The Legal Aspect of Cryptocurrencies
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Cryptocurrencies were discussed in different aspects at the panel entitled “Bitcoin and Law”, organized by Istanbul Ticaret University Faculty of Law.
The panel, in which Rector Prof. Dr. Yücel Oğurlu made the opening speech, was chaired by Prof. Dr. Şahin Akıncı, Head of the Department of Private Law at the Faculty of Law. In the panel, Dean of Istanbul Ticaret University Faculty of Law Prof. Dr. Asuman Yılmaz gave a speech entitled “Regulations Introduced by the Provisions of the Regulation on the Non-Use of Crypto Assets in Payments and the Legal Nature of Bitcoin”.
TÜBİTAK BİLGEM Blockchain Research Laboratory Chief Specialist Researcher Dr. İsa Sertkaya explained Bitcoin with its technical aspects, whereas member of the Marmara University Faculty of Law Dr. Zafer İçer explained Bitcoin in terms of Criminal Law. Additioanally, member of the Kocaeli University Faculty of Law Dr. Taner Emre Yardimci presented a paper entitled “Bitcoin and Enforcement Law”.
Rector Prof. Dr. Yücel Oğurlu reminded that the Bitcoin entered our lives in 2009 as the first cryptocurrency, and said that it could be bought for a few dollars at the time yet today it has passed the 50 thousand dollars threshold. Prof. Dr. Oğurlu continued his speech saying “There are also losers without any doubt where there is such a high profit, so these extraordinary losses and gains should be evaluated well, and thus one should be careful”.
Dr. İsa Sertkaya stated that cryptocurrencies are based two main aspects, and listed these aspects as proof of eligibility to render transactions (the authority of the owner of the cryptocurrency to make the necessary transactions), and the use of cryptocurrency through the copying of the respective cryptocurrency for a multiple times. Dr. Sertkaya emphasized that the question of whether cryptocurrency can be produced without a central authority backing it is a relevant question.
Prof. Dr. Asuman Yılmaz, on the other hand, stated that the “Regulation on the Non-Use of Crypto Assets in Payments” prepared by the Central Bank is the only regulation regarding cryptocurrencies in our country, and reminded the debates on whether this Regulation is in violation of the concept of freedom of contract specified in the constitution. Prof. Dr. Yılmaz said that according to the constitution, fundamental rights and freedoms can only be limited by law, and noted that the said Central Bank Regulation is thus contrary to the relevant principle of the constitution.
Faculty member Dr. Zafer İçer stated that Bitcoin can in fact be the subject of a contract, but noted that there are problems with the nature of these contracts. Dr. İçer said that in terms of cash and collateral receivables, it may be possible to initiate enforcement proceedings due to Bitcoin receivables.
The last speaker of the panel, faculty member Dr. Taner Emre Yardimci has said that there is now a wider consensus that cryptocurrencies and cold wallets can be safer, nevertheless that they can still be the subject of theft and fraud. Dr. Yardimci noted that Bitcoin is primarily used in theft, looting, fraud and money laundering crimes. Dr. Yardimci underlined that Bitcoin has also been instrumentalized in prostitution, human trafficking, financing of terrorism and drug trafficking.
The panel, which continued with the question and answer session following the presentations, can be watched on the Youtube channel of Istanbul Ticaret University.
