Laws and policy initiatives in regulating blockchain and digital currencies

Abstract

Purpose Despite the unique features and potential applications in various industries, widespread blockchain adoption is hindered for several reasons. One of them is the lack of government regulations regarding blockchain and cryptocurrencies. However, a deliberate preliminary analysis of the policy initiatives by various jurisdictions proved otherwise, and a lack of sound academic literature on the policy initiatives on blockchain worldwide was evident. Addressing this gap, this study aims to summarize the policy initiatives of jurisdictions around the world, assessing if governments do not enact many regulations. Design/methodology/approach A systematic literature review was adopted in this study, in which the authors shortlisted a set of research papers and policy reports using several selection criteria and a screening process. Findings It was found that numerous policy initiatives have been enacted by governments worldwide, and blockchain applications are also being piloted or practiced successfully in several nations. It was also evident that governments are reluctant to accept cryptocurrencies as legal tender while embracing their underlying technology, blockchain. Originality/value To the best of the authors’ knowledge, this paper appears to be one of the first attempts to summarize the blockchain policy initiatives contributing to the body of knowledge on blockchain adoption.