Legal and tax analysis of virtual money with electronic payment systems

Throughout the history of humanity, trade is seen as an important part of people's social life. The nature and elements of trade vary according to the conditions and age. Trade, which started with the exchange process and became an economic relation in the face of precious metals, stones and money, has now been moved to the digital field due to the technological developments. Changes in payment instruments are ongoing and checks etc. vehicles are replaced by credit cards and debit cards. However, the use of electronic money systems, now called virtual money, is increasing rapidly. The last example of virtual money defined as digital coins is the crypto coins such as Bitcoin, Ethereum, Ripple and Litecoin. Crypto coins allow users to move freely without being bound by any authority. Such Crypto Money seem to lead to change in the legal regulations of states and taxation systems in the future. It is seen that crypto coins are being used with different applications in technology innovations, banking and finance. From this point of view, the study investigates the content, size and areas of use of electronic payment instruments and investigates the innovations, legal and tax analysis of virtual money.