This article examines the lack of a clear legal definition of a smart contract in Russian legislation and its impact on the legal status, interpretation, regulation and practical implementation of this technology. The authors consider various attempts to introduce the term ‘smart contract’ into Russian legislation and analyze the proposed definitions of a smart contract from various parties. The key legal and practical problems associated with the use of smart contracts are highlighted, such as uncertainty of status, difficulties of interpretation, possible failures, limited flexibility, impossibility of changes and procedures for concluding. The article also emphasizes the need to develop a balanced and clear legal regulation of smart contracts in Russia, taking into account the technical and legal aspects of this technology and ensuring the protection of the interests of all parties.
This article considers controversial issues of the legal nature of cryptocurrency as an object of civil rights. Did the research of existing law of nature of non-cash money and cryptocurrency, forms of its negotiability and prospects of its use in civil turnover is carried out.
This scientific article explores the prospects for the development of smart contracts in the Russian Federation, considering them as a means of fulfilling obligations. Given the lack of legal consolidation of blockchain technology in Russia, the authors present the concept of the “digital ruble” platform, developed by the Central Bank of the Russian Federation, as an alternative to blockchain for the implementation of smart contracts. The structure of the article includes the main elements of the organization of smart contracts and the regulation of civil law relations, such as smart contracts, the digital ruble platform, the smart contract system and contracts directly concluded by the parties. Smart contracts are digital agreements that are automatically executed when certain conditions occur. They have a huge potential to improve the efficiency and reliability of civil law relations. This article discusses the prospects of using smart contracts in the Russian Federation using the digital ruble platform in light of the current lack of a legal framework for blockchain technology.
This study explores the humanity behind the digital phenomenon of cryptocurrency. It is an ethnography of the online cryptocurrency community and an analysis of the development of social and cultural structures in a hybridized digital and non-digital reality and the ethics of an alternative normative world. The study describes how cryptocurrency adopters have formed communities, on social media forums like Twitter/X and Reddit, that sustain an alternative normative world that rejects the notion of false consciousness and actively resists the state's control over the means of social and fiscal production. Taking advantage of both anthropological and theological perspectives, this study addresses the question, what is cryptocurrency. By establishing a theoretical base to look at the phenomenon as more than a technological advancement, this study argues that the phenomenon of cryptocurrency is inherently social. A phenomenon that is computationally generated but, sustained and materialized through its online community in direct opposition to centralized finance and its supporting institutions.
Elena P. Tomilina, Irina I. Glotova, Elena U. Karakaeva
The insurance industry is among those industries that are most susceptible to fraud. This leads to the need to attract new technologies that ensure transparency and reliability of data with maximum minimization of corruption manipulations. The article substantiates the need to develop the Russian insurance market through the introduction of digital technologies, in particular smart contracts based on blockchain technology, which help to carry out insurance activities within a certain type in order to simplify the work of insurers in processing and ana-lyzing data for drawing up insurance contracts. The study revealed the advantages and possibil-ities of using smart contracts by Russian insurance companies with the ability to assess their prospects in the market and contribute to the development and dissemination of blockchain technology in Russia.
Virtual property, including digital currencies and virtual goods on online platforms, has become an important component of the digital economy. Digital currencies such as Bitcoin and Ethereum are characterized by decentralization and anonymity, possessing both currency attributes and investment tool characteristics. At the same time, virtual goods like in-game equipment and pets carry emotional significance for users and have economic value. However, the legal status of these virtual properties is ambiguous, leading to uncertainty in dispute resolution and protection mechanisms. This article explores the current legal protection status of virtual property, particularly focusing on digital currencies and game-based virtual assets, and emphasizes the need to establish a regulatory framework that adapts to rapid technological changes. The article analyzes the legal attributes of digital currencies and the legal status of virtual goods, proposing that legislation should clarify the legal attributes of virtual property and optimize regulatory mechanisms to promote healthy market development and protect consumer rights.
Svetlana N. Kovalenko, Yulia N. Kovalenko, E. Sedova, Sergey Yu. Gaganov
This study examines smart contracts as a legal and informational basis for the formation of digital financial assets in the Russian banking sector. In the context of global digitalization of financial services, credit institutions are actively introducing innovative technologies, opening up new horizons for the development of the financial market. The main attention is paid to the study of the functioning of smart contracts, their legal aspects and their impact on financial stability. It analyzes how smart contracts using blockchain technologies contribute to the automation of transactions, providing a high degree of security and transparency. The study demonstrates examples of the use of smart contracts in Russian banks, including asset tokenization and the creation of digital bonds. These mechanisms not only optimize processes, but also minimize the risks of errors during financial transactions. In addition, the regulatory documents and recommendations of the Central Bank concerning the regulation of the CFA are considered, as well as the importance of forming a legal framework that promotes the development of smart contracts. It has been established that the creation of clear rules and standards will allow credit institutions to effectively integrate new technologies into their activities. Thus, this study highlights the key role of smart contracts in the transformation of the financial sector, as well as the need for further research and development of legislation to support this innovative practice in Russia.
Digital Transformation in Law
Security, Politics, and Digital Transformation
Digitalization and Economic Development in Agriculture
their organizational and methodological principles.Energy-intensive consensus mechanisms, such as PoW, have raised concerns about their sustainability.Methodological solutions, including the adoption of energy-efficient algorithms and the use of renewable energy sources for mining operations, address these concerns while ensuring the long-term viability of cryptocurrency ecosystems.The integration of cryptocurrencies with decentralized applications (dApps) and smart contracts further expands their potential within the system of electronic and virtual money.These applications enable programmable financial transactions, automation of complex processes, and the creation of decentralized financial instruments.Methodological principles for smart contract implementation include thorough code audits, formal verification, and the use of standardized programming languages to minimize vulnerabilities.In conclusion, the organizational and methodological principles of cryptocurrencies in the system of electronic and virtual money require a multidisciplinary approach that balances innovation, security, and compliance.By addressing technological, regulatory, and societal considerations, these principles can support the sustainable growth and integration of cryptocurrencies into the global financial ecosystem.As the adoption of cryptocurrencies accelerates, their alignment with established systems of electronic and virtual money will be instrumental in unlocking their full potential.
Virtual currency and EU law Abstract This thesis focuses on the very topical issue of virtual currencies and European Union law, highlighting their growing importance in the global context. The introduction provides a historical overview of the evolution of money, from primitive barter to modern decentralized finance (DeFi) and virtual currencies. This context allows for a deeper understanding of the role of cryptocurrencies as the latest stage in the evolution of financial systems and how these currencies are transforming traditional concepts of money and financial transactions. The second part of the thesis presents a detailed introduction to the issues of cryptocurrencies, including the technical categorization of digital assets, explanation of the terminology used, and a description of the individual characteristics of cryptocurrencies, including their advantages and risks. The work also addresses the technological foundation of cryptocurrencies, particularly the distributed ledger technology (DLT), cryptocurrency wallets, and the energy intensity of DLT. It introduces the most significant and well-known virtual currencies such as Bitcoin and Ethereum as well as lesser-known altcoins. Special attention is given to the energy intensity of DLT, which is often a hotly debated topic in the context of...
Conflict of Laws in the Proprietary Issues of Dematerialized Securities Abstract The doctoral thesis focuses on the conflict of laws in the proprietary issues of DLT dematerialized securities. The subject is directly related to the phenomenon of blockchain technology as a subcategory of DLT (Distributed Ledger Technology). At the heart of the issue lies the so-called digital token, which is a virtual, non-replicable unit that originates and exists in a DLT environment. A digital token is qualified as a thing in a legal sense, more specifically, as an intangible movable thing, and may fulfil the characteristics of a dematerialized security (DLT dematerialized security). For example, a digital token may fulfil the characteristics of a DLT financial instrument within the meaning of Regulation (EU) 2022/858 of the European Parliament and of the Council of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology. DLT dematerialized securities should not be materially identified with a static entry in a register, account or any other records (the conception of the dynamic nature of digital tokens). The essential condition for the legal existence of DLT dematerialized securities is their creation on the relevant blockchain platform and the subsequent linking of the digital...
Цифрові фінансові технології (криптовалюта, крипто-актив, віртуальні активи, тощо) мають різну природу походження, що створює їхню неоднорідність і породжує специфіку правовідносин, у яких вони знаходять висвітлення через їх особливості. Метою дослідження є проведення правового аналізу їх визначень за джерелами їх висвітлення:1) міжнародні організації; 2) українське законодавство. Як результат, у дослідженні проведено правовий аналіз поняття «віртуальні активи» представлене в українському законодавстві та трактування тотожних понять «крипто-активів», які надають найвідоміші у світі міжнародні організації: Європейський центральний банк (ECB), Група розробки фінансових заходів боротьби з відмиванням грошей (FATF), Рада з фінансової стабільності (FSB), Міжнародний валютний фонд (IMF), Базельський комітет (BIS), Європейська комісія (EС), Міжнародна організація комісій з цінних паперів (IOSCO). На підставі проведеного дослідження через вибірку характерних рис у кожному з досліджених визначень цифрових-фінансових технологій, виявлена загальна прогалина, з урахуванням якої автором сформовано власне їх визначення поняття, виходячи з різних точок зору: фінансової, правової, технологічної, – що на думку автора є взаємодоповнюючими і дає змогу освітити це поняття найбільш повно.
Background. The article covers the analysis of the smart contract of cryptoassets in the civil law of Ukraine. Attention is argued that the essence of a smart contract of cryptoassets is that it is a self-executing contract, that is represented and executed by a computer program, the terms of which are included in the internal functions of a decentralized database that is not under the control of the databases of the parties to the contract or third parties . It is noted that a smart contract of cryptoassets, like any contract, can be declared invalid if the will to conclude it does not meet the conditions of validity of this transaction, regardless of the form in which this transaction is concluded, as in this case in the form of computer code. It is also stated that the terms of the smart contract of cryptoassets must be specific (clear, unambiguous), feasible (objective), valid, capable of automation (evaluative terms such as "reasonable term" cannot be used); it must exist within the blockchain platform (on which crypto-asset transactions are currently carried out) and not provide for the receipt and confirmation of information from the outside (in this regard, the terms of force majeure are not specified in the smart contract). Methods. The research uses dialectical, comparative-legal, formal-logical and other methods of scientific knowledge. Results. It is proved that a smart contract is an agreement represented and executed by a computer program containing all its terms and conditions, which are stored in an electronic registry system, where the result of this program execution is recorded. Conclusions. The determination of the person on whom legal liability is imposed when a smart contract does not perform the programmed function depends on the terms of the smart contract, and in their absence, the provisions of applicable law regarding the legal consequences of non-performance of the contract and liability for such non-performance should be used.
The emergence of blockchain technologies and cryptocurrencies in recent years has changed the global financial market. Market players have gained access to a fundamentally new tool that allows them to change their investment policy, as well as carry out money transfers and other functions in a convenient and fairly competitive field. In many ways, cryptocurrencies have proven to be more flexible than “traditional” currencies and have provided new opportunities for participants of the market. The volume of trades and transactions on them is constantly growing, an increasing number of them are appearing, and the corresponding infrastructure is developing. At the same time, cryptocurrencies cause certain inconvenience to government institutions, since they often become the object of fraud and the basis for fraud and not entirely legal approaches to business, and, despite the fairly transparent technology for conducting transactions, data about them is not always possible or easy to obtain. By taking away part of the turnover from the banking sector, the cryptocurrency market makes it virtually uncontrollable by government agencies, which causes concern among governments of different countries. It is expressed, in particular, in constant attempts to control the circulation of currencies based on blockchain by central banks. At the same time, commercial banks, on the one hand, are forced to compete in their activities with cryptocurrencies, and on the other hand, they are increasingly using them in their activities due to high demand from individuals and legal entities and the desire to gain competitive advantages.
Ministry of Natural Resources and Environment of the Russian Federation, David A. Sabanov
The purpose of the article is to consider the Russian cryptocurrency market from the point of view of its formation, development problems, as well as the prospects that the use of cryptocurrencies brings. The article notes that the development of the cryptocurrency market in Russia is a promising area of digital transformation of the financial market, which requires a careful approach to regulation, taking into account the experience of the best world practices. Effective regulation can help attract investment, increase financial inclusion and stimulate economic growth, which is extremely important in the face of sanctions pressure. The article determines that the process of regulating cryptocurrency in Russia can be divided into three main stages: denial, attempts to understand the new market, and gradual acceptance. Despite the fact that the circulation of cryptocurrencies in Russia has now become an objective reality, several aspects can be identified that pose the greatest threat in the context of the risk of cryptocurrency as an analogue of a means of payment in the shadow economy: anonymity; drug trafficking; laundering of money; non-payment of taxes; growth of corruption; cybercrime. Despite all the threats of the shadow economy, there are also a number of advantages inherent in the seemingly dubious market mechanism. Cryptocurrency, as an innovation in an already old order, can not only puzzle the authorities with solving major problems, but also create unexpected opportunities for developing personnel within the country and increasing sources of possible income for its citizens. All of these aspects must be taken into account in the process of developing regulations governing the cryptocurrency market in Russia, and also taking into account the fact that the cryptocurrency industry is actively developing throughout the world, “pulling” Russia into the field of cryptocurrency financial contacts. The article concludes that the current legislation should not be aimed at prohibiting cryptocurrencies, since this step will complicate control over their circulation.
This research intends to provide a deeper insight into the potential of cryptocurrencies as a tool in geopolitical competition.Based on blockchain technology, cryptocurrencies could reshape the international economy and politics in a decentralised manner, challenging centralised money control, transforming trade relations, and offering alternative pathways for international financial transactions.The author employs the theoretical perspective of structural realism, which acknowledges the existence of anarchy in international relations in the absence of a central global authority, to support the main hypothesis that cryptocurrencies have the potential to exacerbate this anarchy.As these digital assets gain prominence, their impact on global trade and financial systems will likely further enhance the decentralised and anarchical characteristics of the international system.Nation-states will seek to control cryptocurrencies through legislative restrictions, regulation, and, most importantly, by creating their own central bank digital currencies (CBDCs).The analysis showed that such processes are already taking place, but states will ultimately fail to minimise the role of cryptocurrencies in geopolitical competition.Some countries have successfully avoided international pressures and sanctions through cryptocurrencies, and secret money flows open up new challenges such as money laundering, war financing, and terrorist and subversive activities.
With the acceleration of global integration and the rapid development of technology, economic cooperation and regional integration have become an undeniable force in today's world development. Especially with the implementation of the "the Belt and Road" strategy, this development trend is more obvious. This plan was launched by China in 2013 with the aim of promoting infrastructure construction, trade cooperation, cultural exchanges, common development, and regional cooperation in Asia, Europe, Africa, and other regions. With the rapid development of Internet, big data, artificial intelligence and other technologies, the digital economy has become an important driving force for the development of the world economy. It has not only changed the operation mode of traditional industries, but also spawned new industrial forms. However, in a network environment lacking trust, trustworthy communication of data is an important prerequisite for promoting active data sharing among network entities. Information security technology based on encryption technology can effectively solve problems such as data untrustworthiness and privacy leakage in information exchange. This paper focused on the trusted exchange of data in the "the Belt and Road" digital economic cooperation, and discussed how to solve the trust problem in data exchange with the help of blockchain smart contract technology. First, the background of the "the Belt and Road" initiative and the significance of digital economy development were briefly introduced. Subsequently, the challenges faced by trusted data exchange in a network environment lacking trust were analyzed, and a solution based on blockchain smart contracts was introduced. The experimental results showed that when the data block size was 1GB, the data trusted exchange system based on blockchain technology took 10 seconds, and the data transmission rate still reached 891Mbps.
The paper aims to retrace the academic discourse on cryptocurrencies from 2015 to 2022 by treating it as a lexical unicum that evolves over time. The purpose is to understand what themes have emerged and how they have changed the discourse on cryptocurrencies. We used a three-step methodology. The first consists of text mining that allows us to create, from 1057 academic articles on the subject, the matrix containing the frequencies of words/n-grams. In a second step, lexical analysis is enriched by correspondence analysis, a useful tool to measure the "distance" and evolution of academic discourse and to identify significant content discontinuity. Finally, the causal analysis addresses the ultimate goal of understanding whether it is possible to define future developments in the cryptocurrency discourse, whether it will absorb instances from outside or remain focused on the prevailing themes to date. The identification and application of a method to analyze the evolution of the cryptocurrency discourse allowed us to distinguish at least two distinct phases characterized by specific content and cryptocurrencies.
PRÁVNÍ ASPEKTY PLAY-TO-EARN (P2E) JAKO VÝDĚLEČNÉ ČINNOSTI 5 Abstract This thesis focuses on the legal qualification of a new business model of video games, which, in contrast to the traditional conception of video game entertainment as a recreational activity, promises players the possibility of achieving a stable income. This model has come to be known in the industry as "play-to-earn" (P2E), where the earning mechanism is implemented di- rectly in the source code of the video game. Unlike professional video game play for financial reward, known as e-sports, the P2E model is based on re- warding through the automatic generation of crypto-assets (cryptocurren- cies or non-fungible tokens known as NFTs). The player is then able to trans- act with the assets thus acquired, including the resulting exchange into legal tender. The mechanism of the game runs automatically through smart con- tracts built on a blockchain. This thesis examines this phenomenon from sev- eral legal aspects, in particular the issue of gambling, the upcoming Euro- pean regulation on Markets in Crypto-assets (MiCA) and related Czech tax issues. In order to identify gambling, selected P2E games are subjected to a thorough analysis in the second part of the thesis, with the following chapter dedicated to a discussion of the legislation de...