Currency – The Means by Which the Obligation to Pay the Price in the Sales Contract is Realized. From Leu to Bitcoin
Currency – The Means by Which the Obligation to Pay the Price in the Sales Contract is Realized. From Leu to Bitcoin

Summary/Abstract: The present study describes the evolution of the national currency as a legal mean of achieving the obligation to pay the price from the moment of its appearance until now. Also, the social evolution and the dynamism of the economic activities made possible the fulfillment of the obligation to pay the price by other means besides the actual remittance of money in the form of banknote or metal coin as a traditional mean. Therefore, the legal regulation of the electronic money as a legal instrument of payment, as well as the emergence of virtual coins/cryptocurrency, allowed the acceleration of the obligation to pay the price. In regards with the realization of the obligation to pay the price under the sales contract, we can see that this is possible by the remittance of a classical coin but also by the remittance of the electronic currency, but it can not be achieved by using the virtual currency due to the specificity of the price that must imperiously consist in a sum of money. However, virtual currency may in fact substitute a currency-payment instrument, recognized by the lawmaker, to achieve the object of the obligation under the legal rules of the exchange contract, thus changing the legal nature of the original contract from the sale contract into an exchange contract.

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