CRYPTOCURRENCY MARKET IN FOREIGN COUNTRIES: OPPORTUNITIES AND THREATS FOR THE STATE

The article examines cryptocurrency as a new phenomenon in the economy of the state. On the basis of the international experience, the legalization of cryptocurrency in various countries in the legal context is considered. In addition, the experience of formalization of cryptocurrency at the state level by other countries in various sectors of the economy is shown. Despite the fact that for a long time many developed and developing countries have tried to avoid direct regulation of the virtual currency market, since it was only in the bud and not studied properly, the trend of introducing regulation for certain types of legal relations related to the turnover of virtual currencies is observed in an increasing number of countries. The author identifies the main trends and ways of cryptocurrency development at the world level and provides specific examples of its implementation in the economy of various states. Potential benefits and risks of introduction of the latest financial technologies for the country in legal and economic aspects are revealed. The benefits given in the article can not only have a positive impact on the economy of the state, but also provide financial flow to the private sector of the economy. On the other hand, the threats of using cryptocurrencies by various economic entities can act as prerequisites for the need to legalize and regulate cryptocurrencies. On the basis of a meaningful analysis of the features of the crypto currency, it is proposed to consolidate this concept at the legislative level and designate its use both in the private sector and at the state level. Such a measure, according to the author, can change the country’s economy for the better.

money, currency, currency legislation, financial instruments, cryptocurrency, innovative technologies, ICO, virtual currency.

Yakushin V. V. Cryptocurrency market in foreign countries: opportunities and threats for the state. Business. Education. Law, 2019, no. 4, pp. 317–320. DOI: 10.25683/VOLBI.2019.49.430.