By Legal Futures Associate O’Connors
In the immediate wake of the 2008 financial crisis, an unknown programmer or group of programmers, using the pseudonym Satoshi Nakamoto, released the first version of a peer-to-peer digital money system and currency and called it Bitcoin. Bitcoin is now one of many crypto assets available to own, trade and use on blockchain networks around the world.
These technologies are likely to become part of our financial services infrastructure for the digital economy and so it is virtually certain that lawyers will encounter crypto assets or the technologies which support them in their practice. In fact, it was in January last year that the Master of the Rolls, Sir Geoffrey Vos, encouraged all lawyers to become acquainted with crypto assets, blockchains and smart contracts. With regulatory and legislative reform on the horizon, there is no better time to demystify crypto and understand how it will impact you as a lawyer.