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Problems in Legal Regulation of Liability for Crimes that Infringe Digital Finance
- Authors: Pechegin D.A.1
-
Affiliations:
- The Institute of Legislation and Comparative Law under the Government of the Russian Federation
- Issue: Vol 8, No 2 (2021)
- Pages: 53-60
- Section: Criminal law and process
- URL: https://journals.eco-vector.com/2410-7522/article/view/65200
- DOI: https://doi.org/10.17816/RJLS65200
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Abstract
The digitalization of the financial sector in developed legal systems, the use of block chain technology, the introduction of digital forms of participation in civil turnover, and the introduction of the possibility of settlements in digital currencies, are designed to increase the efficiency of the economy and, ultimately, improve the quality of life of citizens. However, technological progress and positive expectations from the introduction of digital technologies in the sphere of public relations cannot guarantee protection of the values enshrined in the Basic Laws of certain states. While acknowledging the fact that the level of crime in the sphere of economic activity is one of the indicators of national economic security, special attention should be paid to the evolution and forecasting of the means of criminal legal protection of the monetary system, which is currently undergoing a process of digital transformation. This is due to the fact that digital financial technologies carry certain risks for the monetary system, due to objective factors.
Firstly, many things depend on the functioning of the monetary circulation and the effectiveness of currency restrictions, for example, the macroeconomic indicators of the stability of the economic system, the exchange rate of the national currency, the achievement of the balance of payments necessary for stable development, and the country's position in the international arena.
Secondly, in the context of increasing structural imbalances in the world economy and the global financial systems, the growth of private and sovereign debt, the widening gap between the valuation of real assets and derivative securities, it is the sphere of currency regulation and currency control that becomes one of the stabilizing tools in the system of state measures to support the economy. Add to those the sharp decline in the role of traditional factors of economic growth associated with scientific and technological changes.
Transactions by dint of new technologies are recognized as high-risk around the world due to the instability of their existence. Taking into account the data, as well as other risks of the introduction of digital technologies, therefore, requires an analysis of the problems of legislative regulation of criminal liability for crimes in the field of digital finance.
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About the authors
Denis A. Pechegin
The Institute of Legislation and Comparative Law under the Government of the Russian Federation
Author for correspondence.
Email: crim5@izak.ru
ORCID iD: 0000-0001-6499-9966
SPIN-code: 1020-5326
Scopus Author ID: 57204679118
ResearcherId: C-1067-2017
PhD, senior researcher
Russian Federation, MoscowReferences
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