Financial and Legal Development of Social Relations Using Digital Currencies in Metaverses

Abstract

Objective: based on the analysis of financial and legal policy of certain jurisdictions, to determine the initial prospects of financial and legal development of social relations in metaverse using digital currencies.Methods: the research is based on the system of cognitive tools: first of all, formal-legal, comparative-legal, statistical methods, and the method of legal forecasting, which help to interpret the legal norms and financiallegal policy of various jurisdictions, assess the degree of current development of legislation on regulation of technologies in virtual worlds, and formulate ideas about the financial-legal regulation of public relations using digital currencies in the metaverse.Results: the study reveals that modern legislation on metaverses is at the initial stage of its formation, as in developed jurisdictions metaverse is still considered only as a future technology. The author shows the degree of popularity of the metaverse first prototypes and the growing attention of some states to the metaverse in order to develop their socioeconomic potential and consolidate international leadership in digital development. The paper points out the shortcomings of the metaverse definitions developed in doctrine and practice, and long proposes the author’s definition. It is argued that in order to fully integrate metaverse technology into a certain country, whose policy is focused on achieving (maintaining) a high rating in terms of the economy digital transformation, it is necessary to determine the currency that will be legitimately used in the metaverse in future. A conclusion is made that it is necessary to plan financial and legal policy in this area, which will largely depend on the legal regime of cryptocurrency in a particular country. It is argued that further development of the metaverse concept in Russia will depend on the results of testing the digital ruble.Scientific novelty: the paper is one of the first devoted to the convergence of metaverse and financial law, which proposes a concept for establishing full-fledged legality of digital currency in the metaverse depending on the attitude of a particular country to decentralized finance. Along with popular definitions formulated in doctrine and practice, the author presents their own interpretation of the metaverse, indicating its essential features.Practical significance: the conclusions and proposals obtained can be used to improve the mechanisms of financial and legal regulation of social relations under the emerging metaverse concept. The presented ideas are important for further research of various financial and legal aspects of metaverses’ development and functioning.