The Legal Nature of Bitcoin under Swiss Private and Private International Law
This article examines the legal nature of Bitcoin under Swiss private and private international law. Firstly, it addresses the core technological concepts underlying Bitcoin. It then discusses the need for state law. It subsequently focuses on whether Bitcoin can be classified as property, an obligation, a mere de facto asset, or whether it must be conceptualised as a new form of right. To this end, it evaluates the current legal framework and draws on comparative law and legal history. Finally, it analyses the private international law dimension.
I. Introduction
In 2008, a mysterious ‘Satoshi Nakamoto’1 published a whitepaper proposing a decentralised, digital payments system using a virtual monetary unit entitled ‘Bitcoin’.2 Bitcoin has been criticized as an asset devoid of intrinsic value,3 and its carbon footprint has come under scrutiny.4 Nevertheless, its value has skyrocketed,5 and the underlying ideas have been emulated by other …
