THE LEGAL FORMS OF ESTABLISHING MONETARY FUNCTIONS: MEASURE OF VALUE, MEDIUM OF CIRCULATION, FUNCTION OF WORLD MONEY

Abstract

The purpose of the article is to analyze the legal forms of establishing monetary functions in legislation of the Republic of Kazakhstan and in other legal acts. Money is the universal equivalent of the value of goods, works and services. The monetary functions had analyzed in details in scientific literature as a legal and economic phenomenon. Monetary functions, objectively formed during the historical development of this phenomenon, find their legal reflection, which is studied in this article. As noted in scientific literature, the consolidation of monetary functions in legal acts is essential, in particular, when establishing the money’s legal regime. In that case, the article gives the author’s definition of “legal forms of establishing monetary functions” and provides the most general and impressive their examples applied to generally acknowledged monetary functions: a measure of value, a medium of exchange and world money. This research also provides a general analysis of these monetary functions from the point if view of legal science, and offers suggestions for improving the current legislation in the field of monetary circulation. The research methodology consisted of analytical, systemic and formal legal methods. In addition, the theoretical basis of this article were the works of recognized scholars of both civil and financial law. The conclusions that were made in that scientific research can be used in further researches in this area of law and also for the purpose of improving the current legislation of the Republic of Kazakhstan.