THE SPECIFICITIES OF USING CRYPTOCURRENCY IN PURCHASE AND SALE CONTRACTS

Oleksii Drozd (), Oleg Basai () and Hanna Churpita ()
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Oleksii Drozd: Department of Research Work Organization, National Academy of Internal Affairs, Ukraine
Oleg Basai: Department of Civil Law and Procedure, National Academy of Internal Affairs, Ukraine
Hanna Churpita: Department of Civil Law and Procedure, National Academy of Internal Affairs, Ukraine

Baltic Journal of Economic Studies, 2018, vol. 4, issue 2

Abstract: The aim of the article is to study the theoretical and legal possibilities of using cryptocurrency in purchase and sale contracts, to determine the specificities of such a phenomenon as cryptocurrency (Bitcoin) from the perspective of jurisprudence, and to draw attention of legal scholars primarily to possible further scientific researches on the introduction of this phenomenon in the modern civilian legislation of Ukraine. The subject of the study is the specificities of using cryptocurrency in contracts of purchase and sale. Methodology. The research is based on an analysis of legal acts on the legal regulation of cryptocurrency in Ukraine. By means of the comparative legal method of investigation of certain provisions of Ukrainian legislation, the possibilities and limits of the use of cryptocurrency in contractual relations, in particular, contracts of purchase and sale are determined. The results of the study revealed that the cryptocurrency regime in Ukraine and in many countries is in a legal vacuum. Such a conclusion is based on the lack of clear legal clarification and consolidation of the concept and types of cryptocurrency in the relevant rules of the tax, banking, civil, and commercial law. In case of eliminating this gap, it is advisable to review the state policy on Bitcoin and its analogues. Practical implications. It is necessary and appropriate to introduce a corresponding license for cryptocurrency activities that can minimize the laundering of proceeds from crime or terrorism financing. It is suggested that eventually the relations concerning the digital currency will be regulated in Ukraine, but most likely, it will copy the experience of another state, which may have negative consequences. Relevance/originality. Analysis of a possible use of cryptocurrency in contracts of purchase and sale can become the basis for the development of the most promising directions of domestic civil law incontractual relations.

Keywords: cryptocurrency; purchase and sale; transaction; licensing; Bitcoin; cryptoexchange; cryptomarket (search for similar items in EconPapers)
JEL-codes: E42 E44 F63 (search for similar items in EconPapers)
Date: 2018
References: View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:bal:journl:2256-0742:2018:4:2:40

DOI: 10.30525/2256-0742/2018-4-2-274-281

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