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The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency.
Cryptocurrency - and indeed the underlying blockchain technology in general - have the potential to become a dominant method of effecting the transfer of value in a manner that fundamentally shifts the way in which electronic transactions take place. South Africa is a strong emerging market with the...
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| Format: | Thesis |
| Language: | English |
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Department of Commercial Law
2020
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| _version_ | 1867613262359560192 |
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| access_status_str | Open Access |
| author | Harvey, Nicola Ann |
| author2 | Hattingh, Johann |
| author_browse | Harvey, Nicola Ann Hattingh, Johann |
| author_facet | Hattingh, Johann Harvey, Nicola Ann |
| author_sort | Harvey, Nicola Ann |
| collection | Thesis |
| description | Cryptocurrency - and indeed the underlying blockchain technology in general - have the potential to become a dominant method of effecting the transfer of value in a manner that fundamentally shifts the way in which electronic transactions take place. South Africa is a strong emerging market with the potential to attract substantial investment in new technologies should its regulatory response to such innovation remain principled. The primary purpose of this dissertation is to investigate the most appropriate classification of cryptocurrency in South African law. The research is qualitative in nature. It considers selected aspects of the existing legislative framework and scholarly opinion in determining whether cryptocurrency is best classified as property or as currency. The necessary corollary of this research focus is to consider the fundamental importance of such a classification for legal policy design generally, and the practical effects thereof. This dissertation hypothesises that the value of the blockchain technology lies in its commercial viability and its potential scalability, particularly in the African context. Thus, the required objective of regulatory intervention should be to preserve the commercial viability of cryptocurrency and avoid stifling technological advancement, whilst simultaneously ensuring the protection of vulnerable users. The conclusion is that cryptocurrency is best classified as foreign currency. This dissertation acknowledges that although it is possible to fit such a classification into existing legislative frameworks, a more specialised structure is ultimately required. Additionally, it raises concern about the harm caused by reactive regulatory intervention and instead recommends a principled policy approach, cognisant of the need for maturation of the technology. |
| format | Thesis |
| id | oai:open.uct.ac.za:11427/31461 |
| institution | University of Cape Town (South Africa) |
| language | eng |
| last_indexed | 2026-06-10T12:33:21.255Z |
| license_str | Not specified — see source repository |
| provenance_str_mv | Harvested via OAI-PMH from UCTD — University of Cape Town Open Access Repository |
| publishDate | 2020 |
| publishDateRange | 2020 |
| publishDateSort | 2020 |
| publisher | Department of Commercial Law |
| publisherStr | Department of Commercial Law |
| record_format | dspace |
| source_str | UCTD — University of Cape Town Open Access Repository |
| spelling | oai:open.uct.ac.za:11427/31461 The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. Harvey, Nicola Ann Hattingh, Johann Leach, James Commercial Law Cryptocurrency - and indeed the underlying blockchain technology in general - have the potential to become a dominant method of effecting the transfer of value in a manner that fundamentally shifts the way in which electronic transactions take place. South Africa is a strong emerging market with the potential to attract substantial investment in new technologies should its regulatory response to such innovation remain principled. The primary purpose of this dissertation is to investigate the most appropriate classification of cryptocurrency in South African law. The research is qualitative in nature. It considers selected aspects of the existing legislative framework and scholarly opinion in determining whether cryptocurrency is best classified as property or as currency. The necessary corollary of this research focus is to consider the fundamental importance of such a classification for legal policy design generally, and the practical effects thereof. This dissertation hypothesises that the value of the blockchain technology lies in its commercial viability and its potential scalability, particularly in the African context. Thus, the required objective of regulatory intervention should be to preserve the commercial viability of cryptocurrency and avoid stifling technological advancement, whilst simultaneously ensuring the protection of vulnerable users. The conclusion is that cryptocurrency is best classified as foreign currency. This dissertation acknowledges that although it is possible to fit such a classification into existing legislative frameworks, a more specialised structure is ultimately required. Additionally, it raises concern about the harm caused by reactive regulatory intervention and instead recommends a principled policy approach, cognisant of the need for maturation of the technology. 2020-03-04T07:56:40Z 2020-03-04T07:56:40Z 2019 2020-03-02T13:43:09Z Master Thesis Masters LLM http://hdl.handle.net/11427/31461 eng application/pdf Department of Commercial Law Faculty of Law |
| spellingShingle | Commercial Law Harvey, Nicola Ann The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| thesis_degree_str | Master's |
| title | The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| title_full | The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| title_fullStr | The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| title_full_unstemmed | The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| title_short | The Legal Classification of Cryptocurrency in South African Law: An Argument for Classification as Currency. |
| title_sort | legal classification of cryptocurrency in south african law an argument for classification as currency |
| topic | Commercial Law |
| url | http://hdl.handle.net/11427/31461 |
| work_keys_str_mv | AT harveynicolaann thelegalclassificationofcryptocurrencyinsouthafricanlawanargumentforclassificationascurrency AT harveynicolaann legalclassificationofcryptocurrencyinsouthafricanlawanargumentforclassificationascurrency |