The author examines the features of the use of smart contracts in transactions in virtual property, taking into account the fact that the smart contract is a way of fulfilling those obligations in which the transfer of property provision takes place in the virtual world with the help of appropriate technical means. It should be recognized that the list of virtual property is open, at the moment it includes, for example, cryptocurrency, domain names, «game property», virtual tokens. The question of the legal nature of objects related to virtual property is relevant: are they a new independent type of property requiring special legal regimes, or are they a form of known property rights? The paper also notes that smart contracts differ in both vulnerabilities in computer code and insufficiently effective legal regulation. Smart contract, in the opinion of the author, is a kind of written (electronic) form of a contract, the peculiarity of which is that the will of the subject is expressed by means of special technical means in the form of program code. In this case, the will to conclude the contract simultaneously means the will to its execution upon the occurrence of certain conditions of the contract circumstances. In conclusion, the author shows that the automation of performance of obligations in particular and the digitization of contract law in general should not create obstacles to the implementation of the fundamental principles of good faith and contractual justice, to assess the proportionality of the distribution of rights and obligations of the parties, the equivalence of their property.
In order to develop the digital economy in the Russian Federation, the Program «Digital Economy of the Russian Federation» that is aimed, inter alia, at the formation of a regulatory framework for the legal regulation of new relations in the field of digital economy, was approved by the Decree of the Government of the Russian Federation No. 1632-r of July 27, 2017. Particularly relevant in this regard is the issue of cryptocurrency and bitcoin legal regulation. The article deals in detail with a special type of cryptocurrency, namely: bitcoin. The author analyzes the main problems associeted with the necessity of legal regulation of cryptocurrencies. The conclusion is made that legal regulation of cryptocurrency as a means of payment requires a complex approach and it is impossible without due regatd to the peculiarities of legal regulation of bitcoin. The paper provides for the interaction between the concept of bitcoin and other key concepts, namely: virtual currency and digital currency. The author concludes that it is necessary to create a non-governmental self-regulatory organization supported by the State in order to protect the interests of the cryptocurrency business. Since legal regulation of cryptocurrencies is global in its nature, the article examines the foreign experience of legal regulation of cryptocurrencies and their types.
The article examines the legal status of cryptocurrencies in Russia. The authors study the civil and criminal law aspects of this phenomenon. The legislation does not define the legal status of cryptocurrencies, while the theory of law and court practice have not yet worked out a unified approach to it. The authors present an overview of the existing positions regarding this issue and suggest that cryptocurrency should be regarded as other property. It is stated that whatever position is incorporated into law, in real life cryptocurrency is in global circulation and has a great potential. As for criminal law, the authors show that it is relatively independent from civil law when dealing with issues within its object. It is suggested that, for the purposes of criminal law, the available instruments should be adjusted to enable a prompt reaction to the crimes committed at the present moment. The authors analyze the possibility of recognizing cryptocurrencies as an object and instrument of committing crimes within the framework of current legislation. Using the examples different crimes, the authors demonstrate that cryptocurrency could act as an instrument of committing them. It is also stated that cryptocurrency could be recognized as an object of some crimes. To support their position, the authors present such arguments as crimes of terrorism, illegal trade in drugs and psychoactive substances, economic crimes and some others. They also discuss cryptocurrency as an object of theft. It is proven that there is a practical necessity to recognize cryptocurrency as an object of theft. Criticism of this approach by some researchers is also discussed. The authors, however, show that it is possible to solve this problem positively. They conclude that current Russian and foreign legislation should be amended and should define the legal status of cryptocurrencies; however, the goal of criminal law could and should be achieved even before these amendments are adopted.
O.S. Bolotaeva, Алла Степанова, Світлана Алексеева
This article examines the legal nature of cryptocurrency. Comprehensive analysis is conducted on the legal nature of digital currency; its correlation with the traditional money and e-money is determined. The author summarizes and systematizes the opinions of the scholars on these issues, as well as the existing legislation. The object of this research is the public relations arising process of functionality of crypto technologies and with regards to such the phenomenon of cryptocurrency in Russia. The subject of this research is the Constitution of the Russian Federation, normative legal acts that comprise the current legislation of the Russian Federation, as well as scientific works dedicated to the public relations in this sphere. The goal lies in examination and revelation of the financial legal essence of cryptocurrency, its legal nature and role among the objects of civil rights. The conclusion is made that the states will act towards the implementation of cryptocurrency into the economy. Digital currency is a promising trends of development and investment. The question of legal regulation and consolidation of the status of cryptocurrency remains important and relevant for not only Russia or any country, but the entire world community. The economy that is based on cryptocurrency has good chances to become a reality on the global scale.
The paper considers the opinions of domestic and foreign authors on the concept of cryptocurrency, the principles of its operation and the need to establish its legal status. The author’s definition of cryptocurrency is formulated and the thesis that cryptocurrency can be classified as «other property» is justified. The author analyzes the most common court decisions in criminal cases. Based on a study of foreign experience in the fight against illegal circulation of cryptocurrency, it was found that initially, before the emergence of mass demand for cryptocurrency all over the world, demand for them was observed in the criminal environment to pay for the supply of narcotic drugs and weapons, to finance terrorism and legalize (launder) income obtained in a criminal manner, in connection with which many people subsequently mistakenly assumed that transactions with cryptocurrencies are anonymous. Meanwhile, the cryptocurrency is far from being anonymous: each transaction carried out in a distributed network is permanently recorded in a public blockchain, which helps to solve crimes in this area. The adoption in the Russian Federation of a fundamental law containing the necessary terms and concepts regarding cryptocurrency activities and regulating the status of cryptocurrency in Russia will further develop measures for the criminal law protection of objects of encroachment that are currently not regulated in any way.
Cryptocurrency is the latest step in the evolution of money. This chapter covers the pioneers, breakthroughs and developments that led to the birth and growth of cryptocurrency. Key topics include David Chaum, the godfather of cryptocurrency; Satoshi Nakamoto, the mysterious figure behind the world’s first cryptocurrency, Bitcoin, and inventor of blockchain technology; Vitalik Buterin, a young rising star who created Ethereum and was dubbed by Vice “the blockchain’s movement’s biggest celebrity”; Silk Road, the illegal online marketplace that first created demand for cryptocurrency; and the ups and downs of the volatile cryptocurrency market, including the parabolic gains of 2017 and the great recession of 2018. Understanding this context helps explain how cryptocurrency became so revolutionary, acclaimed and controversial. The chapter concludes discussing cryptocurrency’s hotly debated future. Naysayers such as Warren Buffett predict the market is a bubble that will end poorly, while enthusiasts point to Bitcoin’s previous crashes and multiple comebacks.
이 논문은 암호화폐의 법적 성격에 대하여, 물건인지, 금전인지, 증권인지 분석한 논문이다. 그리고 정부 관계기관의 암호화폐에 대한 방침 및 최근 암호화폐 관련 하급심 판례들을 분석해 보고, 국회에 상정되어 있는 법률안에서 암호화폐의 정의 조항을 비교해 보았다.
비트코인이 몰수의 대상이 된다는 대법원 2018. 5. 30. 선고 2018도3619 판결에 따르면, 비트코인은 재산적 가치가 있는 무형의 재산이다. 암호화폐는 관리가능성과 배타적 지배가능성이 인정되므로, 민법 제98조의 물건에 해당한다. 그리고 부동산이 아니므로, 민법 제99조 제2항에 따르면 동산이다. 암호화폐는 한국은행법상의 법정 화폐는 아니다. 암호화폐는 재화 교환의 매개물에는 해당하나 가치를 측정하는 일반적 기준이 되기는 어렵기 때문에 민사법상 금전이라고 할 수 없다. 암호화폐는 자본 시장법상 증권에 해당되지 않는다.
최근 판례에는 경제적 가치가 없고 전산상 수치에 불과하여 시중에서 사용이 불가능한 암호화폐를 “가짜 가상화폐”라고 표현한 것이 다수 있다. 가짜 가상화폐를 경제적 가치가 있는 것으로 기망하여 판매하면 사기죄가 성립하고, 다단계 조직을 이용하여 가짜 가상화폐를 판매하면 방문판매 등에 관한 법률 위반죄가 성립한다. 실제로는 상품의 거래 없이 투자금 명목으로 금원의 수입만 있는 경우에 유사수신행위의 규제에 관한 법률 위반죄가 성립한다. 이렇게 암호화폐를 이용한 사기죄 등에 대한 형사처벌은 강화하되, 국내 ICO는 허용해 주는 것이 바람직할 것으로 판단된다.
암호화폐에 대한 규제를 투명화하고 법적 안정성과 예측가능성을 부여하기 위하여, 암호 화폐 정의 조항을 신설하여, 암호화폐의 법적 성격 및 범위를 명확하게 규정하는 것이 필요하다. 암호화폐의 개념정의로는, ① 교환의 매개수단 또는 가치의 저장수단으로 사용, ② 분산원장 기술을 사용하여 전자적 방법으로 기록·활용, ③ 전자금융거래법상 전자화폐 및 선불전자지급수단 제외의 세 가지 요소가 들어가야 할 것이다.
Abstract Digital technologies are opening new opportunities for business. The article is devoted to the analysis of the legal nature of the cryptocurrency as an object of financial and legal regulation from the point of view of Russian legislation. The analysis of the qualification of the cryptocurrency is described as money, electronic money, foreign currency, other property, as well as the possibility of assigning crypto-loans to obligations rights. The conclusion is made about the possibility of treating the cryptocurrency as private money on a par with national currencies.
Abstract This chapter examines how the forms of property analyses in civil law and mixed legal sytems would need to be adapted to accommodate the cryptocurrency as an object of property (res). It first considers whether cryptocurrencies would count as objects of property, whether it is appropriate to treat them as ‘currency’ or ‘money’, and how they could be accommodated in a legal regime that categorises res as either tangible things or intangible rights. It then asks whether the incorporeal form of cryptocurrencies should be subordinated to their function and purpose, whether the law of possession will be directly applicable to cryptocurrencies, and how the civil law requirement of specificity could be satisfied by the cryptographic uniqueness of cryptocurrencies. The chapter concludes with a discussion of the implications of recognising cryptocurrencies as res, focusing on questions of ownership, vindication and possessory actions, acquisitive prescription and original acquisition.
Abstract This chapter examines the range of challenges raised by virtual cryptocurrencies for the conflict of laws in England and other jurisdictions in the European Union, along with possible ways of addressing those challenges. It first provides an overview of virtual currencies and cryptocurrencies before discussing the regulatory challenges presented by cryptocurrencies as a form of ‘disruptive technology’ for the conflict of laws. It then considers the law applicable to the relationships between participants within a cryptocurrency system, with reference to Bitcoin and Ripple, and the question of whether virtual cryptocurrencies are capable of constituting ‘money'’ with equivalence to national (fiat) currencies. The chapter concludes with an analysis of how virtual cryptocurrencies should be characterised as property in the conflict of laws, focusing on the law applicable to assignments of claims under/outside the Rome I Regulation.
This article presents the results of a comparative analysis of the legislative approaches to the regulation of cryptocurrencies in the BRICS countries and the Eurasian Economic Union. During the analysis, regulatory legal acts and draft laws, including material on judicial practice, of the Russian Federation, China, India, Brazil, the Republic of South Africa, the Republic of Belarus, Kazakhstan, Kyrgyzstan and Armenia were studied. The use of a comparative-legal method makes it possible to develop recommendations about the development of legislation on the circulation of cryptocurrencies within the BRICS countries. The assessment of the experience of EEU countries, and especially that of the Republic of Belarus, has great importance since the Russian Federation is a member country of both the EEU and BRICS. Comparative analysis was achieved by taking into account such key points as the existence of a regulatory framework, regulation of transaction taxation and counteracting the legalization of profits from crime. The results of the analysis are presented for each country separately and then systematized in the form of an analytical table. Based on the analysis, three approaches to the regulation of cryptocurrencies are identified: conservative, liberal and neutral. The study of the experiences of the BRICS and EEU countries allowed the authors to conclude that these countries need to formulate similar requirements for the regulation of cryptocurrencies so as to avoid the migration of investment and capital to other countries which have a more liberal approach.
Зоряна Двуліт, Khrystyna Peredalo, R. Tylipska, R. Terno · 5 authors
У статті розглянуто поняття "криптовалюта", обгрунтовано популярність цього нового виду фінансового інструменту на економічному просторі, виокремлено основні особливості криптовалюти як одного з виду віртуальних грошей та її вплив на економічну систему. Виокремлено такі ключові особливості криптовалюти: обмін на товари або послуги; обмін на класичну валюту; оплата товарів та послуг; мінімальний рівень неможливості викрадення; платежі, швидкі і прямі транзакції; інвестиційний актив; розвиток бізнесу на криптовалюті. Наведено переваги та недоліки криптовалюти та особливості її використання. Звернено увагу на Bitcoin, основний вид криптовалюти, який використовується в світі, та проаналізовано динаміку його курсу по відношенню до долара США. Розглянуто питання легалізації криптовалюти в окремих країнах, зокрема, в Україні. Визначено основні вимоги використання криптовалюти при її легалізації. Зосереджено увагу на українському законопроекті щодо порядку узаконення криптовалюти, що планується реалізувати в два етапи. Зроблено висновок про відсутність єдиної думки щодо подальшої стратегії розвитку криптовалюти в світі, її легалізації та законності використання. Наведено бачення щодо подальших тенденцій застосування криптовалюти у повсякденному житті та бізнес-середовищі. Проведено дослідження за проблемою розвитку ринку криптовалюти дозволило виокремити такі тенденції розвитку: нешвидке впровадження електронних грошей в усі сфери життя суспільства; можливість придбання усе більше товарів і послуг за крипто валюту; доповнення ринку фінансових послуг як новий платіжний інструмент та вид інвестиційних активів, не замінюючи при цього в найближчі роки, класичні банківські операції; зниження рівня анонімності при використанні криптовалюти, що буде зумовлено більшою її популяризацією; поширення легітимності криптовалюти у більшості державах світу; стабілізація курсу криптовалюти через 5—10 років; закріплення позицій Bitcoin як основної криптовалюти та поява нових, які досягатимуть масштабів Bitcoin.
The purpose of this study is to analyze possible problems in issuing digital diplomas, using the blockchain technology, and to promote solving these problems as well as to show the possibility of practical implementation of the blockchain technology, using a test example. Materials and methods. The study included a review of bibliographic sources on the use of blockchain technologies in the education system, as well as computer modeling of the task of registering and verifying a digital diploma in the blockchain. Results. In the course of the work, a model of the process of issuing and verifying digital diplomas was built, and a number of problems related to the practical implementation of this model were also considered. At the same time, the following groups of problems that restrain the spread of blockchain in the education sector of the Russian Federation were identified: technical and technological problems (lack of a national blockchain platform); legal issues (lack of legal force of digital diplomas); organizational problems (lack of a centralized management structure that coordinates the “educational” blockchain as a single digital information space). An example was also realized, showing the hardware and technological capabilities of the implementation of the task under consideration using the currently open (freely available) platforms. To implement the proposed test case, the Ethereum blockchain network was used, in particular, its RinkeBy test network. The project implementation consisted of the following stages: creating a digital diploma file and placing it in the open file-sharing network in order to obtain the corresponding document hash; obtaining blockchain address (an electronic wallet was created using the MetaMask browser plugin, which allows for the transfer of data on a digital diploma to the blockchain); preparing data to be sent to the blockchain, where the data was a hexadecimal code, containing brief information about a digital diploma, including its hash; transferring data to the Ethereum blockchain (making a transaction); verification of transaction results in Etherscan. Conclusion. The blockchain technology provides great opportunities in improving the concept of e-learning, taking into account the current requirements of the digital economy. This technology can conceptually change the data archiving system, increase the reliability of information protection against falsification, and significantly speed up the execution of requests for information and data processing. The problems that arise can be successfully resolved, as long as that the blockchain becomes one of the principles of the unified information educational space. At the same time, the blockchain gives the following new opportunities: transparency and verifiability of the system of certification of graduates of educational institutions; the possibility of liquidation of intermediary organizations that implement a variety of support monitoring and certifying functions, associated with the “paper” requests for confirmation of diplomas; the overall reduction in paper workflow, the transfer of the classic “paper” business-processes into the information space, and as a result of all this – the practical implementation and example of the realization of the concept of digitalization of the knowledge economy.
Quality journalism is essential to democracy, as it is a means of empowering people with information. Yet, journalists, and press freedom itself, are under threat. The number of journalist assassinations and forced disappearances is increasing as the World Press Freedom Index rankings achingly decline across the board. Most State protection mechanisms are currently insufficient in shielding journalists from escalating violence—irrespective of whether or not these journalists report from a country in peacetime or at war. As a result, technologists have begun developing powerful tools in an effort to ensure that journalists and human rights defenders alike are more prepared in the face of danger. Yet, technological integration as an added safety and security mechanism is far from seamless. This paper critically reviews the new technologies offered to journalists—those that have succeeded and failed—in an attempt to consolidate the lessons learned from both journalistic and technological perspectives. Resultantly, there is a theoretical gap in how the offerings of modern technology, namely blockchain, could serve as an indispensable tool to better protect journalists and the journalistic process, if applied correctly and realistically. This paper examines the convergence of blockchain and journalism; combining theoretical proposals from academia with the pragmatic technological developments underway and ultimately expanding upon the suggestions for potential applications. Furthermore, this paper proposes blockchain-based smart contracts as an innovative tool for combating the high impunity rates for those who commit crimes against journalists—particularly assassinations and disappearances. The author argues that an important use of blockchain could be to establish a journalistic version of a 'last will and testament.' This will ensure that essential stories do not die along with journalists who are assassinated while covering them and that those investigating the murders have greater access to pivotal evidence. However, any and all blockchain-based applications must first be vetted through an anti-techno-solutionist lens to assure that they are the most fitting tool for achieving the aim. Keywords: blockchain, journalism, freedom of the press, technology, smart contracts, techno-solutionism, violence against journalists, decentralization
European regulation of virtual currencies, its shortcomings and future development Abstract This thesis is focused on the European regulation of virtual currencies, meaning the current Union legal regulation of this phenomenon including further European Union institutions' activities in the area. The aim of the thesis is to introduce the existing approach towards virtual currencies as well as to find some of the shortcomings and to outline the future development of European regulation of virtual currencies. As a part of this thesis, relevant activities associated with distributed ledger technology as a technology related to virtual currencies will be introduced. To achieve the mentioned, the thesis analyzes mainly legislative and non-legislative sources issued by competent institutions of the European Union, equally important are the jurisprudential texts from the area of virtual currencies and related fields. The thesis is divided into five chapters which are further divided into topical subchapters. Each of the chapters includes partial identification of shortcomings and presents the future development in the area. The introductory chapter addresses the introduction of virtual currencies as such and in the context of financial law. Further, technological bases of virtual currencies are described, namely...
The emergence of cryptocurrency and its blockchain technology has seen great progress and more widespread acknowledgment of its value as a digital currency. Cryptocurrency invites more criminals to carry out their illicit activities due to the pseudonymity it provides. Forensic analysis of such criminal activities like money-laundering generate new insights for a better safeguard of the financial system. Advances in machine learning algorithms motivates such opportunities. In this project, the author achieved the task of visualising the Bitcoin network on the Neo4j graph database for an accurate depiction and the explanation of each components that make up the cryptocurrency. Following that, the project explored on experimental results of a binary classification task in predicting illicit transactions using machine learning models like Logistic Regression, Random Forest and Multilayer Perceptron, with a discussion of using new methods such as Graph Convolutional Network to better utilise the relational information that Bitcoin has to offer.
The Author examines various approaches to the definition of cryptocurrency, the issues of legislative regulation of cryptocurrency in Russia, proposes measures to counter crimes using cryptocurrency. Based on the study, the Author concludes that in order to regulate cryptocurrency transactions, as well as in order to create a uniform judicial practice in cases related to cryptocurrency, it is necessary to create a unified regulatory framework on the subject matter. The Author proposes to legislatively fix the definition of cryptocurrency, the conditions for its issuance, storage and execution of transactions with it, as well as the circle of persons authorized to carry out operations to create, exchange, etc. with cryptocurrency; conduct training of specialists in the field of cryptocurrency through training courses, lectures, seminars, conferences, etc., including abroad, as well as to ensure the exchange of experience between experts in the field of cryptocurrency; create a technical base in law enforcement to track cryptocurrency transactions; to ensure the formation of scientific schools in the field of cryptocurrency.