LEGAL MODELS OF INCLUDING CRYPTOCURRENCY IN THE NATIONAL PAYMENT SYSTEM AS A MEANS OF COUNTERING ECONOMIC SANCTIONS

The realities of the economic situation in the Russian Federation in terms of ensuring foreign economic settlements under the conditions of unlawful sanctions of unfriendly states create the need to search for new forms of settlements, one of which can be cryptocurrency. Cryptocurrency does not meet the criteria for officially recognized money, but has a significant number of advantages as a unit of account. The advantages of cryptocurrency as a means of payment over the digital ruble are shown in order to level the negative consequences of unlawful economic sanctions. Based on the experience of foreign countries, two models of legal support for the process of implementing cryptocurrency into the national payment system are proposed.

Authors

Publication Details

Journal
Banking law
Published
2024-08-15
DOI
https://doi.org/10.18572/1812-3945-2024-3-56-64
Primary Topic
Security, Politics, and Digital Transformation
Type
article
Field-Weighted Citation Impact
0.00
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article

LEGAL MODELS OF INCLUDING CRYPTOCURRENCY IN THE NATIONAL PAYMENT SYSTEM AS A MEANS OF COUNTERING ECONOMIC SANCTIONS

Yulia A. Krokhina
Banking law
Security, Politics, and Digital Transformation
article

LEGAL MODELS OF INCLUDING CRYPTOCURRENCY IN THE NATIONAL PAYMENT SYSTEM AS A MEANS OF COUNTERING ECONOMIC SANCTIONS

Yulia A. Krokhina
article en

Abstract

The realities of the economic situation in the Russian Federation in terms of ensuring foreign economic settlements under the conditions of unlawful sanctions of unfriendly states create the need to search for new forms of settlements, one of which can be cryptocurrency. Cryptocurrency does not meet the criteria for officially recognized money, but has a significant number of advantages as a unit of account. The advantages of cryptocurrency as a means of payment over the digital ruble are shown in order to level the negative consequences of unlawful economic sanctions. Based on the experience of foreign countries, two models of legal support for the process of implementing cryptocurrency into the national payment system are proposed.

Banking law
Peace, Justice and strong institutions
Openalex Percentile: Top 79%
Security, Politics, and Digital Transformation
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