Bitcoin, Lifecoin, Namecoin: The Legal Nature of Virtual Currency

Kirillova, Elena Anatolyevna; Pavlyuk, Albert Valentinovich; Mikhaylova, I. A.; Зульфугарзаде, Т.Э.; Zenin, Sergey

doi:10.14505//jarle.v9.1(31).16

Cited by 9 publications

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“…At the same time, tokens and cryptocurrencies are created and used on the platform of a distributed ledger. A cryptocurrency exchange can offer both "classic" cryptocurrencies which are mostly a means of payment (for example, Bitcoin, Ethereum, Litecoin) and tokens placed there during the ICO process (for example, Golem and Augur) (Kirillova, Pavlyuk, Zulfugarzade & Mikhailova, 2018).…”

Section: Resultsmentioning

confidence: 99%

The legal status of tokens and their inheritance

et al. 2020

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This article considers the legal status of tokens, their specifics and distinctive features, as well as the possibility of inheriting this digital asset. The study aims at analyzing the legal nature and classification of tokens, as well as the specifics of their inheritance. While conducting this research, it has been used the methods of collecting and studying singularities, generalization, scientific abstraction, cognition of objective laws, objectivity, specificity and pluralism. It has been concluded that a token is an entry in the transaction block registry (blockchain) or other distributed information systems, which certifies that the token owner is entitled to civil law protections and/or is a cryptocurrency. It has been proved that tokens by their legal nature are digital units of accounting in the participating interest shares of entrepreneurial projects and authorized capitals of any company, digital price analogues of uncertificated securities and other objects of civil law. It has been developed a classification of tokens and emphasized the need to create an electronic data warehouse that contains access codes for these digital assets. After the testator’s death, these codes can be given to the heir by testament or by law in case the testator did not draw up the corresponding testament during their life. These conclusions and suggestions will allow to legally qualify tokens and resolve inheritance issues in this area.

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Section: Resultsmentioning

confidence: 99%

The legal status of tokens and their inheritance

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“…The above-mentioned regulations are of interest; in the case under consideration, the Swiss municipalities pursue the objective to create a positive image of territories with advanced liberal regulations, which can encourage the growth of their investment appeal (Kirillova, Pavlyuk, Zulfugarzade and Mikhailova, 2018).…”

Section: Resultsmentioning

confidence: 99%

The legal regulatory model of virtual currency circulation: A socio-legal study

et al. 2020

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The article examines a model of legal circulation of virtual currency. The issue of the legal nature of virtual currencies remains controversial. This generates a problem of choosing the most suitable and effective approach to regulation of virtual currencies circulation. The article analyzes approaches to determining the legal nature of cryptocurrencies and the experience of state regulation in Switzerland, Japan, the USA and China. Methods of legal analysis, synthesis, specific scientific methods, and social research survey have been employed in this article. As a result of the conducted socio-legal study, it has been found that there is no unified strategy of legal regulation of virtual currencies, which affects their perception by recipients. This conclusion is based on the comparative analysis of legal regulation of cryptocurrencies circulation in such countries as Japan, the USA, and Switzerland. By contrast with these countries, China has significantly restricted usage of cryptocurrencies, actually having chosen the way of banning virtual currencies. The inconsistency of legal regulation can be observed not only between different countries, but also within one state, which is proved by the situation in the USA and Switzerland. At the present time, the system of government regulation of cryptocurrencies circulation is the most effective in Japan.

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“…The development strategy of digital government should integrate the departmental systems for rendering state and municipal services within a single portal the infrastructure of which will provide a number of common services, including an identification and authentication system, a payment system, a support for SMS gateways, and the integration of personal data, addresses and contact information (Kirillova et al, 2018). The integration of digital services with the user-orientation within a single portal will help to solve the problem of lack of funds and specialists required for the development of different systems in numerous departments, including regional and municipal levels of government (Ilyina et al, 2019;Polyakova et al, 2018;Koptev et al, 2019;Voronkova et al, 2018a;Nagimov et al, 2018).…”

Section: Discussionmentioning

confidence: 99%

Economic policy for country’s digitalization: a case study

Ivanova¹,

Poltarykhin²,

Szromnik³

et al. 2019

JESI

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The theoretical foundations for the development of the digital economy and e-government are considered in this article. The main objectives of Russia's transition to the digital economy are listed. The relevance of the development of the digital government concept is considered. The indicators of the current level of state development in the framework of digitalization and the formation of e-government are analyzed. The main problems, the solution of which makes the implementation of the digital government project of the Russian Federation possible, are singled out. Digital economy development is associated not only with the progress of the information technology and innovation industry, but also with the improvement of the labor market, where new jobs, professions and personnel are created. In this regard, there is a rapid process of the foundation of society, where one job becomes low-paid, and new professions allow one to receive a personal income at the level of top managers of small and medium-sized enterprises.

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Bitcoin, Lifecoin, Namecoin: The Legal Nature of Virtual Currency

Cited by 9 publications

References 0 publications

The legal status of tokens and their inheritance

The legal status of tokens and their inheritance

The legal regulatory model of virtual currency circulation: A socio-legal study

Economic policy for country’s digitalization: a case study

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