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INTERNATIONAL REGULATION OF VIRTUAL CURRENCIES
Abstract
The purpose of the research is to evaluate the legal framework of virtual currency in various countries. The virtual currency or cryptocurrency is a cryptographically protected decentralized digital currency used as means of exchange. Due to development of new technologies and innovations, the rate of using of virtual currency is rapidly increasing throughout the globe, replacing not only cash payment and payments by bank transfer, but also electronic cash payments. Among the best-known representatives of cryptocurrencies are: Bitcoin, Litecoin, Ethereum. In August 2017 six of the major global banks - Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street have become involved in a project to create their own cryptocurrency. The law scholars have not yet reached a consensus regarding the nature and legal status of the virtual currency. The virtual currency possesses both the nature of obligations rights and property rights, since it may be both a commodity and means of payment. Comparative and analytical research methods are used for this research.
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