Impact of Cryptocurrencies on Modern Currency Control Systems

The research identifies a fundamental contradiction between the decentralized, pseudo-anonymous, and cross-border nature of cryptocurrencies and the principles of traditional currency control, which is based on centralized supervision of authorized intermediary banks. This contradiction is systemic in nature and leads to significant regulatory gaps. A study of international experience demonstrates that the most effective and balanced approach to adaptation lies not in prohibitive policies, but in the regulation of crypto infrastructure. A key global trend is the extension of currency control and AML/TF requirements to virtual asset service providers (VASPs), which makes it possible to reintroduce elements of transparency and oversight into the circulation of digital capital. An analysis of Russian practice reveals that the core problem lies in the fragmented and internally inconsistent nature of the existing regulatory framework. Federal Law № 259-FZ, which established a regulated segment for digital financial assets (DFAs), left the majority of cryptocurrency transactions used as a means of payment outside the legal framework. This has resulted in a concentration of risks related to the circumvention of currency control, money laundering, and tax evasion within a legally undefined domain. The conducted analysis of the impact of cryptocurrencies on modern currency control systems allowed to accomplish a set of interrelated research objectives and provided a basis for formulating conclusions and recommendations.