Research on the Evolution and Distribution of Seigniorage in Cryptocurrencies

Abstract

Blockchain-based digital assets represent a new stage in the evolution of monetary systems. However, the mechanisms of seigniorage – the revenue derived from issuing these digital assets – remain insufficiently studied, creating a research gap. The author addresses this topic to analyze how seigniorage is transformed in the context of digitalization and what new forms it assumes. The objective of the work is to investigate the evolution and mechanisms of seigniorage in digital assets, including cryptocurrencies, stablecoins, and central bank digital currencies (CBDCs). The tasks include analyzing the historical development of digital assets, comparing seigniorage mechanisms (Proof-of-Work and Proof-of-Stake), and assessing the prospects for implementing the digital ruble in Russia. Research methods: analysis of historical data, comparison of seigniorage mechanisms in blockchain projects (Bitcoin, Ethereum, MakerDAO), and evaluation of the economic aspects of central bank digital currencies. The study utilizes open data, legislative acts, and scientific publications. The results demonstrate that seigniorage in digital assets takes on new forms, such as mining, staking, and algorithmic governance, which contribute to the creation of significant financial value. The implementation of the digital ruble, despite high costs, presents opportunities to enhance the efficiency of the financial system. The scope of application for the results includes developing regulatory approaches to digital assets and optimizing seigniorage mechanisms.