Alternative Currency Circulation In Digital Economy Epoch: Legal Regulation Challenges


This article analyzes the legal status of electronic money in Russia. It describes current legal framework for its circulation, and further ways to develop and form new regulatory environment. An overview of trends in the market of financial services is given. The legal regime of e-money in foreign countries is analyzed. Different approaches to the definition of money surrogates are shown, and the advantages and disadvantages of their use in accounting are revealed. The article examines the concept of cryptocurrency and its relationship to the category of "electronic money". The authors have come to the conclusion that Russian legislation still does not enshrine the legal concept of "cryptocurrency", "virtual currency", despite the fact virtual money is quite commonly used in our country. Home legislators, albeit slightly, have come closer to solving this problem by introducing the concept of "digital money" and "digital rights" in Federal Law No. 259 (2020). However, despite its innovation this legal norm hardly solves the problem of legal regulation of alternative currency circulation forms. The authors determine feasibility as well as the need to develop a new system of legislation, current changes in accounting and monetary circulation in general being considered. They emphasize that such a legislation shall define the essence and legal status of electronic money. Legal gaps in using cryptocurrency as a circulating medium significantly hamper the process of economy digitalization as a whole, judicial protection of the parties being limited.

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20 January 2022

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1st Edition




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Sirik, N. V., & Kuznetsova, E. V. (2022). Alternative Currency Circulation In Digital Economy Epoch: Legal Regulation Challenges. In S. Afanasyev, A. Blinov, & N. Kovaleva (Eds.), State and Law in the Context of Modern Challenges, vol 122. European Proceedings of Social and Behavioural Sciences (pp. 573-578). European Publisher.