FOREIGN EXPERIENCE IN LEGAL REGULATION OF THE USE OF CRYPTOCURRENCY AS A MEANS OF PAYMENT

Abstract

This article is devoted to the study of foreign experience in the legal regulation of cryptocurrencies, comparing their status by studying the experience of countries such as China, India, Japan, Venezuela. Cryptocurrencies have seriously affected the world since their appearance. States reacted differently to their appearance. Countries such as India or China, having banned them at the legislative level, have come to the gradual adoption and attempts to create their own, state-owned cryptocurrency. Venezuela, making an attempt to keep up with the times, has provided a project of its own, state-supported cryptocurrency. Consequently, they began to be able to control the process of cryptocurrency turnover, securing their status as a full-fledged means of payment at the legislative level. Many states have begun to consider cryptocurrencies as a commodity in order to be able to tax them with income tax.The relevance of this article is caused by the presence of some private law problems of regulating cryptocurrencies, which are discussed in this article. The article examines some legislative problems of using cryptocurrencies, and the impossibility of their regulation by states. In addition, the article emphasizes the need to create a single international standard for regulating cryptocurrencies, which would take into account the interests of all parties and ensure the security and transparency of operations with cryptocurrencies.