Sending a Bit More Coin Home? An Analysis of Retail User Protection in Bitcoin Remittance Markets
40 Pages Posted: 12 Jul 2019
Date Written: July 4, 2017
This paper examines the use of Bitcoin in money remittance markets as a specific illustration of wider emerging issues relating to the use of cryptocurrencies. While there are many conceivable benefits of using Bitcoin for remittances, there are also many risks for users of these remittance services. This paper adopts a user perspective to look at what the major concerns are and what existing protections may be available to persons using Bitcoin for remittance purposes under New Zealand law. The paper then summarises approaches taken by other jurisdictions before suggesting a specific regulatory approach that New Zealand should consider adopting.
Keywords: Bitcoin, Remittance, Blockchain, Prescribed Intermediary Service, Financial Markets Regulation
JEL Classification: K00
Suggested Citation: Suggested Citation