Objects of Currency Legal Relationships in the context of Countering Restrictive Measures Imposed by Unfriendly States

Abstract

The paper analyzes the process of expanding the list of objects of currency legal relations, including related to the policy pursued by the Russian Federation to counter restrictive measures imposed by the United States and unfriendly states and international organizations that have joined them. The author analyzes the category of «currency values». The author concludes that the category of currency values appeared due to legal and technical reasons: the use of the term «currency values» makes it possible to make the text of the document more concise, eliminating unnecessary enumeration of objects of currency legal relations. The author highlights that the current concept of attributing objects of currency legal relations to currency values leads to a hidden depreciation of the national currency of the Russian Federation. It is emphasized that the recognition of digital financial assets and hybrid digital rights based on them as objects of currency legal relations blurs the line between these digital rights and digital currency. At the same time, within the framework of currency relations, digital financial assets should be considered as an analogue of securities rather than as a currency. The reason why digital financial assets are recognized as an object of currency legal relations, but digital currencies are not, is that the latter do not have a person bound by them. The prognosis is made that due to the existing request and subject to the adoption of the necessary regulatory framework, digital currencies may become the object of currency legal relations and be used to a limited extent for cross-border settlements.