PROBLEMS OF LEGISLATIVE REGULATION OF DIGITAL MONEY WITH THE ADOPTION OF NO. 259-FZ

Komlev Aleksandr Aleksandrovich

The article discusses the problems of legislative regulation of digital money in Russia, which remained with the adoption of the new No. 259-FZ. The purpose of this law was to legalize cryptocurrencies, but in addition, it was its adoption that was supposed to allow regulating the cryptocurrency market and the use of the cryptocurrency itself by its participants. However, all those features of the cryptocurrency that distinguish it, for example, from the national currency, any regulation directs in two directions: in the first of them, part of the advantages of the cryptocurrency is leveled, and in the second, regulation is ineffective. Therefore, the presence of the law does not mean that there are no problems with the regulation of cryptocurrencies, and the increased interest in it only exacerbates these problems. For example, in this law, designed to regulate cryptocurrency, there is no definition of cryptocurrency itself, the closest concept here is a digital currency, which of course has its own distinctive features. Another problem of the adopted law was the issue of using cryptocurrencies as a means of payment, experts and those involved in the development of the law debated over it for a long time, in the end, the conclusion reached by the legislators turned out to be contradictory. The last highlighted problem was an attempt by the adopted law to deprive the cryptocurrency of its main advantage – deanonymization. Of course, it was this provision No. 259-FZ that became one of the key ones, which caused discontent among participants of the cryptocurrency market and the financial sector as a whole, which is somehow connected with this market. The totality of these problems was analyzed in the article, the main opinions of developers, regulators, and experts on the new law were highlighted, and further ways to improve cryptocurrency regulation were identified.

Keywords:digital money, cryptocurrency, digital ruble, No. 259-FZ, cryptocurrency regulation, digital money regulation, cryptocurrency regulation problems, cryptocurrency deanonymization, customer identification, digital financial assets