<abstract xmlns="http://www.w3.org/1999/xhtml"><p> This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.</p></abstract>

This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement Network, and Financial Action Task Force regarding virtual currencies are studied. The analysis also covers the draft legislation to ban money surrogates in the Russian Federation. The author suggests two reasonable approaches to defining virtual currencies in law and economics. The Austrian School representatives’ arguments on the existence of private money are reviewed. The author proposes the introduction of some changes in the legislation of the Russian Federation in order to give legal status to virtual currencies.

Conceptual Framework for the Definition and Regulation of Virtual Currencies: International and Russian practices / Konceptualni okvir za definicijo in regulacijo virtualnih valut: mednarodne in ruske prakse

Department of Finance and Accounting, Faculty of Economics, National Research Tomsk State University, Tomsk, Russia

Naše gospodarstvo/Our economy

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

This paper analyzes possible definitions of virtual currencies in legislation and economics. Views of the European Central Bank, Financial Crimes Enforcement...

Conceptual Framework for the Definition and Regulation of Virtual Currencies: International and Russian practices / Konceptualni okvir za definicijo in regulacijo virtualnih valut: mednarodne in ruske prakse

Published Online: Oct 29, 2015

Page range: 32 - 39

Received: Jul 01, 2015

Accepted: Sep 01, 2015

DOI: https://doi.org/10.1515/ngoe-2015-0020

Keywords
virtual currency, Bitcoin, electronic money, private money, money surrogates

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Conceptual Framework for the Definition and Regulation of Virtual Currencies: International and Russian practices / Konceptualni okvir za definicijo in regulacijo virtualnih valut: mednarodne in ruske prakse

Published Online: Oct 29, 2015

Page range: 32 - 39

Received: Jul 01, 2015

Accepted: Sep 01, 2015

DOI: https://doi.org/10.1515/ngoe-2015-0020

Keywordsvirtual currency, Bitcoin, electronic money, private money, money surrogates

© 2015

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Keywords
virtual currency, Bitcoin, electronic money, private money, money surrogates