Модернизация, инновация, развитие (Dec 2017)
Analysis of the Development and Regulation of Crypto-currency: Foreign and Russian Experience
Abstract
Purpose: carrying out the analysis of the regulation of the crypto-currency, its legal provisions and risks, which will allow us to study this phenomenon more deeply for the purpose of Russia's financial security in the modern world financial system, taking into account the essence of the nature of the crypto-currency. Methods: when studying the role of state regulation of electronic money (crypto-currency), a dialectical method of scientific cognition was applied. Calculating and analytical methods of observing, measuring, analyzing and comparing indicators characterizing the state regulation of crypto-currencies in the Russian Federation, strengths and weaknesses, opportunities and threats to use and regulate crypto currency. Results: the authors conducted the analysis of the crypto-currency market, studied the experience and peculiarities of the state regulation of the crypto-currencies, examined and proposed strengths and weaknesses, opportunities and threats to use and regulate crypto-currencies. Conclusions and Relevance: in the process of studying the experience of regulating crypto currency in foreign countries, we found some similar features. First, each country seeks to create a favorable climate for the development of new technologies (detached) and sees a high potential for using technology not only in the private sector, but also in the public sector. Secondly, the crypto-currency market is growing at a high pace, and the state, without adapting the tax code to the modern challenges of the digital economy, receives less revenue in the budget, since the crypto-currencies are out of legal jurisdiction. Thirdly, today there are more than 1 thousand different crypto-currencies, therefore, it is necessary to develop common standards for the regulation of crypto-currencies.
