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Actual Problems
of Economics and Law

 

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DOI: 10.21202/1993-047X.14.2020.3.455-468

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Authors :
1. Sergey A. Andryushin, Doctor of Economics, Professor, Chief Researcher
Institute of Economics of the Russian Academy of Sciences



Cryptocurrencies: issue, circulation and problems of regulation


Objective: to consider the evolution of types and forms of money, to classify the varieties of cryptocurrency and its functions, to explain the mechanisms for issuing and circulation of cryptocurrencies, as well as to identify problems in the field of legal regulation of digital virtual currencies in the Russian Federation.
 
Methods: the work used a dialectical combination of the principles of a systematic approach and various ontological knowledge through a range of methods of historical, empirical, comparative, logical, statistical and predictive cognition.
 
Results: it is shown that the modern global monetary system is evolving towards decentralization; it is based on cryptocurrencies issued as part of a functional combination of public and private blockchains; cryptocurrencies require full legalization, not prohibition at the legislative level; cryptocurrencies are types of digital virtual assets accounted for on accounts (crypto wallets) identified within.
 
Scientific novelty: for the first time, the article shows that it is erroneous to consider cryptocurrency to be just a property and to limit its operations just to cross obligations for transferred goods and rendered works (services). Cryptocurrencies are decentralized virtual money based on mathematical algorithms using open-source asymmetric cryptography techniques and consensus-based platforms. Users need both external (cryptocurrency) and internal (tokens) currencies to increase the
efficiency of using traditional assets (property, goods and services) in the economy.
 
Practical significance: the main provisions and conclusions of the article can be used to develop a glossary, terms and definitions of cryptocurrency, mechanisms for regulating its issue and circulation in Russia, as well as making amendments to the draft law “On digital currency and amendments to certain legislative acts of the Russian Federation” that are adequate to the economic nature of cryptocurrency.

Keywords :
Digital economy; Bitcoin; Blockchain; Decentralization; Cryptocurrencies; Mining; Circulation; Regulation; Centralization; Central Bank

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Citation :
Andryushin S. A. Cryptocurrencies: issue, circulation and problems of regulation, Actual Problems of Economics and Law, 2020, Vol. 14, No. 3, pp. 455–468 (in Russ.). DOI: http://dx.doi.org/10.21202/1993-047X.14.2020.3.455-468

Type of article : The scientific article

Date of receipt of the article :
16.07.2020

Date of adoption of the print :
17.08.2020

Date of online accommodation :
25.09.2020