Legal regulation of cryptocurrency and cryptocurrency for the mechanisms of American institutions and bodies

Document Type : Original Article

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Faculty of Law - Cairo University

Abstract

The freedom and opportunities of digital currencies are increasing in modern society and today people in all walks of life have great new online payment tools that can dramatically improve their quality of life. Digital currency has proven to be "money without banks" and many systems work well outside of any government's control. Software innovation and strong encryption now transcend and replace the legacy of US banking. Online financial accounts and payment services are now available to all people at every level of society at little or no cost, and digital currency has stopped the monopoly of banks. In an effort to regulate digital currency, the US government is drafting tough new financial regulations. Its federal institutions, bodies and laws are to establish a system to regulate digital currency trading operations in a way that serves the financial policy and economy within the United States of America, as well as setting up a future mechanism for developing the regulation of digital currency trading through the US Treasury Department and preparing to create the electronic dollar to be competitive with other digital currencies.

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