Specific Features of State Regulation of Operations with Cryptocurrencies in the Conditions of Digitalization

I.N. Efremenko, V.A. Bondarenko1, A.Ya. Palant, G.V. Nazarenko
International Journal of Economics & Business Administration, Volume VII, Special Issue 1, 545-557, 2019

Abstract:

Purpose: The article investigates specific features of state regulation of operations with cryptocurrencies in the conditions of the world economy digitalization. Design/Methodology/Approach: In order to form the state regulation of operations with cryptocurrencies, which create additional risks for the national currencies functioning in international financial and credit relations, it is necessary to consider this phenomenon first, from the position of a complete ban on the use of cryptocurrencies as a means of payment, second, in combination of a ban on the use of cryptocurrencies as means of payment, third, from the possibility of expanding the range of cryptocurrency users by including legal entities into it and fourth, the full legalization of the cryptocurrency. Findings: The authors developed and proposed a set of measures aimed at the formation of common standards and norms of state regulation of operations with cryptocurrencies in international financial relations. Practical Implications: The results of the study can be applied in the development of legal regulation of virtual currencies not only at the national level, but also at the international level. Originality/Value: The main contribution of the study is to identify possible risks in the sphere of state regulation of cryptocurrencies based on the experience of some countries: from formal permission (including recommendations on possible risks) or the application of general principles of regulation in the field of payments to the complete ban of such activities.


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