Necessity of the Regulation of Virtual Currency in Bosnia and Herzegovina in the EU Harmonisation Process

Abstract

Given the fact that most virtual currencies are not regulated by national governments, they are considered alternative currencies that exist outside the borders of national monetary policy. Therefore, the main goal of this study is to point out the basic specifics of virtual currencies and their legal status in the legislation of individual European countries through an analysis of available academic literature and positive legal regulations, with special reference to regulation at different authority levels in Bosnia and Herzegovina. Moreover, the purpose of this study is to point out the achieved European standards in this area, which should be followed by the legislation at different authority levels within BiH in the process of European integration.