Cryptocurrency and Stablecoin as Money?

Abstract

Cryptocurrencies and stablecoins have been used voluntarily by society alongside currency for payment in recent years, which raises the question of whether they are legal money in private law. This article argues that money is ‘a hybrid public–private institution’, which means it is a medium of exchange which is accepted by the state as money or what is widely accepted by society as money. Both cryptocurrencies and stablecoins can serve as a medium of exchange because they can be used to pay for commodities/services. However, they cannot be regarded in a general sense in private law because, firstly, they are not backed by the state, and secondly, they are still used within a relatively small community and have not been widely accepted by society as money.