Home  Journals  Finance and Credit  10(778) - 2018 October

Cryptocurrency within the legal framework

Vol. 24, Iss. 10, OCTOBER 2018

Article PDF Version

Received: 16 May 2018

Received in revised form: 25 June 2018

Accepted: 9 July 2018

Available online: 31 October 2018

Subject Heading: Financial system

JEL Classification: H2, H21, M48

Pages: 2175–2183

https://doi.org/10.24891/fc.24.10.2175

Subject This article discusses the issues related to the legal form of cryptocurrency in financial systems in various States and Russia. The article analyzes the most significant changes in the economy and finance, which became preconditions for the introduction of cryptocurrency.
Objectives The article aims to determine the options of the legislator's general approach to the cryptocurrency management.
Methods For the study, I used a comprehensive approach and the general-to-specific reasoning method.
Results The article defines three approaches to the management of cryptocurrency, which can be used by the legislator. They can be called as the negative, progressive, and neutral ones.
Conclusions The article concludes that cryptocurrencies have spread due to certain objective reasons, and they are an objective phenomenon. There are real reasons for their development, not just short-term speculation. It is important not to miss certain benefits of the financial innovation and to prevent potential adverse effects on the financial system at the same time.

Keywords: cryptocurrency, financial law, money circulation, virtual currencies

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