Regulatory Regulation of the Issue and Circulation of Digital Currencies in the Countries of the Modern World

Dmitry Andreevich Makarov, Nikolay Petrovich Mayurov and Grigory Khoteevich Humenyuk ()
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Dmitry Andreevich Makarov: St. Petersburg University of Management Technologies and Economics
Nikolay Petrovich Mayurov: St. Petersburg University of Management Technologies and Economics
Grigory Khoteevich Humenyuk: St. Petersburg University of Management Technologies and Economics

A chapter in Challenges and Solutions in the Digital Economy and Finance, 2022, pp 223-231 from Springer

Abstract: Abstract In the article, the authors consider the issues of regulatory regulation of digital currencies in the countries of the modern world. The similarities and differences in the approaches of the legislators of the states of the modern world regarding the use of digital currencies are noted. Digital currency is the result of the functioning of special computer programs and platforms on the Internet. Аs a result, a special digital code is generated. At the same time, it is necessary to distinguish between cryptocurrencies, which have a decentralized nature of issuance and a method of storing information, and electronic national currencies. These digital currencies have fundamental differences in their legal status. Electronic national money, for example, in the form of a digital ruble or yuan, is just a kind of national currencies. They exist in electronic form along with cash and non-cash. In turn, cryptocurrencies are characterized by anonymity in the aspect of storing information about transactions, decentralized storage of registers. The expansion of the range of cryptocurrencies, as well as an increase in trading volumes, is important in the aspect of tax evasion and legalization of funds obtained by criminal means due to the anonymity of payments. The countries of the modern world disagree on the issue of allowing the turnover of cryptocurrencies. Starting from its ban, for example, in Russia, China, etc., to widespread, for example, in the USA, Japan, etc. The uncertain legal significance of cryptocurrencies as a surrogate of money or a security is noted. Conclusions are drawn about the development of the cryptocurrency market as a tool for reducing the cash and non-cash money supply of the US dollar and the inevitability of expanding the use of national electronic money.

Keywords: Cryptocurrency; Yuan; Ruble; Issue; Law; Electronic money (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-031-14410-3_23

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DOI: 10.1007/978-3-031-14410-3_23

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