EconPapers    
Economics at your fingertips  
 

Specific Features of State Regulation of Operations with Cryptocurrencies in the Conditions of Digitalization

I.N. Efremenko, V.A. Bondarenko1, A.Ya. Palant and G.V. Nazarenko

International Journal of Economics & Business Administration (IJEBA), 2019, vol. VII, issue Special 1, 545-557

Abstract: Purpose: The article investigates specific features of state regulation of operations with cryptocurrencies in the conditions of the world economy digitalization. Design/Methodology/Approach: In order to form the state regulation of operations with cryptocurrencies, which create additional risks for the national currencies functioning in international financial and credit relations, it is necessary to consider this phenomenon first, from the position of a complete ban on the use of cryptocurrencies as a means of payment, second, in combination of a ban on the use of cryptocurrencies as means of payment, third, from the possibility of expanding the range of cryptocurrency users by including legal entities into it and fourth, the full legalization of the cryptocurrency. Findings: The authors developed and proposed a set of measures aimed at the formation of common standards and norms of state regulation of operations with cryptocurrencies in international financial relations. Practical Implications: The results of the study can be applied in the development of legal regulation of virtual currencies not only at the national level, but also at the international level. Originality/Value: The main contribution of the study is to identify possible risks in the sphere of state regulation of cryptocurrencies based on the experience of some countries: from formal permission (including recommendations on possible risks) or the application of general principles of regulation in the field of payments to the complete ban of such activities.

Keywords: Blockchain; digitalization of the world economy; world financial system. (search for similar items in EconPapers)
JEL-codes: G28 F38 F65 H20 O38 (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://www.ijeba.com/journal/300/download (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ers:ijebaa:v:vii:y:2019:i:special1:p:545-557

Access Statistics for this article

More articles in International Journal of Economics & Business Administration (IJEBA) from International Journal of Economics & Business Administration (IJEBA)
Bibliographic data for series maintained by Marios Agiomavritis ().

 
Page updated 2019-07-27
Handle: RePEc:ers:ijebaa:v:vii:y:2019:i:special1:p:545-557