Daniil R. ZHESTKOVDiplomatic Academy of Ministry of Foreign Affairs of Russian Federation, Moscow, Russian Federation norwdaniel@gmail.com ORCID id: not available
Subject. This article analyzes the use of cryptocurrencies in international and domestic settlements. Objectives. The article aims to analyze current approaches to government regulation of cryptocurrencies in various countries, and identify successful practices and risks associated with the lack of regulation. Methods. For the study, I used a comparative analysis, as well as SWOT and PEST analyses. Results. The article reveals the diversity of approaches to cryptocurrency regulation in various countries and identifies the specific features of legal regulation in the Russian Federation, including an analysis of the federal laws adopted in 2024 that legalize mining and permit the use of cryptocurrencies in international settlements within the framework of experimental legal regimes. It systematizes the international experience in cryptocurrency regulation, assesses the current regulatory framework of the Russian Federation, and indicate possible areas for its improvement, taking into account modern economic realities and technological trends. Conclusions. There is the need for a balanced approach to regulating cryptocurrencies that would take into account risks to financial stability and economic development, as well as promote international cooperation and the development of the crypto economy.
Keywords: cryptocurrencies, government regulation, calculation tool, trade relations, blockchain
References:
Genkin A.S., Mikheev A.A. Blokchein dlya vsekh: Kak rabotayut kriptovalyuty, BaaS, NFT, DeFi i drugie novye finansovye tekhnologii [Blockchain for Everyone: How Cryptocurrencies, BaaS, NFT, DeFi and Other New Financial Technologies Work]. Moscow, Al'pina Pablisher Publ., 2023, 592 p.
Ostal'skii A.V. Novaya istoriya deneg: ot poyavleniya do kriptovalyut [A New History of Money: From Appearance to Cryptocurrencies]. Rostov-on-Don, Feniks Publ., 2022, 366 p.
Stanford E. Likhaya kripta. Kto i kak zarabatyvaet na tsifrovykh valyutakh [Wild Crypto. Who and How Earns on Digital Currencies]. Moscow, Bombora Publ., 2024, 336 p.
Churilov A.Yu. Pravovoe regulirovanie primeneniya tekhnologii blokchein: monografiya [Legal Regulation of Blockchain Technology Application: a monograph]. Moscow, Yustitsinform Publ., 2021, 152 p.
Krylov G.O., Seleznev V.M. [State and Prospects for the Development of Blockchain Technology in the Financial Sector]. Finansy: teoriya i praktika, 2019, vol. 23, no. 6, pp. 26–35. (In Russ.) DOI: 10.26794/2587-5671-2019-23-6-26-35 EDN: IDGBUW
Plekhanova L.S. [Cryptocurrencies as a Socio-Economic Phenomenon]. Vestnik Moskovskogo universiteta. Seriya 6: Ekonomika, 2023, no. 3, pp. 85–107. (In Russ.) DOI: 10.55959/MSU0130-0105-6-58-3-5 EDN: ZSEDTN
Yakovleva A.S. [Ways of Money Laundering through Cryptocurrency]. Inzhenernye kadry – budushchee innovatsionnoi ekonomiki Rossii, 2022, no. 1, pp. 862–864. (In Russ.) EDN: SJQVAD
Nakamoto S. Bitcoin: A Peer-to-Peer Electronic Cash System. 2008. DOI: 10.2139/ssrn.3440802
Antonopoulos A.M. Mastering Bitcoin: Programming the Open Blockchain. 2nd ed. O'Reilly Media, 2017, 416 p.
Tapscott D., Tapscott A. Blockchain Revolution: How the Technology Behind Bitcoin Is Changing Money, Business, and the World. Portfolio. Penguin, 2016, 384 p.
Swan M. Blockchain: Blueprint for a New Economy. O'Reilly Media, 2015, 152 p.
Werbach K. The Blockchain and the New Architecture of Trust. MIT Press, 2018, 344 p.
Vigna P., Casey M.J. The Age of Cryptocurrency: How Bitcoin and Digital Money Are Challenging the Global Economic Order. St. Martin's Press, 2015, 368 p.
Böhme R., Christin N., Edelman B., Moore T. Bitcoin: Economics, technology, and governance. Journal of Economic Perspectives, 2015, vol. 29, no. 2, pp. 213–238. DOI: 10.1257/jep.29.2.213
Yermack D. Chapter 2 – Is Bitcoin a real currency? An economic appraisal. Handbook of digital currency, 2015, pp. 31–43. DOI: 10.1016/B978-0-12-802117-0.00002-3
Danilova O.A. [Risks of Using Cryptocurrency for Money Laundering and Terrorism Financing: Issues of Legal Regulation of Digital Currency Circulation]. Finansovoe pravo, 2023, no. 2, pp. 26–30. (In Russ.) DOI: 10.18572/1813-1220-2023-2-26-30 EDN: PCOQMB
Kolesova I.V., Stas' T.A. [Cryptocurrency: Opportunities and Threats]. Finansovye issledovaniya, 2018, no. 4, pp. 173–178. (In Russ.) EDN: VNWPUR
Vasheva A.A., Beletskaya A.A. [Problems of Legal Regulation of the Cryptocurrency Market in Modern Banking Law]. Tendentsii razvitiya nauki i obrazovaniya, 2024, no. 116-6, pp. 43–45. (In Russ.) DOI: 10.18411/trnio-12-2024-242 EDN: LXPMRO
Pozdyshev R.S. [Cryptocurrency as a Threat to the Financial-Legal Supervision Mechanism in Combating Money Laundering and Terrorism Financing]. Nauka sredi nas, 2019, no. 8, pp. 125–128. (In Russ.) EDN: JSUQLN
Glotov V.I., Mikhailov D.M. [Security Problems of Cryptocurrency Services]. Federalizm, 2018, no. 1, pp. 134–143. (In Russ.) EDN: YWJNAY
Kuz'michev M.G. [Cryptocurrency in the US Legal System: Issues of Legal Regulation, Taxation and Crime Prevention]. Vestnik Krasnodarskogo universiteta MVD Rossii, 2021, no. 2, pp. 38–43. (In Russ.) EDN: IBFGFR
Kulachenkova V.V., Morkovkin D.E. [State Regulation of Margin Trading in the Cryptocurrency Market: Analysis of Best Global Practices]. Vestnik Evraziiskoi nauki, 2024, vol. 16, no. S6. (In Russ.) EDN: LPQKZI
Mosakova E.A. [Development of China's Crypto Market in the 21st Century: From Banning Cryptocurrencies to Issuing the Digital Yuan]. Vestnik Moskovskogo universiteta. Seriya 27: Globalistika i geopolitika, 2021, no. 2, pp. 29–37. (In Russ.) DOI: 10.56429/2414-4894-2021-36-2-29-37 EDN: JJVJHD
Dubov E.I., Dubova M.E. [Prospects for the Development of Legal Regulation of Cryptocurrency in the Russian Federation. Scientific Opinion]. Nauchnoe mnenie. Ekonomicheskie, yuridicheskie i sotsiologicheskie nauki, 2018, no. 4, pp. 59–63. (In Russ.) DOI: 10.25807/PBH.25419838.2018.4.59.63 EDN: YVUQKT
Bystryakov A.Ya., Nenovskii N., Ponomarenko E.V. [Monetary Innovations and Digital Economy: The Response of the State, Society and Universities]. Vestnik Rossiiskogo universiteta druzhby narodov. Seriya: Ekonomika, 2018, vol. 26, no. 4, pp. 742–759. (In Russ.) DOI: 10.22363/2313-2329-2018-26-4-742-759 EDN: VXHPVT
