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Electronic Currency
New Horizons or Serious Risks?
Vladislav Arkhipov
Of Counsel, Ph. D. *
20 February 2014
AML Conference...
A Relevant Problem

http://bit.ly/1fd48B3
20 February 2014

2
Scope of Definition
cryptocurrencies
ALT E R N AT I V E
ADDITIONAL
digital money
online games

VIRTUAL

© Alexandr Mitiuc ...
Legal Focus

© Junial Enterprises - Fotolia.com

Electronic money – money which were
provided in advance by one party to o...
Out of Control
crypto currencies






Bitcoin
Litecoin
PPCoin
Namecoin

© intheskies - Fotolia.com

virtual currencie...
How Bitcoin Works?

• No cover. Bitcoins do not imply advance payments.
• Peer-to-Peer. Each node is both client and serve...
Liberty Reserve Case

Allegations
Money laundering
Spring 2013

© Rrraum - Fotolia.com

Unlicensed money transmitting
busi...
Silk Road Case
Allegations
Drug trafficking

Fall 2013

Soliciting murder
Facilitating computer hacking

Internet trade
se...
Recent Interpretation
Bitcoin:
• Has no conver and no liable
parties.
• Is a quasi-money which are
prohibited.
• May imply...
Political Aspect

‘What is needed is an electronic payment system based on cryptographic
proof instead of trust, allowing ...
The Future of Bitcoin

© fotogestoeber - Fotolia.com

20 February 2014

11
Thank you!

Vladislav Arkhipov
Of Counsel
IP / IT/ Telecommunications Practice
T:
+7 812 325 84 44
F:
+7 812 325 84 54
E:
...
World map
CIS focus
St. Petersburg
Moscow

Edmonton
Vancouver

Calgary

Montreal
Ottawa
Chicago
Boston
New York
Toronto
Ka...
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Arkhipov LexisNexis AML Bitcoin 20_02_2014

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What kinds of electronic currency are present now? What are the main principles of Bitcoin? What is the most recent answer of the Russian regulatory bodies to cryptocurrencies?

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Transcript of "Arkhipov LexisNexis AML Bitcoin 20_02_2014"

  1. 1. Electronic Currency New Horizons or Serious Risks? Vladislav Arkhipov Of Counsel, Ph. D. * 20 February 2014 AML Conference, LexisNexis Moscow * Vladislav Arkhipov is an associate professor at Saint Petersburg State University
  2. 2. A Relevant Problem http://bit.ly/1fd48B3 20 February 2014 2
  3. 3. Scope of Definition cryptocurrencies ALT E R N AT I V E ADDITIONAL digital money online games VIRTUAL © Alexandr Mitiuc - Fotolia.com 20 February 2014 3
  4. 4. Legal Focus © Junial Enterprises - Fotolia.com Electronic money – money which were provided in advance by one party to other party, while the latter keeps the record of the amount provided without opening a bank account in order to perform monetary obligations of the party who provided the money towards third parties with the use of electronic means of payment only. 20 February 2014 - Federal Law on National Payment System, Item 18, Article 3 4
  5. 5. Out of Control crypto currencies     Bitcoin Litecoin PPCoin Namecoin © intheskies - Fotolia.com virtual currencies 20 February 2014 5
  6. 6. How Bitcoin Works? • No cover. Bitcoins do not imply advance payments. • Peer-to-Peer. Each node is both client and server. • Proof-of-work. Transactions form a sequence of e-signatures. Bitcoin per se can be viewed not as a payment, but as a record keeping system. 20 February 2014 6
  7. 7. Liberty Reserve Case Allegations Money laundering Spring 2013 © Rrraum - Fotolia.com Unlicensed money transmitting business Liberty Reserve model involved using of own ‘digital currency’ as an anonymizing filter for money transfers 20 February 2014 7
  8. 8. Silk Road Case Allegations Drug trafficking Fall 2013 Soliciting murder Facilitating computer hacking Internet trade service hidden within the TOR network 144 000 BTC seized by FBI (USD 28 mil.) Money laundering © Erica Guilane-Nachez - Fotolia.com 20 February 2014 8
  9. 9. Recent Interpretation Bitcoin: • Has no conver and no liable parties. • Is a quasi-money which are prohibited. • May imply money laundering and financing of terrorism. • Can lead to prosecution for aforesaid activities. © blankstock - Fotolia.com - Press-Service of the Bank of Russia, 27 January 2014 20 February 2014 9
  10. 10. Political Aspect ‘What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.’ © fotomek - Fotolia.com - Satoshi Nakamoto Bitcoin: A Peer-to-Peer Electronic Cash System, 2008 20 February 2014 10
  11. 11. The Future of Bitcoin © fotogestoeber - Fotolia.com 20 February 2014 11
  12. 12. Thank you! Vladislav Arkhipov Of Counsel IP / IT/ Telecommunications Practice T: +7 812 325 84 44 F: +7 812 325 84 54 E: vladislav.arkhipov@dentons.com Join me in social networks! Dentons Northern Capital House 36 Moika Embankment 191186, St. Petersburg Russian Federation www.dentons.com Facebook: vladislav.arkhipov.5 LinkedIn: http://www.linkedin.com/pub/vladislavarkhipov/14/968/805 VK: vladislav.arkhipov Twitter: gameponder www.gameponder.blogspot.com
  13. 13. World map CIS focus St. Petersburg Moscow Edmonton Vancouver Calgary Montreal Ottawa Chicago Boston New York Toronto Kansas City Short Hills Silicon Valley St. Louis Washington, DC Los Angeles San Francisco Phoenix Dallas New Orleans Astana Kiev St. Petersburg Moscow Berlin Warsaw Milton Keynes London Brussels Prague Bratislava Kiev Astana Paris Frankfurt Budapest Rostov on Don Almaty Krasnodar Zurich Bucharest Tashkent Barcelona Tbilisi Istanbul Ashgabat Madrid Rostov on Don Krasnodar Beijing Baku Baku Beirut Atlanta Algiers Casablanca Miami Shanghai Amman Tripoli Cairo Doha Riyadh Abu Dhabi Noukachott Dubai Muscat Hong Kong Praia Bissau Lagos Kamapala Accra Key São Tomé Kigali Bujumbura Dar es Salam Luanda Offices, associate offices x and facilities* Associate firms and special alliances* Nairobi Lusaka Port Louis Johannesburg Cape Town Maputo Almaty Tashkent Ashgabat Singapore
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