Problems of legal regulation of integrating digital currencies into the monetary relations system

Purpose of the study. Analysis of key legal problems arising from attempts to integrate digital currencies (decentralized crypto-assets, stablecoins, central bank digital currencies - CBDCs) into the established monetary relations system and development of proposals for an adaptive legal model.

Methodology. The research is based on general scientific (analysis, synthesis, systems approach) and specific scientific (comparative legal, formal legal, historical legal) methods. Analysis of Russian and foreign legislation, doctrinal sources, and regulatory practices was conducted.

Results. Fundamental legal uncertainty regarding the status of various types of digital currencies hindering their full integration into the monetary system has been identified. Significant risks to financial stability (volatility, threats to monetary sovereignty, money laundering) and consumer rights (lack of guarantees, difficulty of protection) have been established. The necessity of a differentiated regulatory approach is proven. The contours of a legal model are proposed, based on: 1) legislative enshrinement of clear definitions and status for CBDCs, crypto-assets, and stablecoins; 2) implementation of proportional prudential supervision and AML/CFT requirements; 3) creation of user rights protection mechanisms; 4) ensuring compatibility with international standards (FATF, BIS).

Highlights:

Analysis of legal status uncertainty of digital currencies as an integration barrier.

Assessment of systemic risks (financial stability, monetary sovereignty) and consumer risks.

Justification for differentiated regulation of CBDCs, crypto-assets, stablecoins.

Proposal of legal model elements: clear status, prudential supervision, rights protection, international harmonization.

Focus on balancing innovation, stability, and rights protection.