Open AccessThe Concept of Money in the Era of Digitalization
Author(s) -
А. В. Турбанов
Publication year - 2021
Publication title -
aktualʹnye problemy rossijskogo prava
Language(s) - English
Resource type - Journals
eISSN - 2782-1862
pISSN - 1994-1471
DOI - 10.17803/1994-1471.2021.127.6.058-076
Subject(s) - legislation , circulation (fluid dynamics) , electronic money , cryptocurrency , cash , endogenous money , money measurement concept , money creation , economics , demand deposit , digital currency , fiat money , value (mathematics) , time value of money , monetary system , commerce , monetary economics , business , velocity of money , monetary policy , law , finance , currency , central bank , political science , engineering , computer security , aerospace engineering , machine learning , computer science , payment
The paper examines issues related to the origin of money and the transformation of its forms, the economic and legal nature of money, provides characteristics of "cryptocurrency" and digital currencies of central banks, including the digital ruble. The author makes an attempt to define money based on its obligatory nature. As the author emphasizes, remaining in captivity of traditional approaches (money is a thing, there is full-fledged money and inferior ones, cash is money, but along with this there is “money” that is not money), we will not get an adequate reflection of the phenomenon “money” in national legislation, and we will not achieve effective regulation of money circulation in the country. It seems that the definition of money should be based on its obligatory nature. Money is a universal right of claim, expressing the value of any goods, works, services, recognized in thesociety, supported and provided by the state (central bank). The paper also emphasizes that the digital ruble will require a serious reform of both private law and public law legislation to properly reflect the existing and actually emerging system of monetary circulation. Changes in legislation cannot be limited to legal and technical amendments with the use of the term "digital ruble" and the establishment of some features of its circulation.