The Legal Regime of Electronic Money

The present paper describes the legal regime of electronic money with regard to two categories of them — electronic money as defined in the Federal law “On National Payment System” and cryptocurrencies, which up until today stay out of the reach of legal regulation. The paper is divided into three parts. The first one, “Centralized currencies” • defines the category of electronic money in the context of Russian law; • juxtaposes cashless and electronic money transfers; • analyses the legal problems of electronic money. The second part, “Decentralized currencies” • describes cryptocurrencies on the example of bitcoin from the standpoint of terminology and peculiarities of cryptocurrencies; • delineates the legal regulation (public status) of bitcoin in Russia and other countries; • highlights and contrasts advantages and disadvantages of cryptocurrencies. The third part, “The role of banks and other intermediaries”, determines the significance of intermediaries in functioning and legal regulation of electronic money of different types. The results of the research are represented by the conclusions on the optimal legal framing of the status of electronic money.