Legal Nature of Cryptocurrencies in Comparative Law, Use of Them in Contracts and for Performance Purposes and Investing Cryptocurrencies in Commercial Companies as Share Capital in Turkish Law
Legal Nature of Cryptocurrencies in Comparative Law, Use of Them in Contracts and for Performance Purposes and Investing Cryptocurrencies in Commercial Companies as Share Capital in Turkish Law

Summary/Abstract: Due to the advancement of technology and the lack of trust in the market and regulatory architecture by financial actors’ global economy is transitioning into a digital way and cryptocurrencies are gaining importance. In this article, I begin by focusing on why cryptocurrencies are needed worldwide and tried to understand why people do not trust markets under state guarantee but prefer cryptocurrencies. Secondly, I analyzed the legal nature of cryptocurrencies in Turkish law and comparative legal systems. In particular, I will examine the legal systems of Switzerland, Germany, Japan, the Netherlands, Italy, Spain, Russia and China. Although I determined that cryptocurrencies have the nature of money in some legal systems, I deduced that they are not accepted as money in most of the legal systems and therefore cannot be subject to payments. Finally, and on the basis of the conclusion reached under the previous section, I will deal with the question whether cryptocurrencies can be used as consideration and for the purpose of performance in Turkish law by the evaluating special regulations about cryptocurrencies. In addition, I discussed whether cryptocurrencies can be invested in commercial companies as share capital.

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