Applying Blockchain Technology in the Sphere of Payments and Financial Services

Abstract

The paper is dedicated to comparative analysis of the result of using cryptocurrency based on blockchain technology in Russia and abroad. Different countries have different approaches to recognizing the cryptocurrency as a legal tender at the state and corporate levels. Thus, Japan has legalized cryptocurrencies and developed a regulatory and legal framework to introduce them in the economy. The USA has recognized the bitcoin as one of the official financial tools, but has not recognized it as a currency. In the UK bitcoins are considered private funds. In China cryptocurrencies are prohibited for government-owned companies and banks, but allowed for individuals. Europe recognizes bitcoins as a security, whereas Russia recognizes the status of cryptocurrencies as a digital commodity or asset. At the same time the diversity of approaches is complemented by the relevant legal regulation of blockchain technology. The paper discusses various problems related to blockchain technology applied not only as a basis of cryptocurrencies, but for a variety of uses in business, ITsystems and interaction between people. Economic and legal capabilities are revealed to use blockchain technology in the Russian Federation in the sphere of payments and financial services.