Criminogenic role of cryptocurrency

Abstract

  This article explores the phenomenon of cryptocurrency and technology it is based upon. The authors describe the mechanism of its functionality along with the occurred problems of legal nature, which being interrelated make the phenomenon in question appealing within the criminal environment. Global digitalization sets new requirements, namely the combinations of legal and technical regulators meant to achieving adequate legal regulation in the digital era. The subject of this research is the Russian and foreign legal doctrine that reveals the essence of the indicated technology and mechanisms for protecting social relations in the context of utilization of this technology. The research methodology consists of the following methods: statistical, dogmatic, comparative-legal, synergetic, logical, functional, and systemic. The scientific novelty is substantiated by the need for convergence of the legal and information systems and demonstration of such convergence during the period of rapid digitalization in all social spheres. The authors draw a conclusion that the problem carries a comprehensive character, and the longer it takes to resolve the issues of legal regulation, the higher are the risks of using cryptocurrency.