+7 925 966 4690, 9am6pm (GMT+3), Monday – Friday
ИД «Финансы и кредит»






International Accounting

The mechanism of credit transfers via the Blockchain

Vol. 23, Iss. 5, MAY 2020

PDF  Article PDF Version

Received: 4 May 2020

Received in revised form: 7 May 2020

Accepted: 11 May 2020

Available online: 15 May 2020


JEL Classification: G21, К33, Р34

Pages: 567–584


Efimova L.G. Kutafin Moscow State Law University (MSAL), Moscow, Russian Federation

ORCID id: not available

Subject. Money transfers via Blockchain-based banking and payment systems employ a procedure combining the traditional mechanism of gross settlements and P2P network, which is also run with the Blockchain. Therefore, the relationship between payment peers is mixed too.
Objectives. The study aims to set up a legal mechanism of credit transfers which synergistically combines two payment procedures, i.e. traditional gross settlements via the national banking system and P2P payments based on the Blockchain.
Methods. The study relies upon systemic-structural, dialectical, logic methods, induction, deduction, legal forecast, legal modeling and comparative method (legal comparison).
Results. I examine how advantages of Blockchain-based payment systems and banking payment systems can be combined. This will streamline and smooth settlements, allowing to use the fiat currency in the beginning and at the end of credit transfers. The article highlights four phases of a mixed money transfer, i.e. the preliminary creation of a Blockchain-based node, accession to the protocol, opening of cryptocurrency accounts and e-wallets; the commencement of a money transfer under traditional rules of payment laws; interbanking settlements via the Blockchain and crediting of money under ordinary rules of the payment laws.
Conclusions and Relevance. When credit transfers migrate from conventional bank accounts to the Blockchain, the fiat currency converts into the cryptocurrency and vice versa. I analyzed types of social relations emerging through the above phases and sources of legal regulations. The findings can be used in the theory of civil and banking laws, law making processes for the preparation of regulatory documents on cashless payments, and IT regulations.

Keywords: blockchain, credit transfer, P2P cashless payment, cryptocurrency conversion, fiat currency


  1. Meitinger T. Smart Contracts. Informatik-Spektrum, 2017, no. 4, pp. 371–375. URL: Link
  2. Efimova L.G. [Sources of public relations legal regulation in cyberspace]. Lex Russica, 2020, vol. 73, no. 3, pp. 114–120. (In Russ.) URL: Link
  3. Godefroy L.D. Le code algorihmique au service du droit. Recueil Dalloz, 2018, no. 14, pp. 713–792.
  4. De Filippi P., Hassan S. Blockchain Technology as a Regulatory Technology: From Code is Law to Law is Code. First Monday, 2016, vol. 21, no. 12. URL: Link
  5. Vasilevskaya L.Yu. [Token as a new civil rights object: Issues of legal classification of digital law]. Aktual'nye problemy rossiiskogo prava = Actual Issues of the Russian Law, 2019, no. 5, p. 117. URL: Link (In Russ.)
  6. Nurmukhametov R.K., Stepanov P.D., Novikova T.R. [Blockchain technology and its application in trade finance]. Finansovaya analitika: problemy i resheniya = Financial Analytics: Science and Experience, 2018, vol. 11, iss. 2, pp. 179–190. (In Russ.) URL: Link
  7. Genkin A., Mikheev A. Blokchein: Kak eto rabotaet i chto zhdet nas zavtra [Blockchain. How does it work? What shall we expect tomorrow?]. Moscow, Al'pina Pablisher Publ., 2018, 592 p.
  8. Efimova L.G. [Cryptocurrencies as a focus of the civil law]. Khozyaistvo i pravo = Business and Law, 2019, no. 4, pp. 17–25. (In Russ.)

View all articles of issue


ISSN 2311-9381 (Online)
ISSN 2073-5081 (Print)

Journal current issue

Vol. 27, Iss. 6
June 2024