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The basis of the model of electronic means of payment without the issuer

Subject and Keywords:

blockchain   financial innovation   cryptocurrency   virtual currencies


In practice, there is only one kind of the electronic means of paymentwithout the issuer – EMPWI – it is a cryptocurrency. Its functioning isbased on the technology of a blockchain. However, taking into accountthe technological progress that has recently taken place in the areaof payments, the possibility of other solutions in the future cannot beexcluded, which justifies starting discussion on the model of EMPWI.So, the aim of the publication is to indicate the basis of the model. In thearea of legal sciences were used elements of the method of dogmatic andcomparative law, and in the area of economic sciences was conducteda comparative analysis on functioning cryptocurrency mechanisms inrelation to economics theories described in the literature. The findingsindicated the most important bases on which can be supported theeconomic and legal model of EMPWI. These include ideas of the meansof payment without the issuer, the idea of distributed and decentralizedEMPWI creation system, broad functionality going beyond the paymentfunction, the need to establish mechanisms preventing reproducingfinancial pyramid scheme by EMPWI and the potential possibility offulfilment money functions by EMPWI


Uniwersytet Wrocławski. Wydział Prawa, Administracji i Ekonomii

Date issued:





Kwartalnik Prawno-Finansowy, ISSN 2544-8382 ; nr 2/2018, s. 7-25

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Kwartalnik Prawno-Finansowy

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