The article describes the current topic of cryptocurrencies, in particular Bitcoin Cash. We will discuss the history of the emergence of this cryptocurrency, its advantages, the specifics of mining, its differences from ordinary bitcoin. We will also touch upon the options for storing currency.
The aim of the paper is an evaluation of the doctrinal foundations of the derivatives and cryptocurrencies as well as their empirical implementation results. The neoliberal policy is based on two elements: a libertarian idea of the minimal state and monetarism of Milton Friedman.
The object of the present work is to provide a legal analysis of the formation of legally binding agreements through blockchain-based smart contracts. Smart contracts are computer codes that are capable of running automatically upon the occurrence of specific conditions and according to pre-specified functions. These codes can be stored and processed on a blockchain and any change is recorded in the blockchain. The expression “smart legal contract” refers to the use of smart contracts in the contractual domain to perform already existing contracts or to express legally binding agreements in the form of lines of computer code. Regarding the latter, researchers question whether blockchain-based smart contracts can be considered legally binding contracts. The study aims at putting in correlation contract requirements with blockchain- \nbased smart contracts. The scope of the analysis is to verify how to interpret the rules on contract formation to make blockchain-based smart contracts fit into contract law.
This article deals with cryptocurrencies and its impact nowadays on the AML field at a European Union level. The article will be divided into an introduction, four chapters and a conclusion; it will define elementary information and defitions, will identify ways of practical use of cryptocurrencies, will introduce risks connected with the use of cryptocurrencies and will introduce legal regulation of cryptocurrencies by the V. AML Direction. In the conclusion the quality of communitary regulation will be evaluated and a few de lege ferenda tips will be devised to improve regulation for the future.
Purpose and objectives: analysis of legal regulation of cryptocurrency mining in the Russian Federation and abroad, identification of problems and gaps in this area and development of proposals aimed at their resolution. Scientific significance: the article reveals the current state and established doctrinal approaches to the legal regulation of cryptocurrency mining in Russia. For the first time, the necessity of strengthening and developing state regulation of mining is substantiated. The main attention in the article is paid to the system of legal regulation of the process of creating cryptocurrencies in the territory of the Russian Federation, taking into account the law of the Eurasian Economic Union. Methods: a dialectical approach to the cognition of social phenomena, allowing them to be analyzed in their historical development and functioning in the context of a set of objective and subjective factors, which determined the choice of the following research methods: formal logical, comparative legal, sociological, which allowed the author to ensure the reliability and validity of the conclusions. Key findings: The legal vacuum in the regulation of mining acts as a serious inhibiting factor at the current stage of its improvement and often itself becomes an offense. At the same time, cryptocurrency mining is one of the new types of entrepreneurial activity, in connection with which in the near future it is necessary to introduce state regulation of cryptocurrency mining in the Russian Federation, for which it is necessary: to develop a law regulating the organization and implementation of the production of cryptocurrencies using cryptographic algorithms; to supplement the classifier of the main type of carried out economic activity with a new type of activity — mining; to create a unified electronic register of crypto farms operating on the territory of the Russian Federation; supplement the existing legislation of the Russian Federation and the Eurasian Economic Union with the norms regulating the import of mining equipment. Thus, the important results of the study are: the development of the problems posed, which for a long time remained outside the attention of specialists, as well as the significant novelty of the factual material introduced into circulation.
The aim of the study is to develop the classification of the criteria for cryptocurrencies and justify the characteristics of their indicators.To substantiate the classification of the criteria for cryptocurrencies, the following complex of theoretical research methods has been used: -deduction and induction, -analysis and synthesis, -comparison, -generalization, -systematization and interpretation of results.
The article addresses the prospects of using distributed ledger technologies – blockchain and artificial intelligence – for the purpose of systematizing the rights to the results of intellectual activity for their subsequent commercialization. The authors describe the key characteristics of the distributed ledger technology and review various legal problems pertaining to the use of blockchain technologies. The authors draw conclusions regarding the prospects of using blockchain and artificial intelligence technologies as measures for rapid prevention and elimination of intellectual rights violations. They also express their views on the process of commercializing intellectual property and reducing the number of conflicts related to the inclusion of intellectual property objects into distributed ledger systems. The article was prepared with the financial support of the Ministry of Higher Education and Science of the Russian Federation within the framework of the research “Scientific and methodological support for the development of theoretical and applied legal structures (models) of accounting and disposal of rights to the results of intellectual activity (technology transfer)
Vladimir P. Kamyshansky, Garmshev, M. A., Anna S. Shekhovtsova, Екатерина Анатольевна Новикова · 5 authors
The authors examined the concept and signs of a smart contract through a comparative legal analysis of the legislation of Russia, Belarus, the EU and the USA. The key characteristics of a smart contract as a contract, its types, ways of development and improvement are highlighted and substantiated, the examples of smart contracts from the practice of these countries are given, problematic aspects of legal regulation in this sphere are identified
Elena Voskresenskaya, Lybov Vorona-Slivinskaya, Lybov Achba
The study on issues of digital economy proved the current existence of the new “digital” economic reality. The traditional legal apparatus used for the statutory regulation of this new economic reality showed itself not only inefficient, but also significantly restraining the actively developing economic processes. In this regard, a plenty of practical and legal collisions occur related to the problems of identification of persons involved in civil-law transactions, property relations regarding digital economic turnover (for instance, relations concerning property rights in the field of distributed ledgers), registration of property rights and deals, regulation of banking line processes, formation of special protection models for relationships based on the use of digital technologies including issues of cybernetic and data security. The development of digital economy will inevitably influence legal principles and demand reconsidering some of doctrinal approaches to traditional legal models of regulating different types of economic activities. In this case, socially just changes in the legal regulation of economic activities should be primarily aimed at removing legal barriers that impede the development of digital economy, as well as at synchronizing legal rules with the technological features of economy’s functioning.
Blockchain technology becomes relevant in economic exchange as it lowers costs and contributes to cost-efficiency and effectiveness of economic transactions. The key quality of Blockchain lies in ensuring the authenticity of digital data: trust in the traditional legal relationship has been replaced by digital verification of data in blocks. As an important phenomenon, Blockchain calls for legal answers on the issues arising from its application. An example of this development is the legal regime of smart contracts. A smart contract is a transaction in which any rights and obligations of the contracting parties are programmed in a code. Being the result of Blockchain technology application, such a contract implies the need for trust between the contracting parties. As a legal phenomenon, Blockchain (smart contract) technology raises the issue of liability for performing contractual obligations. Smart contracts can minimize certain contract risks and additionally simplify contract execution. They are immediately put into effect, without the need for any further interaction between the parties. The essential components of smart contracts are the digitally verifiable data and the automatic performance of legally relevant actions based on digitally received and processed information. All of the enlisted issues are important for proper understanding of liability of Blockchain actors.
The paper examines cryptocurrency in the crypto-finance ecosystem and identifies areas in which regulatory intervention is required. Part I focuses on the system and processes of cryptocurrency and identifies the features of this ‘decentralised’ system and the legal and regulatory implications. Part II discusses the perceived benefits and the rise of cryptocurrency to determine whether those benefits fit with regulatory objectives and contribute to the rise of cryptocurrency. Part III discusses the fall of cryptocurrency and some associated factors, particularly a lack of governance. Part IV discusses the need for regulation and governance. Cryptocurrency, blockchain, DLT, tokenization, cryptoasset, exchanges, investor protection
The authors enumerate and analyze key challenges that global financial and legal systems face in connection with the introduction of cryptocurrency. They present definitions of cryptocurrency used in international and Russian practice. The authors also study the court practice on crimes involving the use of bitcoins and examine the approaches to determining the legal status of cryptocurrency in foreign countries and in the Russian Federation. It is stated that at present the international regulatory practice lacks a common universal document that would regulate the use of digital (electronic) currencies. At the same time, a considerable number of foreign countries have already worked out their attitudes to virtual currency — ranging from the absolute prohibition of all operations to stimulating mining and payments in cryptocurrencies. The authors identify five key approaches to regulating the market of cryptocurrencies in international practice. They outline multiple risks connected with the partial substitution of official means of payment by cryptocurrencies. It is stated that in our country cryptocurrencies and operations involving them are now beyond the scope of law because cryptocurrencies are not recognized as an object of legal protection. However, a number of draft laws that regulate the issue and turnover of «virtual assets» are to be adopted in the near future. The authors identify key prerequisites for the use of effective regulatory approaches to operations with cryptocurrencies and the directions for the creation of a normative legal base for such operations in the Russian Federation. It is important to take measures and prevent the use of cryptocurrencies for the financing of criminal activities and terrorism. The authors use the analysis of the normative legal basis of the Russian Federation, existing theories and their own considerations to recommend an introduction of a favorable regime of cryptocurrency market regulation by implementing the best international practices whose essence (in general terms) is reflected in the clauses of this article.