intended to provide for the coverageof all factual situations where information is generated, stored ortransmitted in the form of electronic communications, irrespective ofthe technology or the medium used.Technological neutrality is particularly important in view of thespeed of technological innovation and development, and helps toensure that the law is able to accommodate future developments anddoes not quickly become outdated. The concern to promote medianeutrality raises other important points. In the world of paperdocuments, it is impossible to guarantee absolute security against allkinds of fraud and transmission errors.3129Joshua A.T. Fairfield. 2014. ―Smart Contracts, Bitcoin Bots, and Consumer Protection.‖Wash.&LeeL.Rev.Online 36.-online/vol71/iss2/330Skatteverket v. David Hedqvist (C-264/14), EU:C:2015:718; [2016] S.T.C. 372; [2015]B.V.C. 34; [2015] S.T.I. 3240.31United Nations Commission on International Trade Law, United Nations Convention onthe Use of Electronic Communications in International Contracts, United NationsPublications, 2007, page 26.Electronic copy available at:
International Journal for Research in LawVolume 2 | Issue 4 (1) | ISSN-2454-871524VI.LEGALITY OF CRYPTOCURRENCY TRANSACTIONSA)THE U.S. STATE PRACTICEBitgold, bitcoin and cryptocurrency transactions have existed since 2009.However, the legal recognition of Bitcoin from the U.S. courts, came fiveyears later.In 2014, a US Court inSEC v. Trenton T. Shavers32recognized that Bitcoinis a currency and that transactions through the use of Bitcoin are similar tocurrency transactions and that the Courts have the jurisdiction to hear thecases involving cryptocurrency transactions. As held by Magistrate JudgeAmos Mazzant, ―cryptocurrency (expressly bitcoin) can be used as money(it can be used to purchase goods and services, pay for individual livingexpenses, and exchanged for conventional currencies), it is a currency orform of money. This ruling allowed for the SEC to have jurisdiction overcases of securities fraud involving cryptocurrency.‖ It was a case where the

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