Development and regulation of cryptocurrency: world and Russian practices

The study reveals the essence of the electronic currency (cryptocurrency) as a legitimate payment instrument, the official status of cryptocurrencies as a payment instrument, the cryptocurrency-based reciprocal payments, and the cryptocurrency regulation in the state monetary system at the legislative level. The paper analyzes the world practices and the situation in the Russian Federation, the final legal status of the cryptocurrency as a legitimate payment instrument, the regulatory development in Russia. The purpose of the study is to summarize the findings of cryptocurrency regulation in the context of the increased demand for this currency as a tool for saving money, reciprocal payments and margin trading from ordinary citizens. Despite the fact that cryptocurrency is an illegal tender, it has a status of a non-documentary security, and the reciprocal payments are beyond the government control, the state is interested in monitoring this market. At the same time, the state recognizes the risks in such transactions and provides explanations and recommendations in this regard. The decentralized issue of such money, which does not depend on variations in commodity prices and the changing macroeconomic situation in the country, calls into question the perfection of the institution of the monetary system.