Problems of Legal Regulation of Cryptocurrencies

Abstract

The society is constantly looking for the fastest and most convenient way to make transfers and payments that are necessary for the development of economic relations. Currently a variety of forms of remittances is used. Most of them initially had a paper form, then with the development of technology they acquired an electronic form. The introduction of new financial technologies contributes to the transition to the digital form of their implementation. One of such financial technologies is the blockchain technology, which operates on the basis of protocols (rules) of accounting for operations with "cryptocurrency". The name "cryptocurrency" or "cryptographic currency" comes from the encryption technology "cryptography", so this name can be considered as a technological one. For the development of approaches to legal regulation, the priority, according to the author, is to determine the essence of the definition of “cryptocurrency”, i.e. establishing its scope and content, indicating the distinctive features.