Beiträge

The Position of Blockchain Technology and Bitcoin in Swiss Law

Barbara Graham-Siegenthaler

Andreas Furrer

Zitiervorschlag: Barbara Graham-Siegenthaler / Andreas Furrer, The Position of Blockchain Technology and Bitcoin in Swiss Law, in: Jusletter 8. Mai 2017

Die Autoren untersuchen die rechtlichen Auswirkungen der Blockchain Technologie und Bitcoins unter Anwendung von schweizerischem Recht. Das Schwergewicht der Untersuchung wird auf vermögens- und eigentumsrechtliche Aspekte gelegt. Zunächst wird das anwendbare Recht gemäss IPRG untersucht. Anschliessend werden die praktischen Auswirkungen für Firmen erläutert, welche Verwahrung von Bitcoins für Kunden anbieten. Diese Verwahrung kann auf traditionelle eigentums- und vertragsrechtliche Konzepte gestützt werden – mit entsprechenden Auswirkungen auf die konkursrechtliche Aussonderung. Die Autoren legen dar, dass im schweizerischen Recht Eigentumsrechte an Bitcoins begründet werden können.

Inhaltsverzeichnis

I. Introduction
- A. Bitcoins as a new currency based on a new technology
- B. Challenges for lawyers and lawmakers
- C. Question: ownership and segregation of Bitcoins
II. The law pertaining to Bitcoins
- A. Comparative viewpoints
  - 1. Introductory remarks
  - 2. Germany
  - 3. Netherlands
  - 4. Spain
  - 5. United States
- B. The different legal relationships (applicable law)
  - 1. The applicable private international law of the forum
  - 2. Legal relationship between sender and receiver of Bitcoins
    - 2.1. Problem of qualification
    - 2.2. Qualification as rights in rem
    - 2.3. Qualification as a contractual relationship
    - 2.4. Third approach: lex fori according to Article 15 SPILA
  - 3. The legal relationship between the service provider and the customer
    - 3.1. Choice of law clause
    - 3.2. Contractual relationship
  - 4. Conclusions
III. Two private law issues on Bitcoins under Swiss law
- A. Ownership and property of Bitcoins under Swiss law
  - 1. Common core of ownership laws and principles
  - 2. Principles of property law
  - 3. Ownership in Swiss law
    - 3.1. Concept
    - 3.2. Definition of an «object» under Swiss law
    - 3.3. Exceptions and deviations from the traditional definition
    - 3.4. Functional approaches to tangible objects and concepts of ownership
  - 4. Are Bitcoins objects in the sense of Articles 641 and 714 SCC?
    - 4.1. Digital data
    - 4.2. Impact of the decentralised structure of Bitcoins
    - 4.3. Legal consequences of the decentralised structure of Bitcoins
  - 5. Conclusions
- B. Practical impact: the example of segregation in case of bankruptcy
  - 1. Starting point: different transaction concepts used by service providers
  - 2. Principle of segregation in general
  - 3. Segregation of «stored» Bitcoins with a service provider (ownership scenario)
    - 3.1. Users control of their Bitcoins
    - 3.2. Relationship between sender and receiver
    - 3.3. Relationship between service provider and customer
    - 3.4. Similarities between intermediated securities and Bitcoins
    - 3.5. Bankruptcy scenarios
  - 4. Contractual perspective and possible claims (no ownership scenario)
    - 4.1. Introductory remarks
    - 4.2. Contract between the sender and the receiver of Bitcoins
    - 4.3. Contract between the service provider and its customer
    - 4.4. Consequences in case of bankruptcy
IV. Conclusions