CRYPTOCURRENCIES AND THEIR IMPACT ON THE NATIONAL TAX SYSTEM

Globalization of the world economy, the development of IT‑technologies have led to the emergence in our society of new forms of interaction, a large number of new financial instruments, one of which is the crypto currency. In this article, the authors investigate the functions of money in historical retrospect, identify the historical background of the emergence of cryptocurrencies. The definition of cryptocurrency is considered from the positions of various researchers. In this case, the task is to identify what this currency is‑a new form of money or a financial asset. As a result of the analysis of various interpretations of cryptocurrencies, the lack of common approaches to their understanding is revealed, on the basis of which the need for scientific understanding of this phenomenon of the modern economy, the development of a unified approach to its definition is justified. Despite the wide spread of these currencies (currently, according to the Bank of Russia, there are more than a thousand three hundred cryptocurrencies), there are no legal norms regulating the process of issuing these currencies, the relationship between the participants of operations and transactions with their use. This forms the problem of taxation and tax administration of such operations, on the basis of which the conclusion is made about the need for further detailed scientific study of cryptocurrencies, the development of the necessary legal framework for their functioning. In addition, the authors show the impact of virtual currency on the tax system. It is suggested that the blockchain technology used in the issue of these currencies can be used to build a more transparent, economical and elastic tax system in Russia. This will allow taxpayers to save time on the preparation of tax reports, and the tax authorities to check the data on transactions when they are formed by the taxpayers themselves.

cryptocurrency, digital currencies, virtual money, digital financial asset, money, blockchain, tax system, tax administration, taxation, financial technologies.

Bubnova Yu. B., Bubnov V. A. Cryptocurrencies and their impact on the national tax system // Business. Education. Law. 2018. No. 4 (45). Pp. 40–45. DOI: 10.25683/VOLBI.2018.45.451.