Cryptocurrencies as volatile commodities according to § 18 Abs. 1 Z 2 of the Austrian Distance and Outbound Business Act?

Dr. Arthur Stadler and Andreas Pfeil, LL.M. in the recent issue of the magazine for consumer law on the topic “Right of withdrawal after the purchase of cryptocurrencies”:

The high volatility of Bitcoin & Co is undisputed: The Bitcoin exchange rate in December 2017, at its all-time high to date, was around EUR 16,000.00 for 1 BTC, while at the time of writing this article the exchange rate amounted around EUR 7,500.00 for 1 BTC. The following article aims to clarify whether cryptocurrencies are excluded from a right withdrawal under the Austrian Distance and Outbound Business Act (FAGG), in particular whether cryptocurrencies may fall (per analogiam) under § 18 Abs 1 Z 2, which excludes withdrawal from the contract (ex ante) in case the ‘”…] price depends on fluctuations in the financial market, on which the entrepreneur has no influence and which can occur within the withdrawal period.”

The article can be found here.

By |2018-05-30T13:19:13+00:00May 28th, 2018|Article, Article by Arthur Stadler|Comments Off on Cryptocurrencies as volatile commodities according to § 18 Abs. 1 Z 2 of the Austrian Distance and Outbound Business Act?