LEGAL STATUS OF CRYPTOCURRENCY
Journal Title: Зовнішня торгівля: економіка, фінанси, право - Year 2018, Vol 2, Issue 97
Abstract
Background. In terms of rapid development of modern technologies, e-commerce and the emergence of such newest means of payment as cryptocurrency, there is a problem of proper legal qualification of the latter, the definition of their place in the system of calculations of participants in economic turnover, as well as the ratio of cryptocurrency with other means of payment, primarily, with traditional cash. Analysis of recent researches and publications. This problem has led to a lot of research, but, despite the close attention of scholars, it is too early to argue for a thorough study of the nature and legal qualifications of cryptocurrency, taking into account the multichoice of approaches and the absence of a firm stand on issues that require the continuation of theoretical study. The aim of the article isdefinition of the legal status of cryptocurrency according to the legislation of Ukraine and foreign countries. Materials and methods. General scientific methods (dialectic, analysis and synthesis, deduction and induction, abstraction) and special methods (formal and legal, comparative and law, interpretation of the norms of law, etc.) were methodological basis of the study. The laws and subordinate acts of Ukraine and foreign countries, scientific works on the subject of the article were the information base. Results. At the legislative level, currently there is no special legislation on emissions and circulation of cryptocurrency. The analysis of the Draft Law of Ukraine «On the Circulation of Cryptographic Goods in Ukraine» № 7183 and the Draft Law of Ukraine «On Stimulation of the Cryptographic Market and its Derivatives in Ukraine»№7183-1 which are currently under consideration by the Verkhovna Rada of Ukraine, testifies to fundamentally different approaches to the legal qualification of cryptocurrency, however, these approaches cannot be considered successful because of the efforts, on the one hand, to regulate the circulation of cryptocurrency with the help of monetary mechanisms, and, on the other hand, to avoid their identification with cash. As shows the analysis of the characteristics of cryptocurrency, the main functions of cash are inherent to them, and the absence of recognition of cryptocurrency as money should be explained, primarily, by public interests of the state. Conclusion. For a balance between stated interests and the legal nature of cryptocurrency in Ukraine, the institute of non-documentary electronic money surrogates, which would include cryptocurrency should be introduced.
Authors and Affiliations
Serhiy CHAPLIAN
Keywords
Related Articles
- EP ID EP408745
- DOI -
- Views 100
- Downloads 0
STIMULATION OF NATIONAL EXPORT
Background. The rapid decline in exports over the last 5 years has set the urgent task of stimulation its development. Analysis of recent research and publications. The problem aspects of Ukraine’s foreign trade are thor...
ENVIRONMENTAL DIPLOMACY: COMPROMISES OF INTERNATIONAL TRADE
Background. The global development of society in the twenty-first century is interpreted by mankind in various geopolitical and environmental contexts. Because of this the diplomatic format of cooperation between two cou...
THE VALUATION OF BUSINESS IN THE TERMS OF EUROPEAN INTEGRATION
The normative and legal basis for estimating the value of a business is analyzed. The values of individual normative and legal sources for the determination of methods and results of business evaluation when making manag...
UKRAINIAN-POLISH ECONOMIC COOPERATION
Background. Economic cooperation between Ukraine and Poland, the foundations of which were laid when the two countries were a part of the socialist camp, gained the grounds for strengthening and deepening after their obt...
MONETARY POLICY IN TRANSFORMATION ECONOMY
Background. The improvement of monetary policy is relevant to each country, and this issue becomes a matter of particular importance for the transformational economy. The combinative use of tools and methods should not c...