Legal Aspects of the Circulation of Digital Currencies

Abstract

The appearance in practice of “cryptocurrencies”, “digital currencies”, “electronic currencies” makes lawyers to give a legal qualification to this phenomenon. To answer the question about its legality. In recent years, Russian legislation has been amended in order to regulate relations in this area. This confirms the relevance and novelty of the study. Using general scientific and special-legal methods of scientific knowledge, which is based on analysis, synthesis and deduction and induction, the work assesses prospects of development and degradation of social relations related to the circulation of digital currency. A critical analysis of the Russian legislation regulating relations in the field of creation and circulation of digital currency and electronic money, which in practice is called cryptocurrency, is made. Foreign experience in this area is reviewed. The style of the Russian legislator is criticized, in which any new law regulating similar legal relations synthesizes new terms, which creates difficulties in their joint application in practice. The problems of using various forms of money in practice are identified and illustrated. It is predicted that the creation by the legislator of a new specific form of money will lead to a difference in the economic fate of these various forms. The legal capacity and economic potential of these assets to perform the functions of money are assessed.