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Mayur Joshi, Nuruddin Ahmed, Jean‐Philippe Vergne
No abstract is available for this record.
Nadezhda Ya. Grinchinko, S.S. Ubiraev
The article analyzes the current state of digital economy and crypto currency. It also attempts to outline the main development directions of the Russian legislation on legal regulation of digital currency usage on the basis of current national legislation and foreign experience. Significant attention is given to digital economic concept, its main paths, development of legal framework for digitalization of economic processes. The article includes a review of modern scientific publications on questions under investigation and highlights the necessity of the complex approach both to the analysis of phenomena under study and to their legal regulation. It is also shown that crypto currency circulation is ambiguous and multifaceted and it has both financial advantages and criminological threat. Special consideration is given to the provisions of the draft law on “Digital Financial Assets”, the first project dedicated to the regulation of relations arising in the creation, release, storage and circulation of digital financial assets, which contains key definitions for the legal regulation of cryptocurrencies and transactions with them in the Russian Federation.
Stephan Breu, Theodor G. Seitz
First it has to be stated that Cryptocurrencies are mostly used for legal transfers between legitimate partners and are becoming more and more popular in our society. Any heavy regime of new regulations would make all transactions costlier and less convenient. Such negative economic impact is opposing the need of monitoring the financing structures of organized criminal and terrorist organisations. With the increasing importance of cryptocurrencies, a completely new field of complex problems is arising through the implied anonymity and complexity or sheer impossibility to track transfers in the dark net. As regulations in this new financial market will be difficult to enforce, it is necessary to establish international cooperation and capacity building to implement some possibilities for law- enforcement and intelligence entities to monitor the illegal parts of the capital flowing in these systems. To solve this situation, the focus should lie on the attempts to make the risk of detection of such transfers higher for the parties involved. Without interfering too strongly with the new financing system developing, this process asks for improved compliance and cooperation on all levels and capacities.
Anna NAZARUK
This research examines existence of Bitcoin bubble in the year of 2017 by studying time series data within four main paradigms of the modern bubble theory. All four models suggest that Bitcoin closing price was overstated during the period. The analysis also detects Bitcoin features that could lead to the behavioral bias on the cryptocurrency market. The study suggests that investors’ behavior on the crypto market should be investigated more within behavioral finance.
Нина Ефимова
The prerequisites and main trends in the development of the latest financial technologies (FinTech) are considered. The emerging approaches to the legal regulation of ICO and crypto currency in foreign countries and the European Union (EU) are analysed. It is concluded that the legal ways of regulating new phenomena are ambiguous while in the main states adhere to the principle of technological neutrality. In relation to the EU member states, there is a need to comply with the supranational legislation of the European Union. The conclusion about the high level of mobility of legal foundations in the field under investigation is made.
Andrea Monti
No abstract is available for this record.
М. М. Долгиева
The article is devoted to the theoretical justification of the need to introduce criminal law prohibitions on criminal encroachments in the sphere of cryptocurrency turnover in Russia. The author analyzes the principles and grounds for the criminalization of such acts in connection with their increased public danger. The article examines the prerequisites, grounds and justification for criminalizing criminal offenses in the field of cryptocurrency turnover, problems of applying current criminal law provisions to acts committed using cryptocurrency, examines the opinions of law enforcement officials, prosecutors and the court, relating to the category of cases considered. The author's position on problematic issues is presented.
Aleksey Minbaleev, Egor Safronov
The article is devoted to the study of legal resources, within the framework of information objects, the provision of Russian legislation. There are several approaches to the designation of the legal nature of detachments. The conclusion is that bloksn should not be considered as a separate information object. From the position of information law, offered primarily as a kind of information technology, on the basis of which there is a collection, processing, storage and transmission of information. From a legal point of view, the notebook can also be viewed as a decentralized distributed database ("ledger") of all confirmed transactions made with respect to certain assets, within the scope of which cryptographic algorithms lie. In the majority of cases, the block system should be considered as an information system, which is a register of information, as well as information processing technologies, including the formation and storage of accurate, specific data, confirming the totality of property and other rights and obligations of their holders, and allowing for electronic payments and other legally significant actions.
Anna Anuchkina, N.R. Gagieva, P.S. Mordovin
No abstract is available for this record.
Usman Chohan
No abstract is available for this record.
Karina Katsiuba, Vitaliy Perzhul, Oleksandr Hailiunas
No abstract is available for this record.
Authors unavailable
No abstract is available for this record.
Authors unavailable
No abstract is available for this record.
Egor Dubov, Maria Dubova
No abstract is available for this record.
K.V. Egorov, M.V. Fetyukhin
No abstract is available for this record.
Maria Constantinescu
No abstract is available for this record.
A. G. Demieva
the development of digital economics has taken on vital importance nowadays. Entrepreneurs in their business actively use digital technologies by which they enter into civil law relationships of different nature. Cryptocurrency usage in commerce is one of the most topical issues discussed in a legal community. The article analyzes an issue of legal regulation of cryptocurrency which logically follows digital technologies and digital economics development. Presently there are no legislative mechanisms of cryptocurrency turnover and usage regulation. The main aim of the article is to develop legal suggestions for cryptocurrency effective regulation. With this aim the author has analyzed cryptocurrency development trend in the Russian Federation, studied experience of foreign countries (USA, Germany, France, China and Japan). In his article the author offers for the legal community a single matrix of the cryptocurrency legal regulation which comprises three levels: international, regional and national.
Anton Starchenko
The article considers the legal framework for the use of smart contracts in Ukraine to assess the prospects for their use in contract law in the context of the digital transformation of the economy. A study of scientific views on the legal nature of a smart contract is presented. The features of blockchain technology, which predetermine the features of smart contracts and the specifics of their application, are considered. The definition of the place of a smart contract in the system of contracts is proposed. The analysis of Ukrainian and foreign legislation in the field of application of digital technologies and smart contracts in the economy was carried out. It has been determined that smart contracts are currently not regulated in the current legislation of Ukraine. Legislation regulating relations related to the use of information technology is just beginning to take shape. It is noted that the lack of internationally coordinated efforts to recognize the legitimacy of smart contracts can be a serious problem. It is concluded that a smart contract is an agreement that can be automated and enforced. This analysis will lead to a critical examination of whether the functionality of traditional contracts has been superseded by the emergence of smart contracts. It is noted that a smart contract is a combination of technological and legal aspects. As a result of the study, problems were identified, the solution of which at the legislative level will allow the introduction of smart contracts in various areas of economic activity. An important characteristic of these contracts is emphasized - automaticity and the possibility of enforcement. The imperfection of legal instruments for regulating the conclusion and execution of smart contracts is noted. It is concluded that a smart contract, taking into account its features, is a contractual structure and that the successful development of smart contracts requires legislative consolidation of the legal status of smart contracts, the parties to smart contracts, the procedure for organizing the protection of the interests of each side of the smart contract.
Elizaveta Gromova
The article is devoted to the study of legal nature of smart contracts. Smart contracts definitions are analyzed, the data in the project of the Federal law «About digital financial assets» № 419059-7 (passed by the Gosudarstvennaya Duma in the first reading 20.05.2018), and in the technical, legal and economic literature, and outlines the main approaches to defining the legal nature thereof. The author comes to the conclusion that nowadays smart contracts should be qualified as technical means of contract performance, and that the statutory rules applicable to electronic contracts cannot apply to smart contracts.
Надежда Филипова
Over the last years, the blockchain technology has attracted the attention of both business users and IT specialists. In essence, blockchain or a chain of blocks is a distributed and decentralized database replicated across the multiple nodes of a network. Until recently blockchain has been associated mainly with cryptocurrencies, but nowadays it is revealing its serious potential as a means of replacing the business models that facilitate the operations of business organisations and the communication between them. The utilisation of the advantages provided by blockchain, however, requires their appropriate interpretations within the framework of business processes. With reference to this, the article analyses some of the main concepts and mechanisms of this technology. Special attention is paid to the interrelation of blockchain and distributed ledger (DLT) technologies, hashing of transactions and data management through consensus as well as the so called “smart contracts”. A parallel is made between the capabilities of public and private blockchain. Based on this, the study defines the fundamental blockchain characteristics and the advantages resulting from them. It is suggested that the blockchain technology offers a solution to the primary problem of trust between people in the context of global communication and ensures better transparency, reliability and security of data and business processes. In addition, the author outlines certain potential technical and business risk that have to be taken into consideration in the process of data transfer with reference to blockchain.
Hazmi Tri Laksono, Muhammad Fuadillah Nugraha
No abstract is available for this record.
Andrew Burnie, James Burnie, Andrew Henderson
The rise of cryptocurrency as a new sui generis asset class creates a need for a new classification scheme to cover the wide range of functionality for which tokens can be used. By differentiating tokens based on their functional attributes, cryptocurrency tokens can be categorised into crypto-transaction tokens (which act as a cash substitute); crypto-fuel tokens (which underpin generic blockchain applications); and crypto-voucher tokens (which can be exchanged for a predefined asset). This classification is applied to identify important issues when considering whether to participate in a cryptocurrency system, such as the impact of potential forks, token supply expectations and the level of dependence on a few operators (entity-dependence). For crypto-transaction tokens (and crypto-fuel tokens if used in a similar or overlapping role) it shows the importance of the token being seen as a “better” form of money. For crypto-fuel tokens, the popularity of blockchain applications and the utility of the crypto-fuel system in application development is vital. For crypto-voucher tokens, the value of the underlying asset, the token’s exchangeability for that asset and the importance of a digital representation should be considered by participants. The interplay between fundamentals and speculation as drivers of price is considered.An erratum to this article has been published at as DOI: https://doi.org/10.5195/ledger.2018.151.
Елизавета Сомова
The current article deals with a performance of obligations arising from a smart contract. Author considers the possibility of legal definition of such a performance and application of a previously expressed consent in these circumstances. It is proved that the performance of obligations from a smart contract has its own legal characteristics that differ from what is described in the Civil Code of the Russian Federation as for performance of obligations, and is automated. Using the category «automated performance» the author refers to Russian bills and foreign acts on smart contracts. The author is to offer the following definition for practical use of smart contracts: «performance of obligations as well as using, modifying and ending of rights can be done automatically on the basis of electronic algorithm confirmed by parties by previously expressed consent with the provisions of a contract». The author also analyses the newest Russian and foreign practice as for performance of obligations from a smart contract, and courts positions if there is an omission in a smart contract.
Dmitry Fedorov
No abstract is available for this record.