Alternative Financing of Entrepreneurship in the Context of Digitalization of the Russian Economy (Using the Example of Digital Rights)

Abstract

Digitalization is a leading trend that has a significant impact on the future development of the entire global economy. New technologies are radically changing the existing architecture of the traditional financial market and creating new ways of financing and alternative financial instruments. The most demanded and rapidly developing technology in the financial market is the technology of “tokenization” of assets based on blockchain technologies. The purpose of this study is to study the scientific and applied foundations of digitalization of financial rights and analyze trends in the development of the digital instruments market as an alternative segment of the traditional financial market. The research was based on scientific articles, statistical and analytical data from regulatory authorities and professional participants in the financial market. This article will focus on digital financial instruments created on digital platforms regulated by the Bank of Russia and representing digital rights — digital financial assets (DFA) and utilitarian digital rights (UDR). In Russian theory and practice, there is a high theoretical, methodological and methodological uncertainty of concepts related to digital financial instruments. In this context, it is relevant to study the concepts of “digital rights”, “utilitarian digital rights”, “digital financial assets”. The conducted research has shown the need to form an innovative infrastructure for DFA in Russia based on the principle of maintaining a balance between the development of distributed ledger technology (decentralization) and government regulation (centralization).