ABSTRACT
Understanding the implications and ramifications that accrue at the intersection of cryptocurrency and public policy requires a nuanced definition of cryptocurrency. De-emphasizing the technical definition of cryptocurrency is not only useful for fitting the concept within the realm of public policy but also to be rudimentary in showing how cryptocurrency has implications for some of the very basic principles of governance and democracy. In this chapter, this nuanced definition is pursued. Furthermore, cryptocurrency is not controlled by any major governing body; therefore, its history has been very controversial. The usage of cryptocurrency has grown in the business sphere as consumers are interested in the anonymity that the currency brings. Unfortunately, this anonymity has implications for criminality and criminal use. This and other factors such as the inability to tax the currency have led to governments globally having mixed reactions to cryptocurrency. The evolution of cryptocurrency has received differential attention and action from governments around the road. Arguably, governments’ action and inaction have both shaped the evolution of cryptocurrency. Countries such as the United States and Canada have extensive laws and regulations on cryptocurrency use which allow citizens to utilize the currency freely and openly. Other countries such as China and Russia have discouraged their citizens with a range of restrictions that inhibit their usage.
