This article presents the main economic and legal approaches to determining the status of the cryptocurrency. It is proved that the establishment of effective regulation of the crypto currency is impossible without an understanding of its economic nature. Cryptocurrency is regarded as a currency (digital or virtual currency, analogue of the currency, money), as a universal financial instrument, commodity (property, asset, property), money surrogate. There are the main conceptual recommendations for the regulation of the cryptocurrency as a new economic and legal phenomenon.
Stephen Chan, Jeffrey Chu, Yuanyuan Zhang, Saralees Nadarajah
In financial trading, cryptocurrencies like bitcoin use decentralization, traceability, and anonymity features to perform transactional activities. These digital currencies, using the emerging blockchain technologies, are forming the basis of the largest unregulated markets in the world. This creates various regulatory challenges, including the illicit purchase of drugs and weapons, money laundering, and funding terrorist activities. This chapter analyzes various legal and ethical implications, their effects, and various solutions to overcome the inherent issues that are currently faced by the policymakers and regulators. The authors present the result of an analysis of 30 recently published peer-reviewed scientific publications and suggest various mechanisms that can help in the detection and prevention of illegal activities that currently account for a substantial proportion of cryptocurrency trading. They suggest methods and applications that can also be used to identify the dark marketplaces in the future.
The analysis of using so-called smart contracts, which have become widespread in recent years. The definition of the term “smart contract” is given, some classification is offered for them. A comparative analysis of traditional and smart contracts in the part of legal regulation of their application was conducted. The article formulates legal problems of the theoretical and practical direction, which are a significant barrier to the use of smart contracts in the context of widespread use of Internet of Things, some solutions have been suggested for them.
The article presents the prospects for using distributed registry technologies (blockchain) in various socio-economic spheres related to state and municipal administration. Provided examples and forecasts of the use of blockchain technologies in the provision of state and municipal services for individuals and legal entities in the following areas: - formation of a unified register containing the history of the placement of the state, municipal order, as well as procurement of corporations with state participation and / or control; - registers of documents (diplomas, certificates, lost and disavowed passports, policies for movable and immovable property insurance, health, etc.); - database of court decisions and executive proceedings; - portals of public participation of citizens in the affairs of the district - city - country. The fact that the blockchain technology is, first of all, the principles, and not the only possible way of implementing them, allows us to count on maximum openness and multivariate application in a dynamically changing digital world .
The article explores the problem of the legal regulations of cryptocurrencies, considering socio-economic factors and changes in the modern globalized world.
The article discusses issues related to the use of cryptocurrency in the world and in Russia. In particular, the author conducted a statistical study of the market volume, basic trends in the use of cryptocurrencies. Examines the main approaches to attract citizens to use crypto currencies for payment services, and also analyzes the problems faced by Russian business in this area.
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Economic and Technological Developments in Russia
Security, Politics, and Digital Transformation
Digitalization and Economic Development in Agriculture
The paper discusses the future development of the cryptocurrency in the Russian Federation. At present, it can be defined as a new financial instrument based on distributed registry technology (Blokchein). It is the lack of server storage and a single issuer, the relative anonymity (pseudonymity) and mobility calculations allow us to consider financial cryptocurrency to be a technology of the future. Evaluation of the prospects for the development of the regulatory and protective law of the Russian Federation, the author begins with an assessment of the world's leading strategies for regulating the virtual currency: permissive, prohibitive and observant. The author argues the problem of searching for the optimal model of the cryptocurrency legalization, considering it to be a kind of a computer program: means of exchange, a monetary symbol, a cashless cash, an electronic money and a security, a commodity, other property, property right, etc. Particular attention is paid to the critical analysis of the draft federal law on the declaration of a crypto currency by a surrogate and the introduction of a new composition in the Criminal Code of the Russian Federation - article 187.1 "Turnover of money surrogates" with the establishment of responsibility in the form of a fine of up to 500 thousand rubles or imprisonment for up to four Years for production, purchase for sale, as well as the sale of money surrogates. As one of the developers of the draft law on legalization of the cryptocurrency in the Russian Federation, the author of this paper identifies the most important aspects that need in legal control. They are identification of exchange sites and the user, verification of transactions based on documents, data and information (validation), determination of the beneficial owner, Relations and monitoring of transactions with the cryptocurrency in accordance with the risk profile.
One of the key problems of blockchain technology is lack of control of users, organized societies, and state authorities over the transactions and asset on the decentralized network. The distributed ledger and blockchain are interesting as an example of new technology, which is the rule not only for users but also for governments. Technology-driven rules can be viewed as a technological law for blockchain users and legislative authorities. No legal regulation can change the anonymity or immutability of blockchain. Only another technology could turn the situation around. This is a lesson for every lawyer to learn not only the law but the scope of technology. The purpose of the article is an analysis of modern determinants of control distribution over assets, transactions, and decentralized organizations on blockchain distributed network. The article shows how control appears in a variety of different situations on blockchain network. Examples range from the individual and organizational control to control over the networking system discussing the possibilities of the participants to exercise control. On the base of the legal cases, the ability of controlling shareholder, directors, managers, governments, stakeholders and users of crypto-communities to control the organization, transactions and assets are discussed.
The presentation is dedicated to problems and approaches in the legal regulation of the use of one of the cryptocurrencies -Bitcoin. Currently Bitcoin causes bigger interest among the world society, which is connected, in particular, with the highly increased exchange rate of this cryptocurrency. A number of countries have already formed a well-defined position and created a legal basis for development or for a complete or partial restriction of this cryptocurrency. But at the moment the most part of the world countries do not have a legal and regulatory framework of Bitcoin. In this presentation there is an analysis identifying pros and cons of this cryptocurrency and also the consequences of its further integration into the biggest world countries. Besides, our group has considered the experience of the number of countries in which the legal regulation of this cryptocurrency is established. The research offers a way for the further legal regulation of Bitcoin in Russia.
The aim of this thesis is to describe the basic functional principles of digital cryptocurrencies and its economical and legal aspects. Digital cryptocurrencies are young and dynamic phenomenon in financial transactions, which represents an alternative to the traditional national currencies. This thesis is divided into three main parts. In the first part the digital currencies and its function is discussed, the economical aspects of digital currencies and its impact on the theory of money are the main theme of the second part. The final, third part is discussing the legal aspects of digital currencies within the Czech legal system. The first part of this thesis introduces digital currencies, the operation of the whole system and also the basic terminology related to the digital currencies, which is necessary for understanding the subject. These essential aspects and features are being mostly illustrated on the case of the oldest and most famous digital currency - bitcoin - in favour of clarity. The second part of this thesis is discussing the economical aspects of digital currencies. The opening of this part is dedicated to the terminology, particularly terms "money" and "currency". Clear definition of these terms and setting out the differences between them in the sense of economic theory is...
The research focuses on the assessment of the criminal turnover of crypto currency as the most sought-after product of the distributed ledger technology (blockchain). The subject of the research is crimes in which the virtual currency is either a means or an object of criminal assault. The research objectives were the search for criminological regularities in the commission of crypto crimes and the assessment of advantages and risks of the virtual currency turnover. The methods of comparative, criminological and statistical analysis made it possible to analyze the above risks through the prism of economic and constructive features of distributed ledger technology (DLT) and identify the most common ways of committing crimes, while the classification of methods of criminal use of the blockchain supported by examples of judicial practices defined prospective areas of the preventive activity. Based on the research findings it was concluded that the cooperation between countries in monitoring crypto crimes and development of a legislative basis for their prevention needs to be expanded.
This thesis analyzes the texts of Bitcoin as a particular case for Neoliberal discourse as it is developed by Austrian School of Economics. Fundamental concepts of the Austrian School of Economics are based on individual liberty. This liberty considered to be possible only in the absence of the state in their theories. This absence defined in terms of states’ non-interference to market. The texts of Bitcoin follow a similar trail of thought and conceptualize freedom on the basis of individual liberty versus state and financial institutions. By claiming to bypass the intermediary institutions which are ‘hampering’ free-market, the texts of Bitcoin argue to overcome the control of the authorities. The main problematic of this thesis is to discuss how the market relations in Neoliberal discourse reduce the notion of freedom to financial freedom produced by market laws. Texts of Bitcoin claim to bypass authority of the state and intermediary institutions with the logic of free-market and the technology they propose. By discussing their main problematization and their claims this thesis aims to show what kind of governance Bitcoin aims to bring with the logic of pure market relations.
The main aim of this diploma thesis is to find out how the Czech printed media face relatively new and complex phenomenon that emerged in the monetary sphere - virtual currency bitcoin. Through the means of quantitative content analysis, all printed titles showing relevant references to bitcoin between the years 2009 and 2016 were examined. The thesis is divided into several chapters. The theoretical part contains different media concepts dealing with the agenda-setting, the creation of a media portrayal and the construction of social reality through mass media. From a theoretical point of view, the cryptocurrency bitcoin was also subject for detailed analysis. The following methodological part of the thesis introduces the main objective of research, research questions and research design. The analytical part provides a clear overview of the results obtained, then interpreted and compared with predetermined hypothesis. The overview of collected findings about the media image of the virtual currency bitcoin in the Czech press are summarized in the conclusion. The thesis is the first paper to deal with the issues of the virtual currency bitcoin from the point of view of media discourse in the Czech Republic, and its ambition was to gather completely new information on this topic.
Much significant research has been done to investigate various facets of the link between Bitcoin price and its fundamental sources. This study goes beyond by looking into least to most influential factors-across the fundamental, macroeconomic, financial, speculative and technical determinants as well as the 2016 events-which drove the value of Bitcoin in times of economic and geopolitical chaos. We use a Bayesian quantile regression to inspect how the structure of dependence of Bitcoin price and its determinants varies across the entire conditional distribution of Bitcoin price movements. In doing so, three groups of determinants were derived. The use of Bitcoin in trade and the uncertainty surrounding China's deepening slowdown, Brexit and India's demonetization were found to be the most potential contributors of Bitcoin price when the market is improving. The intense anxiety over Donald Trump being the president of United States was shown to be a positive determinant pushing up the price of Bitcoin when the market is functioning around the normal mode. The velocity of bitcoins in circulation, the gold price, the Venezuelan currency demonetization and the hash rate were found to be the fundamentals influencing the Bitcoin price when the market is heading into decline.
Шульгина Анастасия Николаевна, Колядина Марина Геннадьевна, Бикалова Надежда Александровна
в работе рассмотрены основные особенности платежной системы Bitcoin, история и перспективы развития данной системы. Приведены сведения по использованию данной платежной системы в разных странах, а также выполнен краткий анализ позитивных и негативных сторон использования Bitcoin. Системы стимулирования развития операций с данной «валютой». Развитие информационных технологий способствует развитию системы быстрых платежей. Отношение к данному процессу неразрывно связано с уровнем развития и культуры и экономики стран. Приведенные положения являются самыми важными, но не единственными, которые делают систему ВТС противоречивой, неповторимой, притягательной и непредсказуемой. Идеи Bitcoin революционны, несут в себе возможность создания уникальной финансовой системы, при которой люди будут защищены от любых посягательств на их капитал
Tema ovog rada su kriptovalute. Budući da većina ljudi nije pravodobno upoznata s ovom temom, ovaj rad prikazuje i opisuje kriptovalute te način na koji se upotrjebljuju u svakodnevnom životu. Kriptovalute (eng. cryptocurrency) digitalne su valute dizajnirane kao sredstvo razmjene. Poznate su po tome što su državne agencije i banke isključene iz procesa razmjene. Kriptovalute omogućuju jednostavnu, jeftinu i brzu transakciju na području cijeloga svijeta. Trenutno najisplativije kriptovalute su Bitcoin i Ethereum, a u radu je opisana njihova korisnost, prednosti i mane. Budući da se Bitcoinu predviđa uspješna budućnost i sve je prisutniji i prihvatljiviji na tržištu, u radu su navedeni primjeri iz Hrvatske koji to potvrđuju. Sve veći broj poduzetnika odlučuje se za uvođenje kriptovaluta. U primjerima je obuhvaćen širok spektar djelatnosti, od frizerskih usluga, preko raznih tvrtki koji se bave prodajom računalne opreme, ugostiteljskih usluga preko mogućnosti brzog i lakog podizana gotovine na kripto bankomatima pa sve do plaćanja komunalnih usluga, pa čak i humanitarno djelovanje. Mnogi smatraju da su kriptovalute samo sinonim za prijevare i pranje novca, no programeri tvrde da su kriptovalute samo jedna vrsta tehnologije, alat koji sam po sebi ne može biti ni dobar ni loš, ovisno o tome za što se koristi. Autor ovoga rada proveo je istraživanje o tome kako se može besplatno započeti trgovanje kriptovalutama te je anketom ispitao stavove ispitanika o implementaciji kriptovaluta u društvu.