Conceptual framework for the definition and regulation of virtual currencies

international and Russian practices

Abstract

This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.

Keywords

capital;virtual currency;Bitcoin;electronic money;private money;money surrogates;

Data

Language:	English
Year of publishing:	2015
Typology:	1.02 - Review Article
Organization:	UM EPF - Faculty of Economics and Business
UDC:	004.738.5+336.74
COBISS:	12124956
ISSN:	0547-3101
Parent publication:	Naše gospodarstvo
Views:	1352
Downloads:	148
Average score:	0 (0 votes)
Metadata:

Other data

Secondary language:	Slovenian
Secondary title:	Konceptualni okvir za definicijo in regulacijo virtualnih valut
Secondary abstract:	V prispevku analiziramo možne definicije virtualnih valut v zakonodaji in ekonomiji. Proučujemo vidike Evropske centralne banke, urada Financial Crimes Enforcement Network in organizacije Financial Action Task Force o virtualnih valutah. Analizirali smo tudi osnutek zakonodaje o prepovedi denarnih surogatov v Ruski federaciji. Avtorica prispevka predlaga dva sprejemljiva pristopa za definiranje virtualnih valut v pravu in ekonomiji. Podajamo tudi pregled argumentov predstavnikov avstrijske šole o obstoju zasebnega denarja. Avtorica prispevka predlaga uvedbo nekaterih sprememb v zakonodaji Ruske federacije, da bi virtualnim valutam podelili legalni status.
Secondary keywords:	kapital;virtualne valute;bitcoin;
URN:	URN:NBN:SI
Type (COBISS):	Scientific work
Pages:	str. 32-39
Volume:	ǂLetn. ǂ61
Issue:	ǂšt. ǂ5
Chronology:	2015
DOI:	10.1515/ngoe-2015-0020
ID:	10878385