Giovanni Maria Nori

Bitcoin, between Currency and Investment

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This essay explores the possible qualification of bitcoin and the cryptocurrencies at large, in order to shed light on the disputable relationship between these digital realities and the legal currencies. In particular, it attempts to reconstruct the juridical framework within which the phenomenon de quo took shape and developed, so as to illustrate the fluid analogies and differences between cryptocurrencies, legal currencies, and financial instruments and products.


  • Bitcoin
  • Cryptocurrencies
  • Securities
  • Financial Instruments


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