Therefore, Justice Myers expected that the 19-year-old defendant will argue “code is law” as his defence. The underlying idea is that by using certain code, users accept all potential transactions that are possible using that code. Because cryptocurrency is built on blockchain technology, some academics propose that cryptocurrency transactions should be subject to the ”code is law” theory. Cryptocurrency and the LawGiven the nature of blockchain technologies, particularly cryptocurrency, courts have been playing catchup both technologically and legally. So as long as individuals can be identified and brought to justice, “law is law” will continue to trump “code is law”.

Source: National Post December 01, 2022 05:52 UTC