Canadian lawyer Christine Duhaime is collaborating with a group of international lawyers, professors, financial crime specialists, and even bitcoin businesses to write the world’s first law book on the topic of bitcoin and other digital currencies.
Duhaime, partner at Duhaime Law, will be spearheading the project, and the collaborators will serve as part of an international editorial board. This board will guide Duhaime throughout the writing by providing critical insight into the ever-changing world of bitcoin and the regulatory landscape surrounding it.
“I am thrilled to have the opportunity to write about the evolving law surrounding Bitcoin and other digital currencies,” said Duhaime in a statement. “As the US Federal Reserve noted only weeks ago, Bitcoin’s disruptive technology may force banks and other financial institutions to adapt and change the way they provide services to consumers and it will open new markets for business all over the world. It’s important that the law keeps pace with emerging technologies like Bitcoin and we are excited to be a part of the international dialogue on Bitcoin law.”
Canada could very well be the first country in the world to make federal law with regard to bitcoin. The Canadian government is even debating making amendments to its proceeds of crime legislation to regulate digital currencies, according to today’s announcement.
“The financial crime risks of Bitcoin are often highlighted in the media but Bitcoin has tremendous applications for financial crime prevention and the book will explore the legal promises of Bitcoin as well as its potential perils,” says Duhaime. “For example, the £4 billion carbon credit frauds that took place in the European Union could have been prevented if carbon credit exchanges were operated on the Bitcoin protocol because it has built-in fraud prevention mechanisms, something that is not well-known.”
“What I love about Bitcoin is that it has incredible potential to provide financial services to millions of refugees and people in developing countries who do not have access to traditional financial services, many of whom are women in destitute conditions, and it also has the potential to eliminate global economic disparity,” said Ms. Duhaime, “but there are legal issues with such fundamental legal and economic shifts that need to be addressed in the legal literature and that’s what we’re doing.”
Topics of discussion in the book include “international taxation, regulation, financial crime, business issues, technology, international banking and financial systems, monetary policy, consumer protection, and future innovative uses for digital currencies for regulators, bankers, lawyers, academics and legislators.”
Duhaime, a financial crime lawyer and certified anti-money laundering law specialist, regularly speaks about bitcoin law internationally.
The book is slated to be published later this year.