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Filippov P.M., Sadkov V.A. On the Phenomenon of “Cryptocurrency” and the Validity of this Term in the Modern Legal Lexicon

DOI: https://doi.org/10.15688/lc.jvolsu.2020.1.2

Peter M. Filippov, Doctor of Sciences (Jurisprudence), Professor, Honored Lawyer of the Russian Federation, Honorary Worker of Higher Professional Education of the Russian Federation, Department of Civil Law Disciplines, Volgograd Academy of the Ministry of Internal Affairs of the Russian Federation, Istoricheskaya St., 130, 400089 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0001-5439-8382

Vitalii A. Sadkov, Captain of Police, Junior Scientific Assistant, Postgraduate Department, Volgograd Academy of the Ministry of Internal Affairs of the Russian Federation, Istoricheskaya St., 130, 400089 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0002-5171-7023


Introduction: the paper deals with the phenomenon denoted by the term “cryptocurrency” from the perspective of modern civil circulation, its relationship with other statutory concepts which characterize the digital economy. It is necessary to introduce the term “electronic fiducion” into the legal lexicon to denote the phenomenon that is known as “cryptocurrency” at the everyday level. The authors’ definition of the category “electronic fiducion” is proposed. The purpose of the study is to conduct a comprehensive legal analysis of the phenomenon referred to at a simple level as “cryptocurrency” from the perspective of the object of civil relations. Methods: the methodological framework for the study is a set of methods of scientific knowledge, among which the main ones are the methods of analysis, synthesis, generalization and comparative law. Results: the authors’ well-founded position is based on the legislation and the opinions of the competent scientists on the issues of determining the legal essence of the category, which is now referred to as “cryptocurrency” from the perspective of civil law. Conclusions: as a result of the study the authors proposed to introduce in the legal lexicon, instead of the term “cryptocurrency”, the term “electronic fiducion” which denotes the universal contractual payment (settlement) means with the decentralized record of the transactions based on free will and good faith, free from the external administration used by the contractors on the telecommunication network “Internet”.

Key words: ctyptocurrency, digital financial assets, digital rights, e-fiducion, bitcoin.

Citation. Filippov P.M., Sadkov V.A. On the Phenomenon of “Cryptocurrency” and the Validity of this Term in the Modern Legal Lexicon. Legal Concept, 2020, vol. 19, no. 1, pp. 16-23. (in Russian). DOI: https://doi.org/10.15688/lc.jvolsu.2020.1.2

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