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Innovative properties, positive and negative effects of cryptocurrency turnover on the economy

Vol. 24, Iss. 9, SEPTEMBER 2018

Received: 25 October 2017

Received in revised form: 26 June 2018

Accepted: 16 July 2018

Available online: 28 September 2018

Subject Heading: Financial system

JEL Classification: G18, O31, E42

Pages: 2033–2041

Kochetkov A.V. Rostov State University of Economics, Rostov-on-Don, Russian Federation

ORCID id: not available

Importance The article considers the nature and characteristics of cryptocurrency, being the innovative financial instrument and a new form of money in a market economy, which is understudied. The tasks of the State include creation of regulatory environment, protection of cryptocurrency market participants and development of its infrastructure. It is crucial to de-anonimize cryptocurrency-denominated transactions to combat terrorist financing and money laundering.
Objectives The aim is to perform a complex analysis of innovative properties of cryptocurrency, identify the effects of cryptocurrency turnover and its impact on the economy, assess the economic and legal status of cryptocurrency in the Russian Federation.
Methods The research employs methods of analysis, comparison, generalization, and the formal-logical method.
Results The article reveals the cryptocurrency turnover effect on the economy. It describes factors affecting the supply and demand of cryptocurrency, assesses the economic and legal status of cryptocurrency in the Russian Federation.
Conclusions The scientific analysis demonstrates both positive and negative effects of cryptocurrency turnover. It reveals the absence of mechanism for statutory regulation of cryptocurrency turnover in Russia. The article concludes that cryptocurrency turnover is subject to regulation and control by the State, underpins the need for legal framework and regulatory and supervisory authorities to ensure the security of economic space, counteraction to terrorism financing and money laundering. The findings may be used by the State to formulate the cryptocurrency policy and develop the governing law.

Keywords: cryptocurrency, virtual currency, blockchain, terrorism financing


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