The improvement of monetary systems is a topical and controversial issue in contemporary economic science. The article examines the main problems of bitcoin. The focus is on disclosing the economic essence, reasons and results of bitcoin, as well as problems of practical use in Russia. It presents the author's interpretation of the financial aspect of bitcoin and its effect on the financial situation of the individual layers of users. In conclusion, it proposes to implement cryptocurrencies in Russia as an important instrument of economic management and economic growth. Keywords: market society, bitcoin, users, results
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Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
The urgency of the problem under investigation is conditioned by the need to find mechanisms that contribute to maintaining a balance in the process of realizing increasingly complex tasks that state faces with a lower level of budgetary opportunities The article is aimed at developing the theoretical foundations of finance and the mechanism for mobilizing financial resources necessary for the region in implementing strategic tasks by means of involving decentralized finances in the process of implementation of state programs by the subject of measures to achieve the synergistic effect obtained in their interaction with centralized finances contributing to improving the efficiency of public finances The article considers theoretical aspects of finance and formulates the necessity of application and introduction in practice of the accumulated scientific potential in the processes of solving state problems makes generalization of the main problems in the sphere of centralized finance management in the subjects of the Russian Federation presents the algorithm of practical application of the model of the mobilization mechanism of centralized and decentralized financial resources in the process of implementing the state program designed to increase the effectiveness of public finances in the region using the example of the Samara region The materials of the article can be useful and successfully implemented in practice in other regions of the Russian Federation
Natalia G. Vovchenko, А. В. Андреева, A.S. Orobinskiy, Y.M. Filippov
Modern economy is developing in a process able format, gradually turning into a virtual economic system. Digital economy serves as the new paradigm of economic development and reformats business relationship on the basis of the use of information.New information and network technologies are becoming major factors of globalizing economy production and contribute to rapid transition of economic agents from real sector to a network one, ensuring digital economy development and innovative business processes formation.The blockchain technology implements competitive advantages of financial contracts based on reduction of the costs on economic agents' interaction, provision of information transparency and effective control over operational risks. The blockchain technology contributes to financial security of the modernization operations of business processes and high organized centralized structures of the blockchain technology.The blockchain application for financial transactions allows providing high quality of the contracts implementation between the digital economy's economic agents.
The article discusses issues related to the use of cryptocurrency in the world and in Russia. In particular, the author conducted a statistical study of the market volume, basic trends in the use of cryptocurrencies. Examines the main approaches to attract citizens to use crypto currencies for payment services, and also analyzes the problems faced by Russian business in this area.
Open access
Economic and Technological Developments in Russia
Security, Politics, and Digital Transformation
Digitalization and Economic Development in Agriculture
The article focuses on the advantages of distributed ledger technology in view to apply it within existing financial system. The article is highly relevant as the technology is a perfect opportunity to develop the financial system in terms of reducing costs and improving efficiency. The authors suggest a few brief definitions of such terms as distributed ledger, block-chain, bitcoin and mining. The article points out and describes special features of distributed ledger technology. Based on the definitions, the article outlines operation principles of the distributed ledger, block-chain, bitcoin and mining. Also, it compares cash against cryptocurrency - bitcoin. The article examines the possibilities of using distributed ledger technology in clearing, payment and settlement processes including ways of money transfer, payments for goods, securities and derivative financial instruments. Also, the article provides statistical data on the use of cryptocurrencies considering the cases of their capitalization, price, money supply and numbers of transactions submitted within 24 hours, 7 and 30 days. The article emphasizes the increase in volume of such transactions in the US, China, Ukraine and at the same time points to the decline in this type of transactions in Russia. In addition to statistical data, the article provides information on the types of distributed ledger systems along with comparison between different types of systems. The article describes processes of transferring money, as well as transactions with goods, securities and derivative financial instruments in modern infrastructure environment. For illustrative purposes, the authors outline how the process would proceed if distributed registry technology was implemented. The authors conclude that advantages of distributed ledger technology overweight its shortages if one takes into account operational, technical, financial and legal aspects. Application of distributed ledger technology would increase efficiency of payments, clearing and settlement, and in the long term, distributed ledger technology could eliminate most shortages of the system existing nowadays on the financial market.
The article deals with issues related to digital supply chains in a joint economy. A supply chain is a term that describes the planning, search, production, distribution and delivery of products or services from the place of origin to consumption. Effective and reasonable supply management is necessary to ensure the availability of the right product at the right time and in the right place at the right price. This article focuses on the analysis of business relations and their integration into the supply chains, which are built through electronic data circulating on the Internet between business partners and value-added service providers working in the paradigm of a shared digital economy using blockchain technologies.
This article presents a distributed ledger technology (blockchain) development analysis in throughout different socioeconomic spheres of the society. The highlight is the generalization and systematization of already known data, the main stages of blockchain technology development are classified, the blockchain technology implementation projections are presented in terms of new so-called «Digital economy» markets development. The paper describes a controversial situation when the blockchain is started to be used by banks to increase their efficiency and thereby indirectly contribute to the growth of popularity of crypto-currencies, which, in turn, creates an alternative to the existing financial infrastructure.
Open access
Economic and Technological Developments in Russia
Digitalization and Economic Development in Agriculture
A comparative study across the most widely known blockchain technologies is conducted with a bottom-up approach. Blockchains are disentangled into building blocks. Each building block is then hierarchically classified in main and subcomponents. Then, alternative layouts for the subcomponents are identified and compared between them. Finally, a taxonomy tree summarises the study and provides a navigation tool across different blockchain architectural configurations.
The paper discusses the future development of the cryptocurrency in the Russian Federation. At present, it can be defined as a new financial instrument based on distributed registry technology (Blokchein). It is the lack of server storage and a single issuer, the relative anonymity (pseudonymity) and mobility calculations allow us to consider financial cryptocurrency to be a technology of the future. Evaluation of the prospects for the development of the regulatory and protective law of the Russian Federation, the author begins with an assessment of the world's leading strategies for regulating the virtual currency: permissive, prohibitive and observant. The author argues the problem of searching for the optimal model of the cryptocurrency legalization, considering it to be a kind of a computer program: means of exchange, a monetary symbol, a cashless cash, an electronic money and a security, a commodity, other property, property right, etc. Particular attention is paid to the critical analysis of the draft federal law on the declaration of a crypto currency by a surrogate and the introduction of a new composition in the Criminal Code of the Russian Federation - article 187.1 "Turnover of money surrogates" with the establishment of responsibility in the form of a fine of up to 500 thousand rubles or imprisonment for up to four Years for production, purchase for sale, as well as the sale of money surrogates. As one of the developers of the draft law on legalization of the cryptocurrency in the Russian Federation, the author of this paper identifies the most important aspects that need in legal control. They are identification of exchange sites and the user, verification of transactions based on documents, data and information (validation), determination of the beneficial owner, Relations and monitoring of transactions with the cryptocurrency in accordance with the risk profile.
Natalia G. Vovchenko, Еvgeniy N. Tishchenko, Tatiana V. Epifanova, Mark B. Gontmacher
The article reveals the essential characteristic of virtual currencies. The estimate is given to the development of risks and threats to national security, combating laundering of criminal money and terrorism financing, which are formed under the conditions of the growing interest in virtual currencies, including Bitcoin. It is suggested to minimize negative effect arising in this relation. Methods are proposed to adapt the management center in the virtual currency infrastructure.
D. O. Kondyrev, V. S. Bobrov, I. E. Efremov, V. N Vlasov
1. Свон М. Блокчейн: Схема новой экономики. М.: Олимп-Бизнес, 2017. 240 с.: ил.
2. Wattenhofer R. The Science of the Blockchain. 1st ed. Inverted Forest Publishing, 2016. 115 p.
3. Равал С. Децентрализованные приложения. Технология Blockchain в действии. СПб.: Питер, 2017. 240 с. : ил.
4. Antonopoulos A. M. Mastering Bitcoin. 1st ed. O’Reilly Media, 2014. 296 p.
5. Дейт К. Дж. Введение в системы баз данных. 8-е изд. М.: ИД «Вильямс», 2005. 1328 с.: ил.
6. Гарсия-Молина Г., Ульман Д., Уидом Д. Системы баз данных. Полный курс. М.: ИД «Вильямс», 2003. 1089 с.: ил.
7. Таненбаум Э., Стеен М. ван. Распределенные системы. Принципы и парадигмы. СПб.: Питер, 2003. 877 с.: ил.
In this article the author analyzes the perspectives of cryptocurrencies development in modern life and economy as a symbol of frontier economy and extremely new financial matter. A brief overview of electronic payments and virtual currency structure is given alongside with technical background. The emergence of electronic money and cryptocurrencies was an inevitable step in the evolution of Internet and electronic commerce. The author investigates the question how far cryptocurrencies might go in the nearest future as a symbol of frontier economy trends, keeping in mind that famous investors already buying cryptocurrencies, but governments are trying to ban this newly emerged threat to controlled money emission. The author therefore attempts to understand the phenomenon and explain why cryptocurrencies might undermine the existing financial systems.
Ministry of Finance of the Russian Federation, Vadim Vasilyev
The current differentiation of levels of socio-economic development of regions of Russia actualizes the need to develop a comprehensive regional policy on reducing regional disparities. The article presents a comparative analysis of approaches to the management of territorial development of the adjustment period. It identified the dominant direction of regulation – smoothing interregional differentiation by forming growth points and increasing inter-regional integration. The emphasis shifted to the development of decentralized co-financing of regional programs providing an innovative, socially-oriented development of the territories by forming zones of advancing economic growth. The article describes the basic principles of the system of intergovernmental relations. It justified the role of intergovernmental transfers in the creation of conditions for the integration and alignment of differentiation of the Russian regions. An analysis of currently intergovernmental transfers in Russia as the basis of the federal financial policy in relation to the regions. An analysis of the peculiarities of these kinds of intergovernmental transfers as grants, subsidies, subventions from the federal budget to the budgets of the Russian Federation. Consideration of the basic kinds of intergovernmental transfers allowed to prove the primary problems of the current system of intergovernmental fiscal relations.
The high volatility in financial markets in developing and developed countries increases investors interest in new forms of investment assets. One of these forms are cryptocurrency and the most common of them -Bitcoin. The article examines the attractive features of virtual currency and crypto-technology. The article presents the statistical and comparative analysis of the spread and use of Bitcoin. The article identifies the threats and risks arising from the decentralization of the payment system.
Open access
Economic and Technological Developments in Russia
Economic Development and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies. The Polish Bitcoin exchange LocalBitcoins was characterized by the highest risk and highest average daily rate of return.