Qian Yue

The widespread use of digital financial instruments has increased interest in the legal regulation of digital currencies around the world. China has become a recognized leader in regulating this matter, testing the digital yuan since 2021 and adjusting legal solutions to adapt the new institution based on this experience. Recognizing digital currencies as virtual property, China introduced the concept of legal and illegal digital currencies. Strict restrictions on cryptocurrency circulation have been established, its methods and means of control are constantly being improved, law enforcement efforts are constantly increasing, and law enforcement targets are gradually being extended to key financial intermediaries. But against this background, the research and development of legal regulation of digital yuan circulation continues. Through regional pilot regimes, preparations have been made for the full-scale issuance and cross-border circulation of digital yuan, aiming at the internationalization of digital China. The analysis of the Chinese experience shows that modern states cannot completely avoid addressing the issue of legalization of digital currencies. Attempts to minimize systemic risks to economic and financial stability resulting from the spread of decentralized cryptocurrencies lead to the need to introduce digital currencies of a different quality — centralized banking digital currencies backed by the authority of the state.

In today’s complex and volatile international political and economic environment, Russian-Chinese trade and economic co-operation has demonstrated high viability and potential. The purpose of this article is to explore the prospects of legal regulation of Russian-Chinese economic and trade cooperation in the context of geopolitical changes, the rise of the digital economy, as well as unbalanced trade structure, increased risks of changes in the investment environment against the background of the two countries’ aspirations for information and technological sovereignty. The leaders of the two countries attach great importance to bilateral relations. Through frequent high-level exchanges and strategic dialogues, they have provided a solid political guarantee for economic and trade cooperation in legal form. The two most promising areas for trade and business development have been identified: international trade and economic integration and import-substitution industrialisation. Legal and economic integration between Russia and China is a process of interpenetration and unification of legal orders and economies of the countries, which realise common economic goals. In the field of trade and economic cooperation, China and Russia are engaged in a two-way movement of integration and safeguarding national sovereignty and interests, resisting the interference of external forces and ensuring the independence and autonomy of cooperation. The key factor in ensuring sovereignty in the pursuit of producing imported goods in today’s situation is the possession of technology of varying degrees of significance. Import substitution is a significant factor in ensuring sovereignty by reducing the economy’s dependence on external supplies.