Биткойн, альткойны, цифровой рубль: об экономической природе криптовалют

Финансы: теория и практика. 2025. Т. 29. № 5. С. 21–33.

Volkova O. N.

Cryptocurrencies are a type of financial instrument that has been widely used by financial market participants since
the early 2010s. Despite their growing popularity, their status within financial systems across different countries
remains a topic of ongoing discussion. There is still no consensus on how to best understand the economic nature of
these digital assets. This paper uses discourse analysis and content analysis to explore the various interpretations
of cryptocurrencies’ economic nature. The paper argues that the interpretation of cryptocurrency’s economic nature
depends heavily on the perspective of the stakeholder and the intended purpose of using the term. It considers
arguments both for and against treating cryptocurrencies as commodities, currencies (including electronic and
private currencies), or properties (assets, such as financial assets). It concludes that traditional cryptocurrencies do
not meet the criteria for being considered money, and only central bank-issued digital currencies can fulfill all the
functions associated with money. Decentralized cryptocurrencies, such as Bitcoin, cannot be classified as securities
because there are no companies or organizations that issue these assets and bear any obligations under them.
Instead, these assets have the characteristics of commodities. Different types of cryptocurrencies can be treated
as either commodities or securities for tax purposes, depending on the specific circumstances. At the same time,
assets with unique characteristics and behavior in the financial market may be included in a separate category for
accounting purposes, or if the state allows for the use of cryptocurrencies in transactions without restrictions, they
can be considered equivalent to cash

Keywords: электронные деньги, финансовые активы, financial assets, cryptocurrency, биткойн, криптовалюта, virtual currency, цифровые финансовые активы, виртуальная валюта, цифровые деньги, digital currency, bitcoin, digital financial assets, central bank digital currency, цифровая валюта центрального банка, altcoin, electronic currency, decentralized currency, альткойн, виртуальные деньги, децентрализованная валюта, децентрализованные деньги