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Chapter

Cover Information Technology Law

17. Payments, cryptocurrency, and cryptoassets  

This chapter examines payments, cryptocurrency, and cryptoassets. It first provides an overview of token payments before looking at alternative electronic payment systems including debt substitution, payment by credit cards, and fund transfer. The chapter reviews the failure of the European Commission’s Electronic Money Directive 2000 and examines whether the current law, found in the 2009 Electronic Money Directive, and the second Payment Services Directive provide a better legal environment for electronic money to flourish. It spends considerable time looking at the development of cryptocurrencies including Bitcoin and how blockchain is used to establish trust in cryptocurrency transactions before analysing the current legal position of cryptocurrencies. It concludes by looking at the new class of cryptoassets, including NFTs, and asks what legally are such cryptoassets by examining the UK Jurisdiction Taskforce report and the Law Commission consultation paper.

Chapter

Cover Information Technology Law

17. Electronic payments and cryptocurrency  

This chapter examines online payment methods, including the use of tokens, in electronic commerce. It first provides an overview of token payments before looking at alternative electronic payment systems including debt substitution, payment by credit cards, and fund transfer. The chapter reviews the failure of the European Commission’s Electronic Money Directive 2000 and examines whether the current law, found in the 2009 Electronic Money Directive, is likely to provide a better legal environment for electronic money to flourish. It spends considerable time looking at the development of cryptocurrencies, including bitcoin and how blockchain is used to establish trust in cryptocurrency transactions, before concluding with an analysis of the law in relation to cryptocurrency.

Chapter

Cover Information Technology Law

21. Crime and law enforcement in the information society  

This chapter examines cybercrimes, cyber-attacks such as denial of service attacks, and law enforcement in the information society. It looks at advance-fee fraud, internationally known as ‘419 Fraud’ with reference to Nigeria; as well as the ‘Russian Scam’ that targets the users of online dating sites. It also examines other criminal activities common on the internet, such as privacy attacks including phishing which illegally appropriates personal data, harassment, cyber-stalking, and grooming, and also considers identity theft and identity fraud, as well as cyberterrorism. The chapter presents case studies dealing with cybercrimes, and, finally, it discusses the efforts of the Council of Europe Convention on Cybercrime to harmonize international cybercrime laws.