scholarly journals Review of the Methodical Manual “Methodology for Determining Whether a Blockchain Token Corresponds to a Digital Asset”, author Kud A. A.

2020 ◽  
Vol 3 (3) ◽  
Author(s):  
Vijay Anant Athavale
Keyword(s):  
Human Life ◽  
Legal Regulation ◽  
Electronic Money ◽  
Virtual Currency ◽  
Legal Information ◽  
Legal Standards ◽  
Blockchain Technology ◽  
Conceptual Clarity ◽  
Digital Asset ◽  
Digital Assets

Blockchain, so enthralling is that it ties in with technology, economics, and psychology. In this manual the author has explored it from a legal perspective, as well. Is that why people get so excited about blockchain – because there are so many different areas to think about? The fact that it is so multidisciplinary is actually more of a challenge for people than what gets them into it. Almost no one has the requisite expertise in all these different areas, so it leads to a lot of misunderstandings where people think they understand what’s going on, but only see one part of it. The manual describes the characteristics and indicators of a blockchain token to be considered as digital asset. Author has logically projected that digital assets may become universally recognised equivalent of value and have a legal tender status. In such a scenario this manual provides a credible tool to the practitioners in the field of finance to determine whether the characteristics of a blockchain token correspond to those of a digital asset. In the theoretical discussion author has beautifully explained the basic terms related to a blockchain token, to provide clarity at a glance, regarding the terms “digital asset”, “digital currency”, “virtual currency”, “cryptocurrency”, “virtual money”, “electronic money”. The analysis of all the terminologies have rightfully led to the conclusion that in most of the concerns digital asset means cryptocurrency. Author's approach in classifying the term digital asset with reference to the four components namely economic, legal, information and value is really commendable. The explanation is self satisfactory to showcase the huge potential of digital assets for real sector of economy and that's why there is a strong need for legal regulation. The methodology of principle of equivalence of categories proposed by the author to diagnose the equivalence of a blockchain token to a digital asset is fairly simple and reliable as all the nine categories “uniqueness”, “identifiability”, “regulability”, “sessionality”, “derivativeness”, “verfiability”, “transparency”, “decentralisation and “accountability” elaborated optimal characteristics to be at par with the existing international legal standards. A fairly simple and reliable mathematical formalization is there to determine that the diagnosed blockchain token corresponds to a digital asset. With all such incredible features the manual is really invaluable to all the practitioners’ as blockchain technology is rapidly changing landscapes of human life by bringing in efficiency both in terms of time and money. Inclusion of a thesaurus has really added a great value to the manual which provides conceptual clarity about the widely used terminologies in the context of blockchain technology.

Activity of public control entities and development of distributed computing and distributed data storage systems

2018 ◽  
pp. 14-22
Author(s):  
D. V. Gribanov
Keyword(s):  
Distributed Computing ◽  
Data Storage ◽  
Storage Systems ◽  
Legal Regulation ◽  
Distributed Data ◽  
Distributed Data Storage ◽  
Public Control ◽  
Blockchain Technology ◽  
Legal Method ◽  
Digital Assets

Introduction. This article is devoted to legal regulation of digital assets turnover, utilization possibilities of distributed computing and distributed data storage systems in activities of public authorities and entities of public control. The author notes that some national and foreign scientists who study a “blockchain” technology (distributed computing and distributed data storage systems) emphasize its usefulness in different activities. Data validation procedure of digital transactions, legal regulation of creation, issuance and turnover of digital assets need further attention.Materials and methods. The research is based on common scientific (analysis, analogy, comparing) and particular methods of cognition of legal phenomena and processes (a method of interpretation of legal rules, a technical legal method, a formal legal method and a formal logical one).Results of the study. The author conducted an analysis which resulted in finding some advantages of the use of the “blockchain” technology in the sphere of public control which are as follows: a particular validation system; data that once were entered in the system of distributed data storage cannot be erased or forged; absolute transparency of succession of actions while exercising governing powers; automatic repeat of recurring actions. The need of fivefold validation of exercising governing powers is substantiated. The author stresses that the fivefold validation shall ensure complex control over exercising of powers by the civil society, the entities of public control and the Russian Federation as a federal state holding sovereignty over its territory. The author has also conducted a brief analysis of judicial decisions concerning digital transactions.Discussion and conclusion. The use of the distributed data storage system makes it easier to exercise control due to the decrease of risks of forge, replacement or termination of data. The author suggests defining digital transaction not only as some actions with digital assets, but also as actions toward modification and addition of information about legal facts with a purpose of its establishment in the systems of distributed data storage. The author suggests using the systems of distributed data storage for independent validation of information about activities of the bodies of state authority. In the author’s opinion, application of the “blockchain” technology may result not only in the increase of efficiency of public control, but also in the creation of a new form of public control – automatic control. It is concluded there is no legislation basis for regulation of legal relations concerning distributed data storage today.

scholarly journals CONCEPT OF VIRTUAL CURRENCIES IN MODERN ECONOMIES

2018 ◽  
Vol 1 (10) ◽  
pp. 63
Author(s):  
Inta Kotane
Keyword(s):  
Future Development ◽  
Early Stage ◽  
Legal Framework ◽  
Legal Regulation ◽  
Scientific Publications ◽  
Virtual Currency ◽  
Blockchain Technology ◽  
Stage Of Development ◽  
The Future ◽  
The Media

In recent years, development of blockchain technology and virtual currencies (VCs) have been followed not just by the media and industry professionals all over the world – there rarely could be found a person who has not ever heard the term ‘bitcoin’. Despite the popularity of VCs, there is a lack of comprehensible information in the Latvian language about what the virtual currency (VC) is, as well the concepts of digital and VCs are often misused as synonyms. The research is based on the analysis of special literature and scientific publications on the system of VCs. The aim of the research: to explore the concept of VCs in the modern economy. General scientific research methods are used in the research: the method of monographic or descriptive research, the comparative analysis method for studying the concept of VCs, the classification, legal regulation, and future development possibilities. The results of the research show that VCs are a type of digital currency, though, the opposite statement is not correct. Thus, all VCs are digital, but not all digital currencies are virtual. Exploration of the legal framework of VCs suggests that it is at an early stage of development. With the increasing number of VCs and along with strengthening of the legal framework of VCs, the issue of possible directions of the future development of VCs is raised. Two points of view dominate: the future currency or payment system, for example, smart contracts.

scholarly journals Embedding a Blockchain Technology Pattern Into the QR Code for an Authentication Certificate

2020 ◽  
Vol 5 (2) ◽  
pp. 239
Author(s):  
Qurotul Aini ◽  
Untung Rahardja ◽  
Melani Rapina Tangkaw ◽  
Nuke Puji Lestari Santoso ◽  
Alfiah Khoirunisa
Keyword(s):  
Continuing Education ◽  
Swot Analysis ◽  
Human Life ◽  
Qr Code ◽  
Analysis Method ◽  
Blockchain Technology ◽  
The World ◽  
Digital Assets

In the disruptive 4.0 era that emphasizes technological sophistication, blockchain is present as a technology that increasingly influences human life, helping humans in all aspects, including education. The role of blockchain technology in the world of education is to test the validity of diplomas, the increasing number of fake diplomas for an interest, both for work and continuing education to a higher level. The purpose of this research with the implementation of blockchain is expected to make it easier for users to verify the authenticity of a diploma. This study uses the SWOT analysis method to identify all possibilities that exist in blockchain technology. The final result of this research, the system will print a physical certificate in the form of paper in general, then the certificate will be printed a QR code. To verify numeric code on QR Code via scanning on smartphone or QR Reader. It is hoped that the blockchain technology applied to digital assets can reduce cases of forgery of diplomas and other important documents.

scholarly journals ECONOMIC AND LEGAL RISK OF CRYPTOCURRENCY USE

2020 ◽  
Author(s):  
Andriy Makurin ◽  
Keyword(s):  
World Economy ◽  
Legal Status ◽  
Supply And Demand ◽  
Balance Sheet ◽  
Financial Statements ◽  
Electronic Money ◽  
Virtual Currency ◽  
Legal Nature ◽  
Qualitative Characteristics ◽  
Digital Assets

The article compares the concepts of virtual currency (cryptocurrency) and electronic money. It is established that such assets, although different from each other, have certain similar features. Electronic money, unlike cryptocurrency, has a legal status, a legally defined issuer, a fixed offer and is regulated and supervised. It is established that there are four qualitative characteristics that increase the usefulness of financial information that is relevant and accurately presented - it is comparability, reliability, timeliness and clarity. Thus, the issue of reflecting in the financial statements of digital assets that affect the assets of the enterprise, determining the liquidity of the balance sheet, understanding of the transactions in connection with which the company has acquired digital assets. Based on this, cryptocurrency assets have every chance to become an integral part of the world economy, as some countries are already inclined to introduce such currency in the process of use and exchange for goods or other funds. If an enterprise is able to control certain assets, such as cryptocurrency, and to carry out storage and accumulation operations with it, this affects the reflection of such assets in the financial statements of the enterprise and the assessment of the solvency of such enterprise. It is established that the liquidity of digital assets depends on their recognition in the accounting policy as a certain asset. If they are recognized as cash, they are the most liquid assets of the first group, but if they are recognized as digital goods, then this is the third group of liquidity. It is determined that the risk of using cryptocurrency has an economic and legal nature. Its essence is that the value of cryptocurrency is set by the ratio of supply and demand for it. When investing real money in cryptocurrency, the demand for it may not increase or decrease due to its unpopularity. But it should also be noted that such economic risk must be associated with legal, as the state can legalize transactions with cryptocurrency, but not with all, but only with a specific one, such as bitcoin and its "forks". Thus, based on the peculiarities of the use of cryptocurrency, the following risks can be identified, such as legal, economic, technical and others.

scholarly journals Comprehensive сlassification of virtual assets

2021 ◽  
Vol 4 (1) ◽  
pp. 52-75
Author(s):  
Aleksandr Aleksandrovich Kud
Keyword(s):  
Management Accounting ◽  
Legal Framework ◽  
Legal Regulation ◽  
Semantic Features ◽  
Direct Relation ◽  
Effect Analysis ◽  
Digital Asset ◽  
Multilevel Classification ◽  
Digital Assets

Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.

Digital Objects: The Legal Peculiarities, the Role and Prospects of Use

2020 ◽  
Vol 38 (Especial II) ◽  
pp. 226-238
Author(s):  
Timur Giorgievich Okriashvili ◽  
Voronin Maksim Valer'evich ◽  
Albert Valentinovich Pavlyuk ◽  
Elena Anatolyevna Kirillova
Keyword(s):  
Statistical Methods ◽  
Digital Input ◽  
Legal Standards ◽  
Methods Of Analysis ◽  
Digital Objects ◽  
Digital Asset ◽  
The Moment ◽  
The Right ◽  
Modern Technologies ◽  
Digital Assets

Digital assets are increasingly used in civil invoicing, which requires the development and unification of legal standards in the field of the creation and use of digital assets. The main objective of this study is to define digital assets as a legal category and precisely characteristics for the digital objects of other civil objects according to identifications. Methods of analysis of legal standards, collection and study of individual facts, statistical methods, scientific abstraction methods and methods of representation of the archives were used. The study that digital objects are an independent legal category, which is an intangible digital asset that can only be created with the help of modern technologies, my that ownership of digital objects arises from the moment of verification with a verification with a code and the realization of a digital input. in a special transaction log. For the right of inheritance of digital objects, it is necessary to implement a verification of holder verification and identification of digital objects during their creation and disposal.

scholarly journals FINANCIAL AND LEGAL REGULATION OF BLOCKCHANE TECHNOLOGY: STATUS AND PROSPECTS OF CRYPTOVOLUTE USE

2021 ◽  
Vol 2 (37) ◽  
pp. 72-83
Author(s):  
V. Tipanov ◽  
A. Drachov ◽  
S. Tkalenko ◽  
T. Mirzodaieva ◽  
L. Syerova
Keyword(s):  
Legal Status ◽  
Block Design ◽  
Legal Regulation ◽  
Stock Exchanges ◽  
State Budget ◽  
Virtual Currency ◽  
Tax Legislation ◽  
Blockchain Technology ◽  
The Status ◽  
Definition Of

Abstract. The essence of cryptocurrencies is considered and the definition of their legal status is offered. The experience of some jurisdictions regarding the opportunities and threats of using and regulating cryptocurrencies has been studied. The authors analyzed the cryptocurrency market. The factors that led to the widespread use of cryptocurrency, which include financial instability, significant currency fluctuations, limiting capital flows and inflation of the currency in the country. The problem of information protection using blockchain technology, which is solved by a combination of block design and cryptographic protection, is considered. The capitalization of TOP cryptocurrencies for the last three years is analyzed, among which the leading ones are Bitcoin (VTS), Ethereum (ETH), Tether (USDT) and others. Identified issues that need to be addressed in the field of finance and legal regulation. In the process of analyzing the experience of regulating cryptocurrency, we have found similar and distinctive features in some jurisdictions. First, each country, in view of the great potential of the blockchain technology, is trying in one way or another to create a favorable climate for its development. Secondly, the use of cryptocurrency goods is rapidly developing, and their impact on economic processes, both at the international and national levels is increasing, while states are faced with the problem of adapting their tax legislation to the current challenges of the digital economy, since the definition of the status of cryptocurrency does not directly lead to lack of funds to the state budget from operations with these assets. Thirdly, today there are more than 2,000 cryptocurrencies is traded through various trading platforms — stock exchanges and can be used to launder proceeds from crime. Thus, it is necessary to develop common standards for the regulation of cryptocurrency and the requirements for such crypto exchange counterparts, through the licensing of operations with cryptocurrencies. At the same time, the important question is what government bodies should exercise such control. Keywords: technology blockchain, cryptocurrency, virtual currency, legal regulation of cryptocurrencies, state functions, cryptocurrencies taxation. JEL classіfіcatіon F01, F20, K33, K34 Formulas: 0; fig.: 0; tabl.: 1; bibl.: 23.

scholarly journals Kompleksna klasyfikatsiia virtualnykh aktyviv [Comprehensive сlassification of virtual assets]

2021 ◽  
Vol 4 (2) ◽  
pp. 14-39
Author(s):  
Aleksandr Aleksandrovich Kud
Keyword(s):  
Management Accounting ◽  
Legal Framework ◽  
Legal Regulation ◽  
Semantic Features ◽  
Direct Relation ◽  
Effect Analysis ◽  
Digital Asset ◽  
Multilevel Classification ◽  
Digital Assets

Background: One of the problems of the modern lawmakers in different countries is that they try to regulate an object before they study the nature of its origin, which, logically, entails many errors regarding its definition in the legal framework. The absence of unified definitions and clear classification of virtual assets as tools for implementing the methods of financial and management accounting of property according to their fundamental and unique features makes it nearly impossible to determine the features of virtual assets important for legal regulation and, therefore, to enshrine them in laws and establish a proper legal framework. The paper is dedicated to solving a relevant and cross-discipline scientific and applied task of developing a comprehensive multilevel classification of virtual assets. Unlike the few existing classifications that focus on parts of the virtual asset phenomenon and selective methods of its implementation, the paper proposes an all-encompassing comparison of all known types of virtual assets, which confirms the comprehensiveness of the classification proposed in this paper. Purpose: To develop and substantiate a comprehensive and multilevel classification of known types of virtual assets, which allows solving the cross-discipline scientific and applied task of systematizing virtual assets for future development of a single approach to regulating relations, the objects of which are different types of virtual assets. Materials and Methods: In order to study the nature of virtual assets and develop a comprehensive classification, a set of scientific research methods has been used: analysis, including cause and effect analysis, synthesis, comparison, generalization, systematization and interpretation of results and induction. Results: The author describes a triune nature of virtual assets: technological, economic and legal, information and applied. This classification of virtual assets will allow determining promising tools for accounting of property and rights. Unlike other known approaches to differentiating virtual assets, where crypto-assets (or cryptocurrencies) were unjustified “leaders”, the author has distinguished the group of tokenized assets for the first time. This particular group, due to its direct relation to property, allows performing accounting as well as reaccounting of property and rights in modern digital accounting systems – decentralized information platforms based on the distributed ledger technology (blockchain), whereas this accounting cannot be performed using crypto-assets due to absence of direct relation to property. Out of virtual assets, the author distinguishes a digital asset and analyzes the semantic features of the term “digital asset”. The digital asset is based on a unique information resource as the original asset and on the property of derivativeness from the real asset, which greatly differentiates it from other types of virtual assets. All of that allows considering it as an effective tool for implementing the methods of financial and management accounting of property. Thus, owners of digital assets can use the new way of accounting of their property and personal non-property rights. Based on the properties of a digital asset, the author distinguishes other types of virtual assets: polyasset and monoasset, with the relevant examples. The author provides the characteristics of their features and structural components while comparing them to the features of digital assets and giving clear and well-known financial and legal analogies regarding the implementation of mutual obligations between parties to a traditional deal. The paper also contains the first systematization of seven properties and parameters of a tokenized asset and, therefore, description of properties of three variations of a tokenized asset: monoasset, polyasset and digital asset. This allowed presenting the varieties of virtual assets as a three-level classification based on the complexity of the nature of virtual assets. The author’s classification distinguishes seven types of virtual assets and contains their description. Conclusions: Overall, the proposed approach to classification allows giving a scientific answer to the question of how to compare the multitude of known virtual assets and how to relate them to the legal framework of a state. These developments will be useful for legislators in basically every country, financial, tax and banking state bodies, as well as private companies when keeping books and performing accounting of virtual assets in their business activity.

scholarly journals BLOCKCHAIN ADOPTION: APPLICATIONS AND CHALLENGES

2021 ◽  
Vol 7 (2) ◽  
pp. 19-25
Author(s):  
Muyideen Omuya Momoh ◽  
P.U. Chinedu ◽  
W. Nwankwo ◽  
D. Aliu ◽  
M.S. Shaba
Keyword(s):  
Global Economy ◽  
Blockchain Technology ◽  
Novel Technology ◽  
Distributed Ledger ◽  
The World ◽  
Digital Asset ◽  
A Chain ◽  
Central Management ◽  
Digital Assets

In recent times, more scholastic and social attention have been paid to blockchain and its distributed ledger system mechanism. The reasons for this ever-increasing attention cannot be far-fetched: blockchain now occupies a copious position in the present-day ways of doing things economically, digitally and ‘digital-socially’. Blockchain could be described as a distributed ledger system that allows secure transactions without a central management system. In this distributed ledger system, transactions are coded into blocks, which are linked to each other in the form of a chain. The first application of blockchain is in the bitcoin cryptocurrency. Though not limited to bitcoin, blockchain finds usefulness in security and trusts for instance, digital assets could be coded into blocks to ensure and enforce quality of trust. Consequent upon the quality of trust the blockchain confers on a digital asset, transparency among participating nodes is guaranteed.  This is because, any change made to any record in a given block automatically initiates and enforces a corresponding change in all other blocks in the chain hence tampering or breach is almost impossible.  Owing to its impressive prospects in the socioeconomic and political ecosystem, this paper was conceived to examine the current developments around this novel technology with particular emphasis on its benefits and proposed  challenges and needs to fill the gap created in the vital socioeconomic domains. The paper concludes that the blockchain technology is a plausible approach to restoring the trust, confidentiality, availability and integrity in transactions in the cyberspace and the world at large as majority of the global economy thrives in the cloud.

scholarly journals International Legal Regulation of Genetic Research and Implementation of International Legal Standards in this sphere into Russian Legislation

2021 ◽  
Vol 25 (1) ◽  
pp. 107-125
Author(s):  
Aleksey V. Kubyshkin ◽  
Sergey V. Kosilkin
Keyword(s):  
Human Rights ◽  
Public Relations ◽  
Genetically Modified Organisms ◽  
Genetic Research ◽  
Legal Regulation ◽  
Genomic Research ◽  
Public Interests ◽  
Legal Standards ◽  
Blockchain Technology ◽  
Protection Of Human Rights

The article analyzes the topical issues of international legal regulation of genetic research; it provides a comparative analysis of two groups of international acts regulating relations related to genetic research and application of their results on creation, use and circulation of genetically modified organisms (except humans), on the study of human genome and application of their results. The article deals with the issues of objects and methods of genetic research regulation, balance of interests as the basis for legal regulation of public relations in the field of genomic research. It also considers approaches to ensuring a balance of private, group and common (public) interests. Criticism of certain provisions of the Convention on Human Rights and Biomedicine is given, the question of the inadmissibility of legal opposition between the protection of human rights and the interests of science and society as a whole is raised. The authors put forward proposals on the implementation of a number of international norms in Russian legislation and its further improvement, as well as on the use of blockchain technology in genetic research.

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