BLOCKCHAIN. CRYPTOCURRENCIES. LEGAL IMPLICATIONS.
BLOCKCHAIN. CRYPTOCURRENCIES. LEGAL IMPLICATIONS.

Summary/Abstract: This article aims to analyze blockchain and cryptocurrencies, representing a financial-technological innovation that gained momentum in the context of the 2007–2008 economic crisis, relying on a decentralized system for validating and recording transactions without the involvement of traditional banks. Cryptocurrencies, a non-bank virtual currency, are managed via blockchain, a distributed, encrypted database in which “miners” validate and append blocks by solving complex mathematical problems. From a legal standpoint, doctrine vacillates between classifying cryptocurrencies as currency and as commodities, while in the United States the Uniform Commercial Code recognizes their validity regardless of such classification. In the European Union, the Court of Justice treats them as means of payment exempt from VAT, as incorporeal assets subject to property rights. In Romania, legislative ambiguities and reputational and fiscal risks, as signaled by the National Bank, impede their widespread adoption. The challenges include anonymous use in illicit activities (dark-web marketplaces, trafficking, money laundering) and tax evasion. Law No. 30/2019 and the amendments to the Fiscal Code introduced a 10% withholding tax on gains from cryptocurrency transfers, with specific exemptions and de minimis thresholds for micro-transactions. Mining, however, is not taxable until conversion into fiat currency. Failure to declare gains incurs contraventional sanctions and, in severe cases, fiscal and criminal liability. A unified and proactive regulatory framework, supported by specialized commissions, is essential to ensure investor protection, financial stability, and the adaptation of legal norms to the rapid evolution of distributed-ledger technologies.

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