CRYPTOCURRENCIES, SMART CONTRACT AND TOKENS AS NEW INSTITUTIONS OF THE RUSSIAN CIVIL LAW

Chumachenko Ivan¹, Chilingaryan Kamo²*
¹PhD Assistant professor RUDN University, RUSSIA, ivan26061989@mail.ru
²*Associate professor RUDN University, RUSSIA, chilingaryan_kp@pfur.ru


Abstract

This article is focused on the questions of the bitcoins, smart contract and tokens regulation by the statutory norms (acts) of the Russian Federation. At this moment the institutions of cryptocurrencies, smart contract and tokens are subject to some projects of the amendments to the Civil Code of the Russian Federation in case that there are a lot of collisions and misunderstanding related to the regulation of the abovementioned institutions. The authors analyse 2 main projects and provide their opinion on this matter.

The main attention of the authors is also paid to the current issues of the law of Switzerland and the U.S. law related to the regulation of these institutions of the civil (business) law. The authors try to make a comparative analysis, to provide a case law, opinions and reports of the state authorities, examples to achieve a legal nature of some of these institutions. The authors also provide their classification of different types of tokens. In conclusion, the authors mark some advantages and disadvantages of their regulation.

The main sources for this article are the current statutory acts (federal legislation) of the Russian Federation, projects of the proposed changes to the Civil Code of the Russian Federation and also statutory and case law of the foreign states, such as the U.S. and Swiss law. The findings of the work will be of use to researchers, as well as lawyers working in this area.

Keywords: bitcoins, smart contract, tokens, cryptocurrencies