Email this article The Role and Powers of the Central Bank of the Russian Federation in Regulating the Circulation of Cryptocurrencies: Development Prospects
- Authors: Balanyuk L.L.1, Gurko A.V.1
-
Affiliations:
- Plekhanov Russian University of Economics
- Issue: Vol 16, No 6 (2023)
- Pages: 68-75
- Section: Private Law (Civil) Sciences
- URL: https://journals.rcsi.science/2072-3164/article/view/232134
- ID: 232134
Cite item
Open Access
Access granted
Subscription Access
Abstract
The purpose of the research. The article examines the features of the legal regulation of the circulation of cryptocurrency in Russia as a type of digital currency to determine the extent of the shortage of legal instruments in the field of regulation, supervision and control of the cryptocurrency market. Results. Despite Russia’s leading position in terms of cryptocurrency settlements and miningn legislation lacks the terminology necessary to regulate the cryptocurrency market. This situation leads to the lack of definition of permitted and prohibited types of activities in the cryptocurrency market, adequate application of taxation to all cryptocurrency transactions, and not just to operations for the alienation of cryptocurrency, the absence of a methodology for measures and types of legal liability for violations in cryptocurrency turnover. In addition, the position of the Central Bank of the Russian Federation is to prohibit not only settlements in cryptocurrency, but also any operations related to it.
To solve this problem of eliminating the legal vacuum in the field of cryptocurrency turnover, it is necessary to determine the terminology necessary for legislative implementation, defining the features of cryptocurrency operations, and the classification of digital currencies.
The article analyzed different methodological approaches of the Central Bank of the Russian Federation, the Government of the Russian Federation and the EAEU bodies to the possibility of using cryptocurrency as a payment instrument. The authors of the article propose their own classification of types of digital currencies, which will make it possible to determine the powers of the Central Bank of the Russian Federation in terms of regulatory, control and supervisory functions regarding the issuance and circulation of various types of existing digital currency in general and cryptocurrency in particular.
Keywords
Full Text
##article.viewOnOriginalSite##About the authors
Leonid L. Balanyuk
Plekhanov Russian University of Economics
Author for correspondence.
Email: Balanyuk.LL@rea.ru
Scopus Author ID: 56902655600
ResearcherId: 9288-2016
Cand.Sci.(Law), Associate Professor of the Department of Civil Law Disciplines of the Graduate School of Law
Russian Federation, MoscowAnton V. Gurko
Plekhanov Russian University of Economics
Email: Gurko.AV@rea.ru
Scopus Author ID: 57766553500
Cand.Sci.(Law), Senior Lecturer of the Department of Civil Law Disciplines of the Graduate School of Law
Russian Federation, MoscowReferences
- Rozhdestvenskaya T. E., Sitnik A. A. (eds). Blockchain in payment systems, digital financial assets and digital currencies. Moscow, 2022. 128 p. (In Russ.).
- In the EAEU proposed to create a common cryptocurrency. Alexey Lapshin // 23.06.2023, Parliamentary newspaper. (In Russ.)
- Global Financial Stability Report October 2021.
- Cryptocurrencies and Mining as Forms of Unconstitutional Exercising of Rights. V.I. Kruss // Constitutional and municipal law. 2022. no. 4, pp. 11-20.
- Prospects for the Introduction of Stable Coins in the Russian Federation as Secured Digital Currencies. R. A. Garagurbanly, L. L. Balanyuk // Economics. Law. Society. 2023. vol. 8, no. 1 (33), pp. 78-87. (In Russ.).
- Report «Cryptocurrencies and blockchain as attributes of the new economy». Development of regulatory approaches: international experience, practice of the EAEU member states, prospects for application in the Eurasian Economic Union. – 74 s. // Eurasian Economic Commission, Moscow, April 24, 2019. (In Russ.).
- Report for public consultations: «Cryptocurrencies: trends, risks, measures» // Central Bank of the Russian Federation. Moscow, 2022. – 36 p. (In Russ.).
- The concept of the digital ruble // Central Bank of the Russian Federation, 2021. (In Russ.).
- Kurbanov R. A., Balanyuk L. L. The Concept of Legal Regulation of Digital Rights Turnover: Doctrinal Basis and Prospects for Practical Implementation. Journal of Russian Law, 2023, vol. 27, no. 6, pp. 116—129. (In Russ.) doi: 10.12737/jrp.2023.071 (In Russ.).
- Makhalina O.M., Makhalin V.N. Digitalization of cryptosphere of the EAEU countries: status and prospects (2019) Vestnik universiteta, I. 6, pp. 143–149. doi: 10.26425/1816-4277-2019-6-143-149.
- O.V. Sodel. Powers of the Bank of Russia in the Circulation of Digital FInancial Assets and Cryptocurrency // Saratov State Law Academy Bulletin. no. 4 (147). 2022, pp. 208 – 213. doi: 10.24412/2227-7315-2022-4-208-213 (In Russ.).
- Rozhdestvenskaya T. E., Guznov A. G. Digital currency: features of regulation in the Russian Federation. Pravoprimenenie, 2021, vol. 5, no. 1, pp. 58—67. (In Russ.).
- Russkevich E.A., Malygin I.I.(2021) Crimes Related to Cryptocurrencies: Features of Qualification. Pravo. Zhurnal Vysshey shkoly ekonomiki, no 3, pp.106–125 (in Russ.).
- Proof of Cryptocurrency Ownership: a Review of the Russian and Foreign Judicial Practice. Sidorenko Elina L. // Justice of the Peace. 2023. no. 6, pp. 12-17. (In Russ.).
- What is wrong with the law «On CDA». Everything about the regulation of cryptocurrencies in Russia. Mikhail Tetkin // RBC, September 22, 2020. (In Russ.).
- The Central Bank expressed its readiness to discuss the issue of cryptocurrencies pegged to gold. Economics, May 23, 2019 17. (In Russ.).
- The Central Bank has not changed its position on cryptocurrencies: but is ready to allow their use for export payments. February 10, 2023 (In Russ.).
Supplementary files
