Liability in the field of digital payment systems and cryptocurrencies: mission is (im)possible?

Liydmyla Panova,Oleh Synieokyi,Siuzanna Tsurkanu,Ivan Prymachenko,Zoriana Dilna

doi:10.34069/ai/2021.42.06.17

Abstract

An electronic payment system is a system of settlements between different organizations and Internet users when buying or selling goods or services over the Internet. The relevance of the research topic is that electronic payment systems are used widely at the present stage of the development of society. This area has not escaped criminal activity. Penalties for digital payment systems and cryptocurrencies should be commensurate with the level of damage caused. The article analyzes the international legal establishing liability for this type of crime. At the instant, it remains an open question for further study of the legal status of cryptocurrency in different countries and the settlement of penalties for violations in the field of digital payment systems and cryptocurrency. Research methods: comparison, observation, analysis, synthesis, analogy, the system method, generalization method, and formal-legal method. According to the results of the study, the international comparative aspect of the types of liability for offenses in the field of digital payment systems was analyzed; the issue of criminal liability for offenses in the field of digital payment systems and cryptocurrencies, as a key punishment for these actions; identified means of protection of payment systems; the issue of legal regulation of cryptocurrency in different countries.

Highlights

The methodological basis for the study of types of liability in the field of digital payment systems and cryptocurrency in the international comparative aspect is a set of methods and techniques of scientific knowledge, the use of which is due to the legal regulation of digital payment systems and cryptocurrency in different countries
To compare the experience of foreign countries in regulating digital payment systems and cryptocurrency, it was necessary to identify the general principles of the legal status of the subject of study, which allowed to find a general algorithm in building a system to combat cybercrime and punishment for such crimes; 3) method of observation
According to Alekseev, legal liability should be understood as the application to the guilty person of measures of state coercion for the offense (Alekseev, 1999); russian lawyers Senyakin and Chernykh expand the interpretation of legal liability by highlighting the legal relations arising from the offense between the state in the person of its appropriate bodies and the offender, who is obliged to suffer appropriate deprivation and adverse consequences for the offense, for violation of the requirements contained in the law (Serdyuk, 2010); according to Serdyuk (2011), legal liability can not be associated only with law enforcement relations, as it can be carried out within the regulatory relationship, which is characteristic of the branches of private law

Summary

Introduction

There are a large number of payment systems that differ in different countries. Payment systems are the central means by which shocks are transmitted in domestic and international money and other markets. Efficiency, effectiveness, and security are the main requirements for both the payment system of an individual country and the global financial system as a whole. These requirements can be met by electronic payment systems that use the latest advances in technology. Experts attribute the emergence of e-shops and a new form of payment – e-money – to its appearance

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Results

Conclusion