Keywords
Blockchain technology
Fiat currencies
Digital financial assets
Means of payment
How to Cite
Abstract
Over the past 15 years, cryptocurrencies have found their place in the everyday lives of many people due to their unique properties. However, they have not been legitimized at the state level in all countries. This study aims at analyzing the international experience of regulating cryptocurrencies to introduce them into financial systems. Using the methods of document analysis and expert survey, the authors of the article explain the nature of cryptocurrency, the reasons for its emergence, and the possibility of its regulation. Based on international experience, the authors determine the main models for regulating cryptocurrencies by national legislation. The authors prove that a significant number of people prefer using cryptocurrencies as a means of payment and digital financial assets over traditional (fiat) money. The use of cryptocurrencies poses a problem in implementing the state financial policy. This is conditioned by conflicting goals and objectives of the state policy, which does not allow recognizing cryptocurrencies as monetary units of account and means of interstate payments. The article dwells on the possibility of resolving these contradictions since this will have to be done in the future. The main trend in the regulation of cryptocurrencies is an approach where their prohibition is an ineffective and even socially dangerous mechanism. In this regard, it is necessary to develop state stablecoins as an alternative to private cryptocurrencies.
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