Crypto currency as an object and instrument of committing crimes

Abstract

The article examines the legal status of cryptocurrencies in Russia. The authors study the civil and criminal law aspects of this phenomenon. The legislation does not define the legal status of cryptocurrencies, while the theory of law and court practice have not yet worked out a unified approach to it. The authors present an overview of the existing positions regarding this issue and suggest that cryptocurrency should be regarded as other property. It is stated that whatever position is incorporated into law, in real life cryptocurrency is in global circulation and has a great potential. As for criminal law, the authors show that it is relatively independent from civil law when dealing with issues within its object. It is suggested that, for the purposes of criminal law, the available instruments should be adjusted to enable a prompt reaction to the crimes committed at the present moment. The authors analyze the possibility of recognizing cryptocurrencies as an object and instrument of committing crimes within the framework of current legislation. Using the examples different crimes, the authors demonstrate that cryptocurrency could act as an instrument of committing them. It is also stated that cryptocurrency could be recognized as an object of some crimes. To support their position, the authors present such arguments as crimes of terrorism, illegal trade in drugs and psychoactive substances, economic crimes and some others. They also discuss cryptocurrency as an object of theft. It is proven that there is a practical necessity to recognize cryptocurrency as an object of theft. Criticism of this approach by some researchers is also discussed. The authors, however, show that it is possible to solve this problem positively. They conclude that current Russian and foreign legislation should be amended and should define the legal status of cryptocurrencies; however, the goal of criminal law could and should be achieved even before these amendments are adopted.