14 Chi. J. Int'l L. 377 (2013-2014)
Regulating Digital Currencies: Bringing Bitcoin within the Reach of IMF

handle is hein.journals/cjil14 and id is 381 raw text is: Regulating Digital Currencies:
Bringing Bitcoin within the Reach of the IMF
Nicholas A. Plassaras*
Abstract
This Comment examines thepotentially destabiing effects of emerging digital currencies
on the internationalforeign currengy exchange market. Spedficaly, it examines 'Bitcoin, a
decentralized, partially anonymous, and largely unregulated digital curreny that has become
particularly popular in the last few years. This Comment argues that the International
Monetagy Fund, the institution responsible for coordinating the stability offoreign exchange
rates, is ill-equipped to handle the widespread use of digital currencies in the foreign curreng
exchange market It highlights the inability of the Fund to intervene in the event of a
speculative attack on a curreng by Bitcoin users. This Comment concludes by suggesting two
interpretalions of the Fund's incorporating document, the Articles of Agreement, that would
allow it to intervene in the event of such an attack.
*   The University of Chicago Law School, JD Candidate, 2014. The author would like to thank his
father for his constructive criticism and encouragement. The author also thanks Jennifer H.
Chemel, Elizabeth White, Sam Boyd and the rest of the CJIL staff for their guidance and support.

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