Cryptocurrencies in International Banking Law

In 2008 the first cryptocurrency called «bitcoin» was presented to the public as a brand-new payment system that allowed counteragents to exchange money without a trusted third party. Within ten years after the first emission the rate of bitcoin has reached unexpected heights attracting the attention of investors, academics and legislators. Nowadays, the regulation of cryptocurrencies is one of the main priorities of G20, European Union and a plethora of other international organizations. The national legislations of many countries in one way or another react to this new legal institution that continues to develop dynamically. Besides, the circulation of cryptocurrency causes risks connected with protection of buyers’ and investors’ interests as well as the possible usage of this means of payment for illegal purposes, for example, money laundering and financing terrorism. The abovementioned factors confirm the relevance of this research. Social relations that arise because of the issuance and circulation of cryptocurrencies constitute the object of this study. The legal nature of cryptocurrencies and their regulation by national law in different jurisdictions and by international law constitute the subject of this study. The bachelor thesis contains an introduction, three chapters that include seven paragraphs, a conclusion and a bibliography. The first chapter is about the technical features of cryptocurrencies and various opinions on their legal nature. The second chapter contains the analysis of risks and benefits connected with the use of cryptocurrencies as well as a comparative analysis of the regulation of cryptocurrencies in Russian Federation, Germany and Japan. The approaches to unification of the regulation of cryptocurrencies on the international level and in the USA can be found in the third chapter.