Competition Law Concerns on Cryptocurrencies

Abstract

Purpose: The purpose of the study is to analyze the regulation of cryptocurrencies within the specific context of Competition Law. The research aims to examine the interrelationship between Competition Law and the blockchain technology that underlies cryptocurrencies. Theoretical framework: Cryptocurrencies is of concern in almost all the jurisdiction across the global and is of great challenge before all the regulators. The acceptance given to cryptocurrencies across various industries and among various countries is steadily increasing. This research paper would analyze on the regulation of cryptocurrencies in specific lines of Competition Law. Design/methodology/approach: The research undertaken is a Doctrinal one. The study mainly depends on the collection of primary and secondary sources from books, journals, websites, case laws and such other sources. This study uses analytical, critical, comparative and other necessary methods to deduce the conclusion and to make out the findings of the study and to provide the suggestions. Findings: The obtained results of the study allowed us to establish that there is a close interrelationship between Competition Law and the technology that operates the cryptocurrency which is the block chain technology. Cryptocurrencies give rise to several common and particular challenges to Competition Law enforcement agencies. They include the jurisdiction issue, market area, network effect, onus of liability, mergers and acquisitions, etc. Research, Practical & Social implications: The paper contributes to the understanding of the regulation of cryptocurrencies, specifically within the context of Competition Law. The paper sheds light on the legal implications of cryptocurrencies and provides insights into their impact on competition in various industries. The findings of this research can inform policymakers, regulators, and legal professionals involved in shaping the regulatory framework for cryptocurrencies. The research paper contributes to fostering a better understanding of the potential impact on market dynamics, consumer protection, and fair business practices. This understanding can promote transparency, trust, and accountability in the use of cryptocurrencies, benefiting both businesses and consumers. Originality/value: The result of the research paper would give possible solutions to the problem faced by the Competition Law enforcement agencies in dealing with cases related to cryptocurrencies.