The reality of blockchain: through the legal looking glass

This article introduces the concept of national and global cryptocurrencies, whereby the distinction is determined by currency’s relation to the Russian jurisdiction. It is shown that the legal regulation of national cryptocurrencies is possible, while it proves fundamentally difficult for global cryptocurrencies. The author points at insufficient justification for implementation of global cryptocurrencies throughout Russia, embedding them into financial and economic spheres. The author then highlights the need to determine under which conditions transactions with global cryptocurrencies can be allowed. He describes the necessary and sufficient restrictions on use of such currencies based on their utility for the economy as a whole, certain fields of activity, and individuals. In conclusion, a process for «soft», or step-by-step legitimation of global cryptocurrencies in Russia is considered.