IDEAS home Printed from
   My bibliography  Save this article

Bitcoin Lifecoin Namecoin The Legal Nature of Virtual Currency



    () (Southwest State University Kursk Russian Federation)

  • Albert PAVLYUK

    () (MGIMO University School of Governance and Politics Moscow Russian Federation)


    () (Russian State Academy of Intellectual Property Moscow Russian Federation)


    () (Plekhanov Russian University of Economics Moscow Russian Federation)

  • Sergey ZENIN

    () (Kutafin Moscow State Law University Russian Penitentiary Service Research Institute Moscow Russian Federation)


The current article examines the peculiarities and legal nature of Bitcoin Lifecoin Namecoin Quark WebMoney Ripple and other virtual currencies There is no single understanding of the legal essence of virtual currency in the world today therefore the legal status of such currencies is not officially fixed and there are no official rates of Bitcoins or other crypto currencies against national currencies Their rate is determined in the course of trading at virtual Bitcoin exchanges and exchange platforms Such a situation is dictated by the novelty of legal relations in the field of crypto currency circulation the risks of their implementation as well as security problems The main goal of the study is to define the legal nature and features of virtual currencies and the possibilities of legislative regulation of using crypto currencies When writing the article the methods of collecting and studying singularities have been used as well as generalization methods the methods of scientific abstraction and the methods of studying regularities The study has concluded that it is advisable to provide for the licensing of mining and crypto trading at the international level customers should be identified when selling and buying virtual currencies introducing a special verification procedure for Bitcoin users will prevent the abuse of virtual currencies for money laundering and terrorism financing As a result of the analysis a definition has been given and the main features and functions of the virtual currency have been highlighted It has been proved that virtual currencies are a new kind of electronic money stored in computer memory the monetary value of the virtual currency is managed by means of a technical device Virtual currency is a new means of payment and does not require access to deposit accounts

Suggested Citation

  • Elena KIRILLOVA & Albert PAVLYUK & Irina MIKHAYLOVA & Teymur ZULFUGARZADE & Sergey ZENIN, 2018. "Bitcoin Lifecoin Namecoin The Legal Nature of Virtual Currency," Journal of Advanced Research in Law and Economics, ASERS Publishing, vol. 9(1), pages 119-126.
  • Handle: RePEc:srs:jarle0:v:9:y:2018:i:1:p:119-126

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. I.G. Kuznetsova & O.Yu. Voronkova & M.M. Nimatulaev & I.R. Ruiga & G.N. Zhuruli & V.E. Levichev, 2019. "Ensuring the National Security of Agriculture in the Digital Era through the Formation of Human Capital," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 558-569.

    More about this item


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:srs:jarle0:v:9:y:2018:i:1:p:119-126. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Claudiu Popirlan). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.