The rapid development of modern technologies has led to the emergence of new technologies, and concepts such as cryptocurrencies, digital currencies and virtual assets are increasingly heard in everyday life, on websites, social networks, investment offers, online games and even in some payment systems, and each of these concepts has its own characteristics, meaning and legal status.
Cryptocurrencies are a form of digital assets based on blockchain technology. Cryptocurrencies are created and managed in a decentralized network without the participation of state authorities or a central (national) bank. In today's conditions, cryptocurrencies have the following features:
- lack of physical form (exists only in electronic form);
- lack of provision with any funds or real assets;
- lack of regulation by state authorities or a central (national) bank.
Cryptocurrencies also have uncontrollable risks, such as sudden changes in value (exchange rate volatility), lack of legal guarantees, use in the shadow economy and fraudulent schemes, creating prudential and systemic risks, financing of terrorism, etc.
Digital currency (digital form of money) is money that exists only in digital form and is officially issued by a central (national) bank. Central bank digital currency (CBCD) performs the same functions as cash and non-cash money, but is expressed only in digital form.
It should be noted that some countries have already issued their own central bank digital currencies (such as the Bahamas (Sand Dollar), Jamaica (JAM-DEX) and Nigeria (eNaira)) and some others are in the process of developing and testing their own digital currencies (such as China, India, Sweden, Brazil, etc.).
Concerning virtual assets, it is important to note that they are digital units of measurement and are used in limited economic systems (ecosystems). Virtual assets are issued by private companies. Virtual assets are not official means of payment, it is not used outside their platform and cannot be exchanged for real money. There are such forms of virtual assets:
- in online games (game coins, points, tokens, etc.);
- in platforms (internal points, bonuses, cashbacks);
- in mobile applications (gift coins, stickers, etc.);
In the Republic of Tajikistan, currently, the only and exclusive means of payment of any monetary obligations and settlements in the country is the national currency - somoni.
However, despite this, in recognition of the importance of digital technologies and taking into account national interests, the issue of regulating transactions with cryptocurrencies, digital currencies and virtual assets is under analysis and study.
Press Division
Views: 4142
04.08.2025
