BASIC APPROACHES TO CREATION AND REGULATION OF CRYPTOCURRENCY

Abstract

This article shows the cryptocurrency and its advantages in the center of digital relations, which has started a new stage of human evolution. An attractive feature of cryptocurrency payments is that transactions between entities are carried out directly, without the participation of intermediaries, without the involvement of financial institutions. In this article, the author considered approaches to the regulation and understanding of cryptocurrency in the world, taking into account these features. It turns out that cryptocurrency has not only brought advantages to businesses, but has also been assessed to bring a number of new risks to governments and even users. Among them, the impact of cyber security, tax evasion, promotion of illegal activities and financial support of terrorism, etc. was assessed. In this article, on the basis of national and international experience, the author conducted analyzes aimed at determining the legal status of digital currency in the legislation of Uzbekistan, and put forward proposals aimed at improving the national legislation. This research was supported by a Marie Curie Research and Innovation Staff Exchange scheme within the H2020 Program (grant acronym: Central Asian Law, no 870647).