Open AccessMonetary Surrogates:the Looking Glass of Modern Regulation
Author(s) -
Денис Печегин
Publication year - 2018
Publication title -
rossijskij žurnal pravovyh issledovanij
Language(s) - English
Resource type - Journals
eISSN - 2410-7522
pISSN - 2410-4965
DOI - 10.17816/rjls18369
Subject(s) - legislation , currency , circulation (fluid dynamics) , state (computer science) , cryptocurrency , business , cash , russian federation , liability , virtual currency , money laundering , accounting , law , economics , finance , commerce , economic policy , political science , monetary economics , computer security , engineering , algorithm , computer science , aerospace engineering
«Current legislation of the Russian Federation establishes a variety of currency restrictions, which are a set of rules established by the state, designed to protect the national currency to affect the behavior of participants in foreign exchange transactions by imposing prohibitions or additional encumbrances on certain foreign exchange transactions». One of the such rules is the provision of art. 27 Federal Law No. 86-FZ of 10.07.2002 «On the Central Bank of the Russian Federation (the Bank of Russia)», according to which the introduction in the territory of the Russian Federation of other monetary units and the issuance of monetary surrogates are prohibited. Meanwhile, the current legislation does not establish any liability for the issuance of cash surrogates. Moreover, new technologies are increasingly being introduced into our lives and are constantly inf luencing the legal environment in which we are currently surrounded. Much attention today is focused on the topic of cryptocurrency and the use of blockchain technology in the public and private sectors. Currently, both professional and non- professional participants are increasingly discussing various aspects of the use of cryptocurrencies in a particular state. The article analyzes urgent issues of the circulation of money substitutes, identifies the prospects of establishing criminal responsibility for the issue and circulation of money substitutes, etc.