по-русски

Actual Problems of
Economics and Law

 

16+

 

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

скачать PDF

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

Bibliography :
1. Carstens A. The new head of the Bank for International Settlement, on the future of cryptocurrencies, his home country Mexico and his arrival in Basel, BIS speech, 2018, 04 July, available at: http://bis.org (access date: 15.07.2020).
2. Antonopulos A. M. Internet of money, Moscow, Olimp-Biznes, 2018, 192 p. (in Russ.).
3. Mikhailishin A. Regulating the circulation of digital currencies in Russia, available at: https://joys.digital/ru/regulation_in_russia/ (access date: 16.07.2020) (in Russ.).
4. Burlachkov V. K. File-money: probability of appearance and consequences for monetary-credit policy, Ekonomist, 2014, No. 5, pp. 64–70 (in Russ.).
5. Levitskii V. F. Sketchers on the history of everyday economy of peoples in the ancient Orient, Kharkov, 1926, 103 p. (in Russ.).
6. Andryushin S. A. Banking systems, Moscow, Al'fa-M: INFRA-M, 2011, 384 p. (in Russ.).
7. Andryushin S. A. Banks of the Russian Empire, Tomsk, TGU, 1996, 216 p. (in Russ.).
8. Kochergin D. A. Electronic money, Moscow, Market DS, Tsentr issledovanii platezhnykh sistem i raschetov, 2011, 424 p. (in Russ.).
9. Boar C., Holden H., Wadsworth A. Impending arrival – a sequel to the survey on central bank digital currency, BIS Papers. Monetary and Economic Department, 2020, No. 107, January, 19 p.
10. Andryushin S. A. Monetary-credit systems: from sources to cryptocurrency, Moscow, Izd-vo OOO "Sam Poligrafist", 2019, 452 p. (in Russ.).
11. Review of cryptocurrencies, ICO (Initial Coin Offering) and approaches to their regulation, Moscow, Bank Rossii, 2017, Dekabr' (in Russ.).
12. Walsh K. Monetary theory and monetary policy, Moscow, Izdatel'skii dom "Delo" RANKhiGS, 2014, 632 p. (in Russ.).
13. Andryushin S. A., Burlachkov V. K. Bitcoin, blockchain, file-money and the specifics of monetary mechanism evolution, Finance and Credit, 2017, Vol. 23, Iss. 31, pp. 1850–1861 (in Russ.). DOI: https://doi.org/10.24891/fc.23.31.1850
14. Andryushin S. A. Is money the creation of the state or the market? (On the “modern monetary theory” as described in the textbook by W. Mitchell, L. R. Wray and M. Watts “Macroeconomics”), Voprosy ekonomiki, 2020, No. 6, pp. 121–134 (in Russ.). DOI: https://doi.org/10.32609/0042-8736-2020-6-121-134
15. How futures influenced the bitcoin rate, available at: https://cryptocurrency.tech/kakposredniki-zarabatyvayut-na-teh-ktohochet-razbogatet-na-kriptovalyutah/ (access date: 11.07.2020).
16. Novosibirsk researchers designed software for accelerating mining calculations, available at: https://forklog.com/novosibirskie-uchenye-razrabotali-soft-dlya-uskoreniya-majningovyh-vychislenij/ (access date: 11.07.2020) (in Russ.).
17. Chishti S., Barberis Ya. iGuide on the newest financial technologies, Moscow, Al'pina Pablisher, 2017, 343 p. (in Russ.).
18. 700 thousand hotels all over the world will start accepting a bitcoin, available at: https://cryptocurrency.tech/700-tysyachotelej-po-vsemu-miru-nachnut-prinimat-bitkoin/ (access date: 12.07.2020) (in Russ.).
19. Strengths and weaknesses of a bitcoin, available at: https://cryptocurrency.tech/silnye-i-slabye-storony-bitkoina/ (access date: 16.07.2020) (in Russ.).
20. EOS founder: Bitcoin will substitute gold, available at: https://www.rbc.ru/crypto/news/5c8f4c989a7947ae21e90c19 (access date: 13.07.2020) (in Russ.).
21. Accoding to a CoinDance research, a bitcoin is legal in 111 countries, available at: https://cryptocurrency.tech/soglasnoissledovaniyu-coindance-bitkoin-legalen-v-111-stranah-mira/ (access date: 13.07.2020) (in Russ.).
22. Vitte S. Yu. Collection of works and documentary materials, In 5 vol., Moscow: Nauka, 2002, Vol. 3. Denezhnaya reforma, kredit i bankovskaya sistema Rossii, kn. 1, 2006; kn. 2, 2007 (in Russ.).
23. Experts were surprised at the change of attitude to a bitcoin since 2017, available at: https://cryptocurrency.tech/ekspertyudivilis-dannym-o-tom-kak-izmenilos-otnoshenie-k-bitkoinu-s-2017-goda/ (access date: 12.07.2020) (in Russ.).
24. Developing a blockchain technology: report for public consultations, Moscow, Bank Rossii, 2017, Dekabr' (in Russ.).
25. Median value of commission in a bitcoin blockchain reduced by almost 80 %, available at: https://cryptocurrency.tech/mediannyj-razmer-komissii-v-blokchejne-bitkoina-sokratilsya-pochti-na-80/ (access date: 13.07.2020) (in Russ.).
26. “Masterchain”: chronicles of developing a state blockchain of Russia, available at: https://forklog.com/masterchejn-hronikirazrabotki-gosudarstvennogo-blokchejnarossii/ (access date: 12.07.2020) (in Russ.).
27. In 2019 Russia ranked second after the USA by a number of data leaks, available at: https://www.banki.ru/news/lenta/?id=10928510 (access date: 14.07.2020) (in Russ.).
28. Why the world needs compatible blockchains, available at: https://cryptocurrency.tech/pochemu-mir-nuzhdaetsya-vsovmestimyh-blokchejnah/ (access date: 25.07.2020) (in Russ.).
29. A draft of a Federal Law “On digital financial assets and on changes in certain legislative acts of the Russian Federation” (No. 419059-7, prepared for the second reading), available at: http://www.consultant.ru/cons/cgi/online.cgi?req=doc&base=PRJ&n=197752#04711465976565876 (access date: 14.07.2020) (in Russ.).
30. Federal Law “On digital financial assets, digital curremcy and introducing changes into certain legislative acts of the Russian Federation” No. 25-FZ of 31 July 2020, available at: http://www.consultant.ru/document/cons_doc_LAW_358753/ (access date: 15.08.2020).
31. Pandemic and bitcoin: what happens with legislative initiatives on blockchain and cryptocurrencies in the RF, available at: https://forklog.com/pandemiya-i-bitkoin-chto-proishodit-s-zakonodatelnymi-initsiativami-po-blokchejnu-i-kriptovalyutam-v-rf/ (access date: 14.07.2020) (in Russ.).
32. Draft of the Federal Law “On introducing changes into the Code of the Russian Federation on administrative law breaches” No. 419059-7, available at: https://sozd.duma.gov.ru/bill/419059-7 (access date: 15.07.2020). (in Russ.).
33. A draft of a Federal Law “On changes in the Criminal Code of the Russian Federation and Article 151 of the Criminal-Proceural Code of the Russian Federation”, available at: http://www.consultant.ru/document/cons_doc_LAW_296450/ (access date: 15.07.2020) (in Russ.).
34. Open letters of RACIB to A. G. Aksakov and M. G. Reshetnikov, available at: http://racib.com/otkryityie-pisma-rakib-a.g.-aksakovu-i-m.g.-reshetnikovu (access date: 15.07.2020) (in Russ.).
35. A draft of a Federal Law “On digital currency and changes in certain legislative acts of the Russian Federation”, available at: http://www.consultant.ru/cons/cgi/online.cgi?req=doc&base=PRJ&n=197752#03538691981180233 (access date: 15.07.2020) (in Russ.).
36. Forbiddance for paying with cryptocurrency: a law “On digital financial assets” was adopted in the Russian Federation, available at: https://cryptocurrency.tech/zapret-na-oplatu-kriptovalyutoj-v-rossii-prinyat-zakon-o-tsifrovyh-finansovyh-aktivah/ (access date: 25.07.2020) (in Russ.).
37. A law is approved, which forbids paying with cryptocurrency in Russia, available at: https://www.banki.ru/news/lenta/?id=10929840 (access date: 25.07.2020) (in Russ.).

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