The Role and Powers of the Central Bank of the Russian Federation in Regulating the Circulation of Cryptocurrencies: Development Prospects

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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.

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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, Moscow

Anton 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, Moscow

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