The introduction of blockchain technology as the backbone of the first cryptocurrency in circulation internationally, namely Bitcoin, has led to several implications on the laws that ought to govern the related transactions, specifically private international law.

These implications are mainly related to the fact that Bitcoin transactions are executed anonymously, in terms of transacting parties and location thereof, leading to difficulties in determining:

• the applicable laws to related disputes; and

• the competent courts that ought to judge upon the said disputes and execute the resulting judgment.

Presenting these implications and the available solutions, requires first understanding the basics of the blockchain technology, the cryptocurrency Bitcoin and how Bitcoin transactions are executed within the Bitcoin system which is the subject of the technical part of this Practice Note, followed by the legal part thereof encompassing said implications and available solutions.

• Bitcoin (BTC): The first cryptocurrency in circulation and first decentralised currency in history, invented by Satoshi Nakamoto and launched in 2009.

• Blockchain technology: Information technology enabled by the internet, used as a means to register groups or blocks of Bitcoin transactions online (in a chain like manner) without the need of intermediary entities such as banks.