Cryptocurrency as a payment agent-Reference-Cited by-同舟云学术

Cryptocurrency as a payment agent

Published:2021-11-26 Issue:- Volume:11/3 Page:20-24
ISSN:2409-1944
Container-title:Economics. Finances. Law
language:uk
Short-container-title:Econ. Fin. Law

Author:

PYLYPENKO Viktoriia¹^ORCID,HALAI Mykhailo¹^ORCID,KOSIAK Ihor¹^ORCID

Affiliation:

1. Institute of Prosecution and Criminal Justice of Yaroslav Mudryi National Law University

Abstract

The paper examines the essence of cryptocurrency as a method of payment has been investigated and identifies its key features (exchange for goods or services; exchange for classic currency; payment for goods and services; minimum level of possibility of abduction; payments, fast and direct transactions; investment asset; business development in cryptocurrency). Different approaches to determining the legal nature of cryptocurrency are analyzed (cryptocurrency as a method of payment; cryptocurrency as a foreign currency; cryptocurrency as a financial asset; cryptocurrency as a financial pyramid). The conclusions of the EU court, the courts of the national system on the use of cryptocurrency as a means of payment are analyzed. The legal nature of cryptocurrency is determined through the prism of world practices of its use. The possibility of using cryptocurrencies in terms of their ability to perform the basic functions of money is analyzed. The paper examines two attempts of legislators to regulate the issues of taxation, legal nature and legal regulation of cryptocurrency in 2019 and 2020. Attention is also paid to the relevant institutions where you can pay with cryptocurrencies, namely: “Spendabit”, “CoinATMRadar”, exchange office in online networks – WebMoney. According to the National Bank of Ukraine, the danger of cryptocurrency transactions is indicated. Examples of the main risks associated with the purchase, sale, exchange and conversion of cryptocurrencies are given (possibility of loss of funds due to theft, possibility of fraud, lack of infrastructure, significant price fluctuations of cryptocurrencies, lack of guarantees for return of invested funds in cryptocurrencies). In conclusion, attention is drawn to the need for legislative regulation of the essence of cryptocurrency for further effective evolution.

Publisher

JSC Analityk

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