Cryptocurrencies in Compensation Systems: Regulatory Issues

This paper is devoted to the study of the possibility of cryptocurrencies’ exploitation in labor relations. Despite the increasing number of employees, receiving labor income in the cryptocurrency form, the legal regulation of this form of remuneration does not receive proper development either in the foreign countries or in the Russian Federation. As a consequence, employees are deprived of the provided by labor legislation ways for protecting their rights and legitimate interests and are also exposed to various types of risks related to the essential features of cryptocurrencies, for instance, high volatility. The present study is focused on the identification of the possibilities and methods of implementing cryptocurrency as a remuneration form into the labor legislation of the Russian Federation. In accordance with the aim of this work, the analysis of the foreign countries' experience in regulating cryptocurrency wages is performed, the provisions of International legal acts, Russian legislation, drafts of the Federal Laws and doctrinal approaches to the issue of the cryptocurrencies Public-law and Civil-law nature in the Russian Federation are examined, the content of the laws, governing the issues of the non-monetary form of remuneration and the concepts contained in these rules are analyzed. The main approaches to understanding the cryptocurrencies’ legal nature are presented and the author's position on this issue is formulated, the possibility of the extending monetary, non-monetary form of remuneration regulations, rules on the foreign currency form of compensation on the cryptocurrencies is examined, the amendments to the «Protection of Wages» Convention № 95, the Labor Code of the Russian Federation are made, the recommendations on the enshrinement of the provisions governing the cryptocurrency form of remuneration and aimed at protecting the rights and legitimate interests of the employees in the employment contract are offered in the study.