Property Rights, Money and the Future of Cryptocurrency

Abstract

The central argument in this article is that the legal recognition of cryptocurrency as a distinct form of property directly influences, and is in turn influenced by, its capacity to function as a medium of exchange. Legal scholarship often treats these topics in isolation. The analysis examines the conceptual and juridical foundations of cryptocurrency through the dual prisms of property and money, arguing that the legitimacy of cryptocurrency in economic and legal systems depends on its status as an object of ownership. It contends that the use of cryptocurrency as money cannot be separated from its proprietary character, as the ability to hold, transfer, and exclude others forms the basis upon which trust, exchange, and value are established. The discussion advances the view that cryptocurrency represents a novel category of intangible asset whose ownership must be understood within established principles of personal property while accommodating its decentralised, non-sovereign nature. The article further contends that cryptocurrency as a form of property enables it to fulfil specific monetary roles as a store of value and medium of exchange, thereby bringing personal property and money into a single analytical frame.