Analysis of Virtual Currencies in the Light of Jurisprudence, Law and Comparative Study

The entrance of virtual currencies as the creature of information technology into the field of exchanges and the growing acceptance of them has led to different range of reactions from absolute prohibition to full permission. The present paper examines through analyzing virtual currencies in the context of jurisprudence, law and comparative study to resolve some of the ambiguities. Since these currencies are related to wealth, financial resources and generally the economy of the society, then their study in the context of individual jurisprudence and private law is not sufficient but it is necessary to analyze relevant issues in the light of public law and government jurisprudence. The present study, with the aforesaid approach and having regard to disadvantages and threats as well as advantages and opportunities of virtual currencies does not recommend the policy of absolute allowance or rejection and suggests that, using the experience of other countries, to establish the required policy and legislation.The use of different countries' approaches to the creation of a national virtual currency under present international conditions can be useful for Iran to confront with restrictions or sanctions. It is better to determine necessary backing for this currency, such as oil and gas production, to make the investment and utilizing of them more attractive and reliable.