The Law on Digital Financial Assets as a Modern Mechanism for Achieving a Balance of Private and Public Interests

Relevance. The use of new mechanisms for fixing property rights (on the example of the phenomenon of "digital financial assets") allows not only to ensure the satisfaction of private interests, but also contributes to the efficiency of attracting investments into the national economy; the digital form of fixing property rights acts as a certain means of achieving a balance of private and public interests, characterized by the use of new legal structures, subject to comprehensive research.

The purpose of the study is to clarify the place of digital technologies (using the example of digital financial assets) in ensuring a balance of private and public interests. 

Objectives: to identify the essence of the category "balance of private and public interests"; to determine the place of the construction of "digital financial assets" in ensuring the proper level of consistency of private and public interests.

Methodology. When writing the work, methods of analysis and synthesis, the system method, the dogmaticlegal method and the method of interpretation of the norms of law were used.

Results. The authors argue that the essence of the balance of private and public interests at the present stage of the development of Russian society should be considered not only to ensure the free disposal of individuals with their property and abilities, but also to provide them with confidence in the effectiveness of the requirements imposed on the state in compliance with its own Basic Law – the Constitution to prevent the arbitrariness of public authorities. The authors formulate proposals to improve the turnover of property rights recorded in digital form by the design of digital financial assets.

Conclusions. Digital financial assets are a promising investment financial instrument that allows meeting the needs of individuals in preserving and incrementing their property, which contributes to the efficiency of attracting investments into the national economy and ensuring a balance of private and public interests.

1. Kuksin I. N., Chechel'skij I. V. [Ensuring a balance of public and private interests as a means of achieving justice in lawmaking]. Prava i svobody cheloveka i grazhdanina: teoreticheskie aspekty i yuridicheskaya praktika. Materialy ezhegodnoj Mezhdunarodnoj nauchnoj konferencii pamyati professora Feliksa Mihajlovicha Rudinskogo [Human and civil rights and freedoms: theoretical aspects and legal practice. Materials of the annual International Scientific Conference in Memory of Professor Felix Mikhailovich Rudinsky]; ed. by D. A. Pashenceva. Ryazan', Koncepciya Publ., 2016, pp. 420–427. (In Russ.)

2. Vasilevskaya L. Yu. Cifrovizaciya grazhdanskogo oborota: problemy i tendencii [Digitalization of civil turnover: problems and trends]. Rossijskij yuridicheskij zhurnal = Russian Law Journal, 2020, no. 6 (135), pp. 105–117.

3. Gabov A. V. Elektronnoe vzaimodejstvie i cifrovye tekhnologii v korporativnom upravlenii akcionernym obshchestvom v Rossii [Electronic interaction and digital technologies in corporate governance of a joint-stock company in Russia]. Pravo. Zhurnal Vysshej shkoly ekonomiki = Pravo. Journal of the Higher School of Economics, 2021, no. 2, pp. 24–64.

4. Karckhiya A. A. Cifrovye tekhnologii v processe "cifrovoj" adaptacii prava [Digital technologies in the process of "digital" adaptation of law]. Intellektual'naya sobstvennost'. Promyshlennaya sobstvennost' = Intellectual property. Industrial property, 2019, no. 5, pp. 41–48.

5. Ozhegov S. I., Shvedova N. Yu. Tolkovyj slovar' russkogo yazyka [Explanatory dictionary of the Russian language]. Moscow, Azbukovik Publ., 1999. 944 p.

6. Vasil'ev S. V. Chastnoe i publichnoe pravo v Rossii: Istoriko-teoreticheskij analiz. Avtoref. diss. dokt. yurid. nauk [Private and Public Law in Russia: Historical and Theoretical Analysis. Dr. legal sci. abstract diss.]. St. Petersburg, 2002. 35 p.

7. Lutfullin R. R. Totalitarizm kak politiko-pravovoe yavlenie. Avtoref. diss. kand. yurid. nauk [Totalitarianism as a political and legal phenomenon. Cand. legal sci. abstract diss.]. Kazan', 2003. 28 p.

8. Buchenkov D.E. Fenomen anarhizma v politicheskoj zhizni sovremennoj Rossii. Avtoref. diss. kand. polit. nauk [The phenomenon of anarchism in the political life of modern Russia. Cand. legal sci. abstract diss.]. N. Novgorod, 2003. 28 p.

9. Safronov O. S. Problemy evolyucii obshchestva i gosudarstva v ideologii russkogo anarhizma (M. A. Bakunin i P. A. Kropotkin). Diss. dokt. istor. nauk [Problems of the evolution of society and the state in the ideology of russian anarchism (M. A. Bakunin and P. A. Kropotkin). Dr. hist. sci. abstract diss.]. Voronezh, 2015. 463 p.

10. Nazarov I. Yu. Ideologiya i politicheskaya praktika mahnovskogo dvizheniya. Avtoref. diss. kand. ist. nauk [Ideology and political practice of the Makhnovist movement. Cand. hist. sci. abstract diss.]. Moscow, 2006. 32 p.

11. Zhukov Yu. V. Politicheskie idei anarhizma P. A. Kropotkina v kontekste sovremennosti. Diss. kand. yurid. nauk [Political ideas of P. A. Kropotkin Anarchism in the context of modernity. Cand. legal sci. abstract diss.]. Saratov, 2006. 236 p.

12. Arhipova E. Yu. Balans chastnyh i publichnyh interesov pri pravovom regulirovanii [The balance of private and public interests in legal regulation]. Aktual'nye problemy gosudarstva i prava = Actual problems of the state and law, 2022, vol. 6, no. 2, pp. 132–139.

13. Sadkov A. N., Mamedov R. Yu., Karpychev M. V. [Socialization of private law as a trend of the Russian and Azerbaijani legal system]. Aktual'nye problemy chastnogo i publichnogo prava. Sbornik nauchnyh trudov Vserossijskoj nauchno-prakticheskoj konferencii [Actual problems of private and public law. Collection of scientific papers of the All-Russian scientific and Practical conference]; ed. by N. V. Kotel'nikov, P. M. Filippov, N. I. Baturina, Yu. V. Repnikova. Is. 12. Volgograd, VA MVD Rossii Publ., 2020, pp. 157–161. (In Russ.)

14. Danakari R. A., Drokin Yu. N., Ekaterinicheva N. G., eds. Civilizacionnyj put' razvitiya Rossii v kontekste mezhdisciplinarnyh nauchnyh issledovanij [The civilizational path of Russia's development in the context of interdisciplinary scientific research]; ed. by M. A. Kuznecova. Volgograd, Volgograd St. Agrarian Univ. Publ., 2023. 191 p.

15. Mahoney J. T., McGahan A. M., McGahan A. M. The interdependence of Private and public interests. Organization Science, 2009, vol. 20, no. 6, pp. 1034–1052.

16. Slovar' inostrannyh slov [Dictionary of foreign words]; ed. by I. V. Lekhin, S. M. Lokshina, F. N. Petrov, L. S. Shaumyan. Moscow, Sov. Encikl. Publ., 1964. 784 p.

17. Golovenchik G. G., Kovalev M. M. Cifrovaya ekonomika [The digital economy]. Minsk, Izd. centr BGU, 2019. 395 p.

18. Goncharova M. V., Goncharov A. I., Spolovihin O. Yu. Ekonomicheskie interesy i riski uchastnikov operacij s cifrovymi finansovymi aktivami [Economic interests and risks of participants in transactions with digital financial assets]. Vestnik Volgogradskogo gosudarstvennogo universiteta. Ekonomika = Bulletin of Volgograd State University. Economy, 2023, vol. 25, no. 2, pp. 105–119.

19. Kornilov D. A., Kornilova E. V. Kriptovalyuty i tokenizaciya biznesa [Cryptocurrencies and business tokenization]. Vestnik NGIEI = Bulletin NGIEI, 2019, no. 5 (96), pp. 107‒118.

20. Sadkov V. A. Cifrovye finansovye aktivy kak ob"ekty grazhdanskih prav. Avtoref. diss. kand. yurid. nauk [Digital financial assets as objects of civil rights. Cand. legal sci. abstract diss.]. Volgograd, 2022. 22 p.

21. Sadkov V. A. Specifika grazhdansko-pravovogo oborota cifrovyh finansovyh aktivov [Digital financial assets as objects of civil rights]. Izvestiya Yugo-Zapadnogo gosudarstvennogo universiteta. Seriya: Istoriya i pravo = Proceedings of the Southwest State University. Series: History and Law, 2022, vol. 12, no. 1, pp. 79–88.

22. Kotel'nikov N. V., Sadkov A. N. [The functional legal capacity of a legal entity as a legal mechanism for limiting the limits of its participation in civil turnover]. Pravovoj poryadok: aktual'nye problemy razvitiya gosudarstvenno-pravovyh institutov [Legal order: current problems of the development of state legal institutions]; ed. by G. F. Barkovskii, S. O. Belyaev, G. S. Pracko. Moscow, Vuzovskaya kniga Publ., 2010, pp. 662–665. (In Russ.)