<h5 class=annotation lang-ru>В статье исследуется вопрос о месте смарт-контрактов в юридической систематике. Основное отличие смарт-контракта от традиционных гражданско-правовых договоров в том, что они заключаются в электронной форме в рамках информационной системы, а их существенные условия определяют автоматическую передачу имущественных прав. Несмотря на то что условия смарт-контракта должны включать команды и данные, необходимые для его автоматического исполнения, его основным языком должен выступать язык применимого права. Самоисполнение договора — иллюзия. Для заключения и исполнения смарт-контракта необходимо выражение взаимной воли его сторонами, участие оператора информационной системы, а также наличие правил информационной системы. В децентрализованной системе функции оператора выполняют пользователи системы, объединенные в гражданско-правовое сообщество. Производители программного обеспечения должны по общему правилу нести гражданско-правовую ответственность за некачественную работу программных продуктов, используемых при заключении и исполнении автоматически исполняемых договоров.</h5>
The rationale behind this research is to demonstrate the tokenization effects of blockchain on all types of assets and how blockchain technology might improve the way we view digital exchange and use digital money. The finance industry is progressing towards innovative solutions, capable of dealing with traditional problems and increasing efficiency, sustainability and accountability. This progression may also address market failures within the economy. In our conceptual chapter, we provide a short discussion of the decentralization of finance and where we are today. We begin with the fundamentals of money and the evolution of cryptocurrency issuance from ICOs to STOs and then to stablecoins like CBDCs. We then examine the concept of tokenizing various types of assets and deliberate on a conceptualization of a tokenized capital markets trading platform. To clarify tokenization and its benefits, we provide an example of the tokenization concept for agriculture and livestock in raising capital for small farms. Finally, we conclude with discussions on concerns for privacy and security, which emphasizes self-governance, self-regulation and cybersecurity measures.
Blockchain teknolojisinin yaygınlaşması, özellikle web3 ve metaverse gibi gelişmeler, blockchain ağındaki kayıt niteliğindeki kripto varlıkların hukuki açıdan incelenmesi ihtiyacını da beraberinde getirmektedir. Gerçekten de her gün farklı blockchain ağı üzerinde kripto varlıklar üzerinde birçok işlem gerçekleştirilmekte, işlem hacmi de artmaktadır. Bu çalışmada söz konusu varlıkların hukuki niteliği incelenmeye çalışılmıştır. Hukuki nitelendirmeden yola çıkarak blockchain ağında gerçekleştirilen kripto varlık devir işlemlerinin borçlandırıcı işlem ve tasarruf işlemi boyutları ele alınmaya çalışılmıştır. Kripto varlıkların eşya niteliğini haiz olmaması, gerek borçlandırıcı işlem, gerek ise tasarruf işlemi açısından birçok sorunlara sebebiyet vermektedir. Kripto varlıkların devrine ilişkin sözleşmelerin niteliği ve özellikle ifa engelleri, mevcut düzenlemeler ışığında incelenmiştir. Yine kripto varlığın devri ile eş zamanlı olarak blockchain ağı dışındaki bir eşyanın devrinin de amaçlandığı kripto varlık türlerinde eşya hukuku ilkeleri açısından birçok sorun mevcuttur. İşte söz konusu işlemlerin hukuki bir zemine oturtulması amacıyla bu çalışmada hak kavramından hareketle kripto varlık üzerinde gerçekleştirilen işlemlerin borçlandırıcı işlem ve tasarruf işlemi boyutları ele alınmış, sorunlar tespit edilmeye çalışılmış ve mukayeseli hukuktan örneklerle muhtemel çözüm önerileri sunulmaya çalışılmıştır.
В эпоху цифровизации человечество использует актуальные концепции и технологии, которые помогают упростить жизнь. Развитие информационных технологий оказало значительное влияние на экономическую трансформацию, и привело к появлению электронных денег. Достижения в информационных технологиях облегчили их транзакцию, возникла новая система – криптовалюта, не нуждающаяся в финансовых посредниках. Криптовалюты существуют уже более десяти лет, и их популярность стремительно набирает обороты. Одна из современных технологий, используемых для транзакций с криптовалютами, преимущества и недостатки которой до сих пор неясны, называется блокчейн. По мнению одних экспертов, это технология будущего, но по мнению других – это угроза конфиденциальности пользователей. В статье предпринята попытка обозначить отношение пользователей к криптовалютам. Так как природа криптовалюты неконтролируема, она вызывает множество вопросов у экспертов в данной области. В этом исследовании был произведён систематический библиометрический анализ, в котором, основываясь на мнениях экспертов в области криптовалютного рынка, представлены положительные и отрицательные стороны использования криптовалют. Статья будет полезна исследователям, которые изучают вопросы криптовалюты и блокчейна в области экономических наук. In the era of digitalization, humankind uses up-to-date concepts and technologies that allow simplifying life. The development of information technology has had a significant impact on the economic transformation, and led to the emergence of cyber money. Advances in information technology facilitated the money transaction, and a new system emerged, that is cryptocurrency which does not require financial intermediaries. Cryptocurrencies have been around for over a decade and their popularity is still growing. One of the modern technologies used for cryptocurrency transactions, the pros and cons of which are unclear to date, is blockchain. Some experts claim this is the technology of the future, while others say it is a threat to user privacy. This article attempts to outline users' attitudes to cryptocurrencies. Since the nature of cryptocurrency is uncontrollable, it raises many questions from experts in the field. Based on their views, this study employs a systematic bibliometric analysis showing both positive and negative aspects of using cryptocurrencies. The paper could be useful for researchers specializing in cryptocurrency and blockchain issues in the field of economic sciences
Introduction. The transition to digital technologies stimulated the emergence of new accounting objects in the form of digital assets whose features are problematic for being displayed in a rather tightly regulated system of accounting and reporting standards. In the context of emerging new ways of using crypto assets in business practice and increasing the volume of transactions with them, accounting has problems with displaying digital assets in part of confirming their controllability, their assessment at various stages of the life cycle, and identification of participants of cryptocurrency transactions. The paper deals with impact of economy digitalization on accounting methodology in the context of the Industry 4.0, in particular, the prospects for a separate display of digital assets in financial statements. Purpose. This article is aimed at the systematic substantiation of the exclusive status of digital assets as a fundamentally new accounting object in order to further develop, on this basis, the strategy for the development of their accounting and displaying them in the companies’ reporting. Methods. The paper contains a critical analysis of scientific publications devoted to the essence, status and features of the digital assets’ use, as well as the formation of information about them in the accounting and financial statements. The authors have carried out a bibliometric analysis of the frequency of use of terminology in the field of digital assets with the help of special software (VOSviewer and Google Trends). Results. The authors have developed a taxonomy of digital assets based on the use of distributed ledger technology and cryptography. The paper also explores the issue of the differentiated application of existing valuation bases for various types of digital assets. The article systemizes approaches to the deanonymization of participants in transactions with crypto assets which are used to control their origin and the legal regime of applying, for the purpose of rational organization and accounting of them. Conclusions. There is a need to introduce a separate standard designed to regulate accounting and display of digital assets in financial statements, in order to provide stakeholders with relevant information in the process of making managerial and investment decisions.
Public procurement is one of the priority areas of economic development in the Russian Federation due to the need to ensure targeted and efficient spending of budget funds. Without a doubt, the use of innovative digital tools in the procurement sector will lead to an increase in the quality of public procurement. The purpose of this study is to analyze the digitalization prospects of public procurement, highlighting the main stages of digitalization of public procurement in the Russian Federation, methods of using digital tools in the procurement of goods, work, services for state and municipal needs. The article also explores the possibility of using distributed ledger technology (blockchain) in public procurement in Russia.The methodological basis of the study was made up of both general scientific and private scientific methods of cognition. As a result of the study
Nadezhda N. Pokrovskaia, Elena A. Rodionova, I.G. Fomina, Mikhail Z. Epshtein · 5 authors
Banking as a highly digitalized sector is seeking for new technologies to improve the data flow processing and communications. The issues of cyber-security and safety of transaction force institutions to lead in using the reliable digital tools. The tough competition on saturated market requires the permanent renewing of infrastructure and data flows analytics, and the re-thinking of the functional role of banking institutions in the world of fin-tech, where the transactions pass in automatic regime. The cyber-security search, the speed and quality of service, and innovative growth strategy are the essential purposes that make relevant the study of the implementation of smart contracting and blockchain platforms for the cases of service institutions. The paper presents the analysis of cases of digital tools in customer services and the study of the prospects of the smart contracting and blockchain platforms as instruments to assure the increased level of user data cyber-security.
We consider designing a two-layer model of a private distributed ledger to organize electronic document flow in criminal proceedings. We create a model that considers specifics of the criminal process, interaction of the parties during the case, and the main risks. It is proposed to use blockchain technology as a basis for the first layer of the model, limiting the decentralization degree to the participation of a certification authority. The second layer of the model is proposed to be implemented based on a "key list" that ensures the confidentiality of information. The developed model can neutralize the risks of forgery, falsification, and destruction of criminal case materials, which contributes to strengthening the status of the court as an institution.
The paper is devoted to the application of the principles of law in contractual relations, the emergence or implementation of which are associated with the use of digital means. The development of digital technologies has caused objective changes in the structure and qualities of economic turnover. At the same time, objective changes mean those that are formed due to changes in the behavior of private entities at the micro level. The author substantiates the thesis according to which, in conditions of a lack of regulatory regulation, the relevant principles of law are in demand sources of law for resolving potential conflicts of interest. The author states that in conditions when the main categories of civil law are being revised — subjects (identity identification), objects (tokenization), transactions (ways of expressing will in the digital economy), fulfillment of obligations (smart contracts), the main thing that law will remain unchanged is its principles. The principles of law are lawthemselves; the rest is either changing forms of relations that law affects, or a changing mechanism for the implementation of legal ideas. In turn, it is the principles of law that contain invariable methods of resolving conflicts of interest, which is the main subject of law. Complicating the contractual relationship with a digital element not only does not cancel the application of principles to such relations, but at the stage of insufficient regulatory regulation as a means of implementing the principles of law requires their active use to resolve conflicts of interest. The paper classifies some cases of digital means application at the stage of concluding a contract, fulfilling obligations, and enforcement. The potential of the principles of law for resolving disputable situations in digital contractual relations at each stage of the development of contractual legal relations is shown.
The rapid development of the cryptocurrency market makes us think about the need and subject of regulation of activities related to their issuance, placement, storage and circulation. The question arises whether the activities that are related to them are entrepreneurial or professional, related to the commodity or financial market, subject exclusively to state regulation, exclusively self-regulation or both types of regulation at the same time. The authors come to conclusions that will allow building a theoretical basis for a more systematic perception of the cryptocurrency market in the future, including revealing the concept and legal nature of cryptocurrencies, the features of these objects of civil rights that require their free circulation in the financial market, the role of private entities in their creation and use. It is concluded that the activities related to the turnover of cryptocurrencies are entrepreneurial, unregulated activities in the capital market as part of the financial market. Special attention is given to public interest in the framework of the circulation of cryptocurrencies, in particular to national security issues, protection of the weak side of transactions using cryptocurrencies, protection of personal data. In particular, the authors acknowledge that intermediary activities in the cryptocurrency market involving financial services consumers should be regulated and recognized as professional. The authors, on the one hand, point to the need to ensure state regulation of the use of cryptocurrencies, on the other hand, emphasize that a balance must be achieved between public and private interests in this area, that it cannot be over-regulated, which will ensure stable economic growth in the digital environment.
Современный период развития российского общества характеризуется цифровизацией основных институтов общества, которая, однако, идёт гораздо интенсивнее, чем развитие российского законодательства. Статья посвящена анализу сущности невзаимозаменяемого токена (NFT, nonfungible token), особенностям их создания и обращения, а также необходимостью внедрения данного феномена в законодательство РФ как предмета интеллектуальной собственности, цифровых прав, а также урегулирование вопроса перехода исключительных прав на сами NFT объекты. Автор видит перспективы для введения института цифровых прав, в частности таких правовых феноменов, как NFT, в законодательство отдельных стран. В статье предложены конкретные изменения в статьи гражданского, а также уголовного и семейного законодательства, направленные на устранение существующих пробелов правового регулирования данного вопроса и развитие NFT в будущем. The modern period of development of Russian society is characterized by the digitalization of the main institutions of society, which, however, is much more intensive than the development of Russian legislation. The article is devoted to the analysis of the essence of NFT, the peculiarities of their creation and circulation, as well as the need to introduce this phenomenon into the legislation of the Russian Federation as a subject of intellectual property, digital rights, as well as the settlement of the issue of the transfer of exclusive rights to the NFT objects themselves. The author sees prospects for the introduction of the institution of digital rights, in particular, such legal phenomena as NFT, into the legislation of individual countries. The paper proposes specific changes to articles of civil, as well as criminal and family law, aimed at eliminating the existing gaps in the legal regulation of this issue and the development of NFT in the future.
The article is devoted to a new type of electronic money – cryptocurrencies. The history of creation is studied and the analysis of existing formulations of cryptocurrencies in the conditions of digitalization of the economy is carried out. The prerequisites for the emergence of bitcoin and other cryptocurrencies were established and the advantages of their use were emphasized. The concept of digitalization of the economy and its impact on the economic processes that determine economic growth is considered
Le développement de nouveaux modèles économiques fondés sur le numérique, les échanges de pair-à-pair et l’open source sont en train de bouleverser profondément l’activité des intermédiaires financiers régulés. Cette étude s’attache à décrire les principaux projets réglementaires et consultations de place discutés, proposés et/ou adoptés relatifs aux registres distribués aux États-Unis, dans l’Union européenne, en France et en Suisse. En quelques années à peine, la technologie des registres distribués est devenue un sujet majeur des décideurs publics à l’échelle internationale. Étant interpellés par l’émergence de cette technologie disruptive et décentralisée par entrepreneurs, start-ups et acteurs de marché, les législateurs, les autorités de régulation comme les banques centrales ont dû modifier leur position sur le sujet, notamment aux États-Unis et au sein de l’UE, depuis une position initialement hostile à un intérêt au pire conservateur et au mieux market-friendly. La présente thèse couvre et compare les textes applicables et les tendances réglementaires à l’œuvre sur les différentes problématiques soulevées en droit financier par les registres distribués, que ce soit la qualification juridique des registres distribués et des smart contracts, la problématique monétaire, et la réglementation de l’émission, de la conservation et du transfert des actifs numériques et instruments financiers au moyen de registres distribués. Trois principaux champs sont distingués et analysés séparément : (I) la reconnaissance légale de la technologie des registres distribués et des smart contracts ; (II) la régulation des monnaies virtuelles (notion entendue au sens large) et des actifs numériques ; et (III) la régulation des instruments financiers émis sur un registre distribué.
The emergence of the digital economy and increased activity in cyberspace have led to the creation of new technologies and digital products such, as non-fungible tokens (NFT). The article presents the arguments that justify the need to study NFT as an object of legal relations and an object of accounting. A brief description of these items has been given; their types and market of circulation have been studied, and, also the current legal provisions, Russian accounting standards and international financial reporting standards have been analysed. To define NFT as an accounting object, the types of accounting objects enshrined in Federal Law No. 402-FZ “On Accounting” have been considered and the criteria for their attribution in relation to NFT have been analysed. The legal and accounting problems associated with the emergence of a new object have been highlighted and the ways for further research in the field of creating an accounting methodology for NFT as a specific and highly promising digital product have been defined.
The current U.S. regulatory framework for cryptocurrency is burdened by unclear rules and opaque administrative guidelines. While there is no uniform definition of cryptocurrency, the IRS has defined cryptocurrency as “a digital representation of value that functions as a medium of exchange, a unit of account, and/or a store of value.” Cryptocurrency does not have legal tender status in the U.S., even though it is frequently digitally traded, purchased for currency, and exchanged for currency. The document will primarily focus on the U.S. approach to cryptocurrency regulation and compare the approach to more restrictive countries like China and India. In the U.S., the primary approach adopted has been an administrative one. At the federal administrative and agency level, the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Trade Commission and the Department of the Treasury, through the Internal Revenue Service (IRS), the Office of the Comptroller of the Currency (OCC), and the Financial Crimes Enforcement Network (FinCEN) have been the primary drivers of cryptocurrency regulation. Due to federal agencies and policymakers’ positive assessment of the technology, claiming it to be an “important part of the U.S.’s future infrastructure,” few formal rulemaking measures regarding the technology has been adopted. The “crypto-friendly” U.S. approach can be directly compared to the restrictive approach in China and India. In May 2021, China banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and sent out warnings to investors against speculative crypto trading. Under the ban, banks and online payments channels cannot offer clients any cryptocurrency service. The China ban against cryptocurrency services was a direct response to issues relating to unstable values, frequent price manipulation, and trading contracts that did not comport with Chinese law. India has adopted a moderate approach to cryptocurrency regulation, nearly approaching an outright ban until February 2022, when the Reserve Bank of India announced it will launch a digital currency this year starting on April 1. India has been critical of cryptocurrency for years, effectively banning crypto transactions in 2018 until the Supreme Court struck down the restriction in March 2020. There have been consistent efforts to apply stricter rules regarding cryptocurrency, mainly due to concerns that an unregulated crypto-framework would draw more domestic household savings towards volatile assets, leaving many households and consumers vulnerable to a market crash. This paper will analyze the U.S. cryptocurrency regulatory framework in the following categories: Public Policy Concerns, Sales Regulations and Securities Laws, Money Transmission Laws, and Ownership and Licensing Requirements for Funds. In addition, it will assess the state-level approach to cryptocurrency regulation and analyze the general trend of friendly legislative bills over since 2021. Then, this paper will argue that the current U.S. cryptocurrency regulatory framework leaves Americans vulnerable to serious risks without adequate safeguards. Specifically, this paper will focus on the risks associated with clear market manipulation and the destabilizing of broader financial markets. Lastly, by engaging in a comparative analysis with the Chinese and Indian governments’ approach to regulation, this paper will argue that the only viable approach to preventing fraud, waste, and abuse arising from cryptocurrency activities is an outright ban on cryptocurrency services. 2008 should have been a lesson in allowing highly speculative adventures to run rampant, leaving everyday taxpayers to pick up the tab. Cryptocurrency presents the same scenario, and without immediate action, it will result in further economic inequity.
The article outlines the essence of cryptocurrency and token as the most common digital currency. Arguments are given for the inevitability of the appearance of a state digital currency and the importance of legal regulation of a new form of money, as well as changes in the activities of customs services, is noted.
В современном мире цифровых технологий мы все чаще сталкиваемся с понятиями смарт-контрактов. В данной статье рассматриваются понятия цифровой экономики, смарт-контрактов и особенностей управления сделок на базе блокчейна и смарт-контрактов на примере автомобильного ритейла.
AbstractThis article researches the content of the draft Civil Code ofthe Republic of Uzbekistan and the issue of smart contracts. The study also analyzes the issue of defining smart contracts as a written form of agreement and contract. The disadvantages of concluding a will agreement through smartcontracts are justified. The article explores the basics of using smart contracts as a way to fulfill an obligation.