Legal Status of Cryptocurrencies: the Experience of BRICS

Abstract

According to the BRICS Economic Partnership Strategy until 2025, one of the goals of mutually beneficial cooperation between the BRICS member states is to overcome the digital gap and obtain common benefits from digitalization, taking into account the different levels of digital development of the member states. Spreading the use of blockchain technology and cryptocurrencies is of a special interest in the process of digital transformation of the economy, both at the state and global levels. Authors carried out a comparative legal analysis of the legal regulation of cryptocurrencies in the BRICS member states considering the relevance of the need to exchange experience and study approaches to regulating the digital transformation of the economies of the BRICS member states as one of the tasks of BRICS cooperation in the sphere of digital transformation. The subject of the research is the legal status of cryptocurrency as a digital asset, which does not provide its owner with any rights of claim in relation to other objects of civil rights. The authors analyze the current legal regulation of cryptocurrency in Russia and offer recommendations for its development based on the experience studied.