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Goncharov A.I. Banknote as a Payment Bank Security

DOI: https://doi.org/10.15688/lc.jvolsu.2017.2.13

Alexander I. Goncharov, Doctor of Juridical Sciences, Doctor of Economic Sciences, Professor, Department of Civil Law Disciplines, Volgograd Institute of Management – RANEPA Branch, Gagarina St., 8, 400131 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it.


Introduction: the banknote is a security, mediating the fulfillment of an obligation (the transfer of goods, the performance of works, the provision of services, the provision of property rights, the enjoyment of intellectual property rights) carried out as counter, in the process of payment and delivery of the banknote which is presented to the other party of the settlement by a holder. The transferability of the banknote is absolute; it is the cash that reflects the higher degree of liquidity of any asset. However, the banknote exists on the basis of trust which is guaranteed by the lender of the last resort – the Central Bank of a state. The purpose of the study is to reveal the legal status of the banknote as a payment bank security. Methods: there have been applied in conjunction the methods of scientific knowledge, among which the basic are the methods of historicism, systematicity, analysis and the comparative law method. Results: it is proved that the banknote as a currency unit, issued and guaranteed by the Central Bank, allows you to efficiently and quickly produce a lot of cash payments in the economy. A person becomes the holder of banknotes in the result of payment for any public duties or private law monetary obligations. As time goes on, for the banknote you can get (buy) wealth less than a year and more ago. The state represented by the Central Bank of the country will participate and fully determine the future of the banknote as a bearer security. The banknote holds a deeply specific position among other securities. Conclusions: money in the form of sheets of paper (paper money) appeared in connection with the obstruction of metal currency as substitutes for silver and gold coins. In the Russian Empire paper money began to be used since 1769. In the Russian Federation banknotes are produced (emitted) by the Bank of Russia. The inflation process leads to continuous depreciation of the circulating banknotes. The banknote as a means of payment is not an investment tool and legal means of generating income as a result of the economic growth of the issuer. Behind the banknote there is the state in the person of its Central Bank with its entire guarantee, security and coercive power.

Key words: real money, tokens of value, paper money, banknote, payments, state, the Central Bank, trust.

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