Digital Currencies: Problems of Legal Regulation

Abstract

The paper analyzes the provisions of the Federal Law of July 31, 2020, № 259-FZ “On Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federation” concerning the legal regulation of circulation of digital currencies. The author elucidates legal definitions of such concepts as “digital currency”, “organization of digital currency issuance”, “digital currency issuance”, “organization of circulation of digital currency” and focuses on their shortcomings. The paper also highlights the features of digital currencies, describes types of transactions with this financial instrument, outlines the circle of subjects of relations arising in the process of circulation of digital currencies. In general, it must be recognized that Law No. 259-FZ failed toresult in the creation of a comprehensive system of legal regulation of circulation of digital currencies, its provisions are piecemeal and sometimes controversial in nature. At the same time, the legal act under consideration is of fundamental importance because, for the first time at the legislative level, it has enshrined the rules governing public relations that are being formed in the process of circulation of digital currencies.