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The Nature of Cryptocurrencies and Their Legal Regulation: International Legal and Comparative Legal Aspects
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The Nature of Cryptocurrencies and Their Legal Regulation: International Legal and Comparative Legal Aspects
Abstract
PII
S1991-32220000622-3-1
DOI
10.12737/jzsp.2023.033
Publication type
Article
Status
Published
Authors
Mekhti Mekhtiev 
Occupation: Senior Researcher, Center of International Law and Comparative Legal Studies
Affiliation: Institute of Legislation and Comparative Law under the Government of the Russian Federation
Address: Moscow, Russia
Edition
Volume 19 No. 3
Pages
31-42
Abstract

The article attempts to reveal the nature of cryptocurrencies and their legal regulation. The cause to conduct this research is the fact that the dynamism and volatility of digital financial assets require a rethinking of their role and place both in the global monetary and financial system and in national laws. Moreover, permanent imbalances in the global monetary and financial system are superimposed by the digitalization occurring in financial assets’ circulation, while the latter itself is volatile. Thus, there is a need to determine the development thrust of international monetary law due to the fact that private cryptocurrencies’ nature is different in compare to conventional currencies. At the same time, if private cryptocurrencies are not able to perform money functions, then the nature of their international legal regulation should not change. As a result, the article aims to answer the question: are cryptocurrencies a means of payment? The nature of the legal regulation of money circulation both in international law and in national laws is based on a comparative analysis.

The nature of cryptocurrencies as an economic phenomenon is studied through functional analysis and modelling. The findings in aggregate are synthesized to determine the status of cryptocurrencies and the development thrust of international monetary law in conditions of expanding digital financial assets.

In conclusion, the author finds out that cryptocurrencies do not perform all money functions, which are conditional to grant them the legal tender status. The article also proposes to consider cryptocurrencies only as derivative currencies, which flow out of conventional ones; and as derivatives. Finally, the legal tender status is not only granted by law, but is also accompanied by other legal mechanisms necessary to guarantee that currencies perform the money functions, including the universal money function.

Keywords
international monetary law, international financial law, cryptocurrencies, digital currencies, global monetary and financial system, legal tender, central bank
Date of publication
13.06.2023
Number of purchasers
12
Views
139
Readers community rating
0.0 (0 votes)
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