The Issue of the Concept, Features and Types of Digital Currencies

Abstract

The article examines the key theoretical and legal aspects of such institutions as digital currencies, cryptocurrencies and electronic money, identifying their common component, as well as fundamental differences. The legal nature of the relations that arise when owning digital currencies and cryptocurrency as its variety is studied, as well as the place of various digital currencies in the system of objects of civil rights in Russian and foreign legislation. Within the framework of legal science, a scientific discussion regarding approaches to the legal regulation of the circulation of digital currencies has been explored, developed in the following three main areas: civil law, financial law and criminal law. Taking into account the theoretical and practical aspects of the emerging legal regulation of digital currencies, as well as taking into account the economic and technical features of this institution and its subtypes, the corresponding concept and classification have been formed. Based on the results of the study, conclusions were drawn that during the period from 2014 to the present, the Russian regulator changed the direction of its policy in terms of legalizing the legal status of digital currencies from a prohibitive nature to a neutral one, while to date no systemic decisions or framework regulations were made. Digital currencies continue to be in the “gray zone”, thereby generating legal uncertainty in the field of enforcement. It is concluded that due to the implementation digital ruble as the digital currency of the Central Bank of Russia, by analogy with foreign jurisdictions, the issue of forming basic civil legislation in Russia will be worked out, which will create a regulatory framework for the institutions under consideration, as well as will develop a unified approach in terms of legal assessment and interpretation of legal relations arising in this area.