Virtual Currencies as Legal Means of Payment

Abstract

This article is devoted to the study of the possibilities of replacing national currencies and the formation of a universal means of payment based on cryptocurrencies, which reduces the degree of negative influence of states on the economic sphere. The sociological method of law research makes it possible to reasonably claim that at present cryptocurrencies perform all the functions inherent in money in an economic sense, and possess attributes that are inherent in a legal means of settlement capable of transferring payment power. It is substantiated that cryptocurrencies cannot be recognized as monetary surrogates, as they are capable of expressing the indirect value of objects and possess means to ensure value. It is argued that the legal regime of cryptocurrency cannot be based on the rules of ownership. In order to effectively regulate relations connected with cryptocurrency turnover, it is necessary to develop a unique legal regime similar to the legal means of payment, but taking into account the objective properties of the new type of objects based on the economic category “private money”.