Management of the Money Circulation System as a Service Provided by the Issuer

The study addresses the nature of money and monetary systems, as well as problems related to the legal regulation of the corresponding relations. To achieve this goal, the following tasks were set: to analyze existing theories of money and identify their shortcomings; to formulate and substantiate a new concept of money as a means of providing a service by its issuer to users of the monetary circulation system; and to identify problems in the legal regulation of monetary use in Russia. Each of these issues is addressed in a separate section of the study. The author criticizes the main thesis of evolutionist theory, which holds that money is a commodity and an independent economic good. In his view, individuals and legal entities do not directly use money itself, but rather the monetary circulation system, which constitutes the actual object of value. The management of this system is presented as a service provided by the issuer. This new conceptualization offers a different perspective on the legal regulation of the relevant social relations. The study finds a strong bias in favor of the Bank of Russia and an almost complete lack of protection for ruble users. It also reveals a contradiction within the Constitution of the Russian Federation, which simultaneously guarantees freedom of economic activity while restricting its implementation if the Bank of Russia fails to fulfill its obligation to maintain the stability of the ruble – due to the prohibition on the use of foreign currencies and monetary surrogates. The conflict was resolved in favor of economic freedom. The study proposes solutions to other regulatory issues, such as the absolute immunity of employees of the Bank of Russia.

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