Bitcoins are virtual or digital currency based on a peer-to-peer payment system. It is a decentralized currency that is not controlled by a single entity. Bitcoins are an emerging legal issue internationally. Their legality is suspect in view of lack of or nascent legislative, administrative, judicial and infrastructural support. The cyber law, law of economic offences, international law and tax implications of bitcoins use are immense.

Author: Vikrant Narayan Vasudeva
Photo by StreetsofWashington/ CC BY-NC 2.0