PROSPECTS AND OPPORTUNITIES OF RUSSIA WITHIN THE DEVELOPMENT OF THE CRYPTOCURRENCY INDUSTRY

Abstract

The purpose of the article is to consider the Russian cryptocurrency market from the point of view of its formation, development problems, as well as the prospects that the use of cryptocurrencies brings. The article notes that the development of the cryptocurrency market in Russia is a promising area of digital transformation of the financial market, which requires a careful approach to regulation, taking into account the experience of the best world practices. Effective regulation can help attract investment, increase financial inclusion and stimulate economic growth, which is extremely important in the face of sanctions pressure. The article determines that the process of regulating cryptocurrency in Russia can be divided into three main stages: denial, attempts to understand the new market, and gradual acceptance. Despite the fact that the circulation of cryptocurrencies in Russia has now become an objective reality, several aspects can be identified that pose the greatest threat in the context of the risk of cryptocurrency as an analogue of a means of payment in the shadow economy: anonymity; drug trafficking; laundering of money; non-payment of taxes; growth of corruption; cybercrime. Despite all the threats of the shadow economy, there are also a number of advantages inherent in the seemingly dubious market mechanism. Cryptocurrency, as an innovation in an already old order, can not only puzzle the authorities with solving major problems, but also create unexpected opportunities for developing personnel within the country and increasing sources of possible income for its citizens. All of these aspects must be taken into account in the process of developing regulations governing the cryptocurrency market in Russia, and also taking into account the fact that the cryptocurrency industry is actively developing throughout the world, “pulling” Russia into the field of cryptocurrency financial contacts. The article concludes that the current legislation should not be aimed at prohibiting cryptocurrencies, since this step will complicate control over their circulation.