Regulation and Control of Virtual Currency to be or not to be

Nikolay Artemov (), Lana Arzumanova (), Alexander Sitnik () and Sergey Zenin ()
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Nikolay Artemov: Kutafin Moscow State Law University Moscow Russian Federation, Postal: RU
Lana Arzumanova: Kutafin Moscow State Law University Moscow Russian Federation, Postal: RU
Alexander Sitnik: Kutafin Moscow State Law University Moscow Russian Federation, Postal: RU
Sergey Zenin: Kutafin Moscow State Law University Russian Penitentiary Service Research Institute Moscow Russian Federation, Postal: RU

Journal of Advanced Research in Law and Economics, 2017, vol. 8, issue 5, 1428-1435

Abstract: The virtual currency is a relatively new tool for making payments which has appeared with the development of the Internet technologies The rules for issuing and handling the virtual currency are determined by a decentralized peer to peer network There is a substantial lack of a the regulation and control of this currency b comprehensive legal research in this area which makes it difficult for a government to take an important decision whether there is a need to regulate cryptocurrency or not There are two opposing views on the subject One states that the lack of regulatory and supervisory legal instruments is the advantage of the cryptocurrency the other point of view on the contrary proceeds from the need to legislate the virtual currency in order to maintain the financial stability of the state and the world itself We will present the discussion and formulate our own point of view based on the research made

Date: 2017
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