THE LEGAL STATUS OF CRYPTOCURRENCIES IN UKRAINE AND IN THE WORLD
Journal Title: Юридичний науковий електронний журнал - Year 2018, Vol 1, Issue
Abstract
The article is dedicated to a research of the legal nature of cryptocurrencies. Approaches to definition of the legal nature of cryptocurrency in the different countries of the world are analysed. The analysis of definition of a concept of cryptocurrency in the draft law on circulation of cryptocurrencies in Ukraine is carried out. The conclusion is drawn that the nature of cryptocurrency can be considered as a kind of property, respectively by analogy regulations on the real rights can be applied to legal regulation of cryptocurrencies. Such a conclusion is drawn on the ground that the cryptocurrency in its essence is a sort of code (but not a program code as it is reflected in the draft law on circulation of cryptocurrencies in Ukraine) which consists of set of symbols and is capable to satisfy some property interests. It gives the grounds to draw an analogy between unit of cryptocurrency and a domain name which also is set of symbols and has economic value. At the same time concerning a domain name there was already an approach in practice of ECHR according to which the domain name is considered as a sublect of property right. The conclusion is also drawn that the cryptocurrency can be considered as goods and be a subject of the barter agreement. The analysis of legal definitions of the concept “goods” leads to a conclusion that any object intended for paid transfer can be understood as goods. It can be any property, service, work, the non-material benefit. According to such an approach the cryptocurrency as a type of property has signs of goods.
Authors and Affiliations
К. Г. Некіт
Keywords
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