Protecting National Economy: Modern Issues of Currency Regulation

Abstract

At the international level, uncertainty still remains over the issues of currency and legal responsibility, which is largely due to various legal regulations. Beginning with 2018, the European Union will bring into force new rules for calculating the liquidity of banks and the ratio of borrowed funds and assets that change its monetary policy. Not everyone is happy with the new rules. Several large French banks even have appealed to the European Court of Justice for a change in the rules. According to statements by financial analysts, the European Central Bank is on the verge of abandoning the ultrasoft monetary policy in the direction of neutral and is further preparing for tightening it. In most cases, companies that carry out foreign economic activity violate currency legislation. At the same time, civil measures may not be sufficient to protect the normal functioning and development of the domestic foreign exchange market. For this reason, the laws of the Russian Federation provide for liability for non-repatriation of funds. However, not all countries today establish this kind of responsibility. Meanwhile, due to the revival of the idea of private money in the form of cryptocurrencies and other modern monetary surrogates the question of how to protect the national economy in modern conditions requires separate analysis. Therefore, the urgency of searching for common approaches to currency regulation is growing. The subject of the paper is a monetary system and monetary relations from the point of view of analyzing contemporary problems of ensuring its stability, including criminal legal means. The purpose of such an analysis is to show clearly which mechanisms of protection of the domestic foreign exchange market are being applied at present and with what problems the monetary system is facing today. The article is prepared on the basis of the technical analysis of legal norms, the comparative legal method, the method of system analysis, the formal logical method. According to the authors, such an analysis would contribute to a uniform approach to the problem, without which it will be extremely difficult to achieve success. It is concluded that in view of new challenges in the world economy and the emergence of the crypto currency, it is now necessary to rethink the phenomenon of currency crimes, to study the experience of combating monetary crimes in other countries and to assess the overall mechanisms.