Revisiting the formation of the legal status of cryptocurrency in the Russian legislation

Yulia A. Polyakova; Olga A. Vorobyova; Elena M. Chertakova; Nina V. Olinder; Natalya Z. Mazur

Yulia A. Polyakova Togliatti State University, Togliatti (Russia).
Olga A. Vorobyova Togliatti State University, Togliatti (Russia).
Elena M. Chertakova Togliatti State University, Togliatti (Russia).
Nina V. Olinder Togliatti State University (Russia).
Natalya Z. Mazur Bashkir State University (Russia).

Keywords: Cryptocurrency, legal status of cryptocurrency, bitcoin, legal protection of cryptocurrency relations, digital currency, blockchain.

Abstract

The paper provides insight in to the concept of cryptocurrency as considered by national and foreign authors, the principles of its functioning and the need to establish its legal status. Formulated is the definition of cryptocurrency, and the thesis that cryptocurrency can be classified as "other property" is grounded. The need for an official legislative definition of cryptocurrency attributes to the growth of transactions, cryptocurrencies trading at "official" marketplaces, and a change in the Russian government’sattitude towards cryptocurrencies from its banning to acceptance. One of the threats to the cryptocurrency turnover in financial markets was its "imaginary" anonymity –it has been generally accepted that cryptocurrency transactions are completely anonymous. However, all transactions are recorded on a public blockchain, and the key problem is to identify the account holder. Thus, it is not the account holder's identity that is anonymous, but rather an actual transaction. In our opinion, this problem can be solved by applying a series of computer-aided tests.

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Author Biographies

Yulia A. Polyakova, Togliatti State University, Togliatti (Russia).

Lecturer, Department of Business and Employment Law, Togliatti State University, Togliatti (Russia).

Olga A. Vorobyova, Togliatti State University, Togliatti (Russia).

PhD in Pedagogy, associate professor, the Head of Business and Employment Law Department, Togliatti State University, Togliatti (Russia).

Elena M. Chertakova, Togliatti State University, Togliatti (Russia).

PhD in Pedagogy, associate professor, Department of Business and Employment Law, Togliatti State University, Togliatti (Russia).

Nina V. Olinder, Togliatti State University (Russia).

PhD in Law, associate professor, the Head of Constitutional and Administrative Law Department, Togliatti State University (Russia).

Natalya Z. Mazur, Bashkir State University (Russia).

Habilitation degree in Economics, associate professor, Professor at Bashkir State University (Russia).

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