LEGAL STATUS OF CRYPTOCURRENCY

This article is devoted to the analysis of the feasibility of introducing appropriate changes in civil legislation related to the handling of cryptocurrency virtual assets. Two draft laws that are currently under consideration have been analyzed, evaluated and identified for improvement. The practice of legal regulation in foreign jurisdictions in the context of the legal status of cryptocurrencies is described, clarified the positive and negative aspects of this or that approach. At the same time, the skeptical position of the competent State bodies regarding this particular draft was examined, which notes that its adoption may have a negative impact on the international image of Ukraine. However, in stating their own position and concurring with the opinion of the majority of scientists, the authors take the position that such changes are necessary and caused by time conditions. Therefore, although perhaps not in the form of an existing bill, but such changes are relevant and will have far more positive than negative consequences. It is also worth noting that most of the skeptical expectations are related to doubts that the adopted changes will not be implemented effectively and promptly. In the final part of the work, the authors try to predict how the corresponding changes will be reflected on the content of the Civil Code. However, a much more important issue is how much this will affect the practical application of the relevant regulations. Since the judicial practice, which is given in article, testified to the fact that a specific judgment often depends, at the first sight, on insignificant provisions of civil legislation. In summing up the main points, we consider that in the process of adopting the corresponding act, which deals with cryptocurrency as objects of civil law, it is worth, first of all, assessing the potential impact on the main institutions of civil law. Based on the statement of the main material, these are the institution of property law, the general provisions of the contract, the liability law and the inheritance law.