The market for Non-Fungible Tokens (NFT) has grown significantly during the past few years.The idea behind NFT (Non-Fungible Tokens) is derived from the Ethereum token standard, which seeks to distinguish between Tokens with various indications.These NFTs are the type of digital token that may be used to pinpoint a certain characteristic of a digital asset.These NFTs make advantage of cutting-edge blockchain technology.The Non-Fungible Tokens (NFTs), which are tokens with integrated digital assets and proof of work, are the result of extensive study in the blockchain industry.
Digital technologies are increasingly penetrating various spheres of society, including the economic one. Blockchain the technology has existed for less than 10 years, however, it has successfully established itself in the Russian and world markets. Today, many organizations prefer to invest in specific systems based on blockchain technology. In the Russian Federation, blockchain technologies are also developing rapidly, which means they require clear state and legal regulation. The object of the study is the processes of state regulation and procedures for the use of blockchain technologies in the public financial sector. The subject is managerial, legal, organizational and economic relations, manifested in the development of blockchain technologies in the financial sector of the state. The published article reveals the essence and content of the blockchain platform in the development of a modern payment system, in particular, it substantiates the need for the use of blockchain technology by financial market participants as an innovative tool to accelerate the development of the economy, and considers the interest for the state, since the amount of taxes levied on the crypto industry is a significant share in the specific volume of taxes collected. The risks of using blockchain technologies in the financial system of the state are analyzed. Special attention is paid to the state regulation of the cryptocurrency industry. The main provisions of the road map for cryptocurrencies are considered; the main provisions of the Concept of regulating the circulation of digital currencies; the main provisions of the bill of the Ministry of Finance of the Russian Federation on the regulation of cryptocurrencies. The tools of state regulation of digital currency and the sphere of cryptocurrency are given.
Despite the enormous popularity of mining worldwide, which entirely objective reasons have caused, there remains a dissonance in States' approaches to its legal regulation. One of the reasons is that the legal regulation of blockchain technologies in different countries goes completely different ways. In fact, mining is a process of generating cryptocurrencies, as a result of which a new suitable block of transactions is added to the blockchain, and coins are issued. Therefore, to regulate such a process as mining, the legislator needs to create a holistic legal framework regulating the turnover of digital assets in the state.
The article looks into the concept and legal nature of smart contracts, as well as the issues that arise during the use of smart contracts in the field of digital assets. The technical and legal aspects of the concept of a smart contract are considered. Models of use of smart contracts are described. Scientific and legislative approaches to determining the legal nature of smart contracts are presented. The dual legal nature of a legal smart contract is analyzed: as a form of transaction and an object of copyright. Some issues in the field of protection of the rights of smart contract parties are considered. Based on the findings, temporary solutions in the field of using smart contracts are proposed.
The purpose of the article is to explore the impact of NFT on digital art and its significance for culture in general. The research methodology is based on the application of the dialectical method, which makes it possible to reveal the specifics of creating digital works of art in symbiosis with blockchain technologies. The scientific novelty of the obtained results lies in the clarification of the transformed functions of digital art under the influence of NFT: attention is paid to contemporary art, the study of digital trading platforms as a cultural phenomenon and the formation of a special space of communication between artists. Conclusions. The works of art that are created using NFTs are characterised, and a description of the new trend of modern crypto-art is given, which is digital art that is treated as physical art due to the ability to prove the ownership of the work. The possibilities and limitations of the development of the NFT market are indicated. Therefore, the NFT market can become the engine of modern art, as it creates a balance between art and technology. It has been determined that under the influence of modern technologies and NFT, culture is changing, including digital art as a direction in culture. Digital art in combination with blockchain technologies forms a specific cultural practice, is dependent on the development of technology and responds to the Internet not only as an environment, but also as a technologically dependent, socio-cultural, political, and economic ecosystem that broadcasts cultural codes.
 Key words: digital art, NFT market, NFT (non-fungible token), blockchain technology.
Non-fungible tokens (NFTs) are digital assets that provide unique ownership and authenticity of digital media such as art, music, and collectibles.NFT Marketplace is a blockchain-based platform that enables the creation, trading, and collecting of NFTs.The platform leverages blockchain technology to ensure the authenticity and ownership of NFTs, providing a secure and transparent way to transact digital assets.In this major project report, we explore the NFT Marketplace and its underlying blockchain technology.We provide an overview of the platform's features, including the ability to tokenize any digital asset, create customizable smart contracts, and sell NFTs with low fees and instant trades.We also discuss the advantages and disadvantages of the platform, including its ease of use, potential for fraud, and scalability challenges.The Non-Fungible Tokens (NFTs) have revolutionized the digital realm, redefining the concept of ownership and trade of unique digital assets.NFTs represent one-of-a-kind tokens, each verifiably and indelibly linked to a specific digital or physical asset, encompassing diverse forms of content, including video, audio, and images.These unique tokens have paved the way for creators to monetize their digital creations while providing collectors with an innovative means to invest, trade, and showcase their multimedia NFT collections.Central to the NFT ecosystem are NFT marketplaces, digital platforms designed to facilitate the creation, sale, and management of NFTs in various multimedia formats.These marketplaces have proliferated, providing creators with the means to mint NFTs, buyers with the opportunity to acquire them, and collectors with platforms to curate and trade their diverse NFT portfolios.We explore the multifaceted world of NFT marketplaces, focusing on their pivotal role in the creation, sale, and management of video, audio, and image NFTs.We analyze the economic implications, including pricing strategies and royalties, while addressing environmental sustainability concerns associated with NFTs.Challenges and opportunities encountered within this dynamic ecosystem are critically examined, including scalability, intellectual property rights, and the emergence of decentralized NFT marketplaces.Through in-depth case studies, we offer insights into the unique features and innovative approaches adopted by leading NFT marketplaces, shedding light on the transformative potential of this digital metaverse.This report serves as a valuable resource for those seeking a comprehensive understanding of NFT marketplaces catering to video, audio, and image NFTs, emphasizing the profound impact these tokens have on the creation, trade, and experience of digital content across various media formats.Navigating this dynamic digital frontier necessitates a nuanced perspective, and our survey aims to provide a holistic view of this rapidly evolving landscape.
Apr 14, 2023·CEUR Workshop Proceedings, Vol-3373: Proceedings of the 4th International Workshop on Intelligent Information Technologies & Systems of Information Security with CEUR-WS
Liliia Shumyliak, Ľuboš Cibák, С. Е. Остапов, Abdel-Badeeh M. Salem · 5 authors
Smart contracts built on blockchain technology are changing the way traditional industries and businesses operate. They allow the terms of an agreement to be automatically executed without the need for a middleman, leading to decreased administration costs, more efficient processes, and reduced risks. This article is focuses on the practical implementation of smart contracts. It discusses the benefits of using smart contracts for companies, including increased security and transparency, reduced transaction costs, and automation of contractual processes. The article also describes the key elements of a smart contract, provides a description of the implementation of smart contracts on the online market of digital goods, and presents the developed algorithm of the system operation.
Abdul Qawi Jalili, Anton Dziatkovskii, Platinum VC & Incubator Australia
This research paper aims to elucidate the intricate relationship between artificial intelligence (AI), state data security, and the volatile circumstances induced by sanctions and economic pressure. By undertaking a comprehensive literature review, the study not only offers a historical context of state data security mechanisms but also delves deeply into the advancements provided by AI-driven solutions. The work serves as a crucial reference for policymakers, cybersecurity experts, and academic researchers, laying a foundation for the nuanced understanding of AI’s capabilities and limitations within the realms of state data security and economic stressors. Employing an analytical framework, the paper systematically distills knowledge from a wide array of sources, including academic articles, technical reports, policy briefs, and international standards. This multidimensional analysis allows for a holistic understanding of the state-of-the-art AI technologies, their applicability in fortifying state data security, and the ethical labyrinth that states must navigate. Paper underscores a multitude of challenges and ethical considerations that are often overshadowed by the technological prowess of AI. These encompass issues such as data privacy infringement, potential for mass surveillance, and ethical quandaries around bias and discrimination. The paper also throws light on the pivotal factors of accountability and transparency, essential for maintaining public trust in AI-augmented state security mechanisms. The study raises awareness about AI-driven cyber threats, focusing on the paradox of employing AI to enhance security while also becoming susceptible to advanced AI-driven cyberattacks. Paper addresses the long-term sustainability and resilience of AI-enabled security measures, particularly in the context of evolving cyber threats and the inherent instability brought about by economic pressures and sanctions. The resilience of AI algorithms and systems under these specific conditions is scrutinized, offering a forward-looking perspective on the adaptability and robustness of AI technologies in safeguarding state data.
In recent years, cryptocurrencies, cryptoassets, electronic coins, tokens, non-fungible tokens, and other various terms for electronic assets have gained prodigious attention in the financial world. From the spike (and subsequent drop) in value of Bitcoin, to people spending millions of dollars on pixelated pictures of punks, the market for these assets has been extremely active despite its ups and downs. However, in addition to potential financial success via crypto markets, the development of crypto technology has allowed for a transformation of how individuals and institutions think of currency, financial security, and access to information Part I of this Comment explains what a cryptoasset is, as well as the current tax regime applicable to them. Part II defines like-kind exchanges and provides the historical context for the nonrecognition event. It also considers the IRS’s recent guidance pertaining to crypto like-kind exchanges. Part III puts forth this Comment’s main arguments for allowing crypto-for-crypto exchanges to qualify as like-kind exchanges.
Through this study, a small investigation related to cryptoactives or cryptocurrencies is reported, analyzing the legal treatment given to them in various jurisdictions, for which the application of a descriptive method that observes the treatment of these cryptocurrencies in countries where, due to the same social dynamics, it has been adapted to be able to observe them as a new way of carrying out transactions, once this small analysis has been carried out, the author's position in relation to cryptocurrencies is generated.
Purpose: The article discusses conceptually new approaches to resist using cryptocurrencies and electronic payment means in unfair practices. As a result, it was found that all of them are aimed at revealing suspicious transactions and deanonymized individuals involved in illegal activities. The conclusion is substantiated that information and analytical systems constitute promising special tools for effective control of cryptocurrency market and blockchain networks. The research theoretical basis comprises scientific publications of the experts specialized in the issues of involvement, blockchain technology, distributed registries and cryptocurrencies at the investigation of crimes as well as foreign software tools, applied in the field of blockchain networks security. Methods: In the research, the author relies on deduction, generalization, synthesis and system analysis methods. Results: Determination of the capabilities of foreign and domestic software special tools in the field of virtual wallet providers and exchange operators (such as “crypto-currency brokers’ board”, etc.). Practical significance: The mechanism of functioning of special software tools for deanonymization of transactions in order to resist the use of cryptocurrencies and payment electronic means in unfair practices is presented.
Актуальность темы исследования. Несформированность правового регулирования, угрозы вовлечения в финансовые пирамиды не вполне типичны для традиционных финансовых инструментов. В связи с этим, а также учитывая масштабы инвестиций в криптовалюту, актуализируется задача разработки мер по защите инвесторов, поскольку существующие на финансовом рынке институты и инструменты защиты не действуют на рынке криптовалют из-за регуляторной неопределенности. Постановка проблемы. Универсальным инструментом защиты инвесторов на рынке криптовалют является финансовая грамотность. Однако исследования эффективности программ повышения финансовой грамотности выявили в среднем малый эффект их воздействия на финансовое поведение. В связи с этим возникает вопрос о принципах и способах организации программ повышения финансовой грамотности в области криптовалют. Цель исследования. Статья посвящена анализу возможностей использова-ния программ по повышению финансовой грамотности населения в целях защиты инвесторов на рынке криптовалют. Результаты. Выделены и раскрыты риски инвесторов в операциях с криптовалютой: рыночные, регуляторные и риски мошенничества; изложены подходы, объясняющие участие населения в криптовалютных пирамидах; определены правовые условия для российских инвесторов, вкладывающих средства в криптовалюту; проведен обзор результатов исследований, посвященных влиянию программ повышения финансовой грамотности на финансовое поведение населения. Ключевые выводы. Разработаны предложения по организации повышения финансовой грамотности в области криптовалют. Такие программы должны быть сфокусированы только на тематике операций с криптовалютой, а к участию в них следует привлекать заинтересованных и мотивированных граждан, выбор которых может быть осуществлен на основе составления социально-демографического портрета инвестора, вкладывающего средства в криптовалюту. Relevance of the research topic: unformed legal regulation, threats of involvement in financial pyramids are not quite typical for traditional financial instruments. In this regard, and given the scale of investments in cryptocurrency, the task of developing measures to protect investors is actualized, because the existing financial market institutions and protection tools do not work in the market of cryptocurrencies because of the regulatory uncertainty. Statement of the problem: Financial literacy is a universal tool to protect investors in the cryptocurrency market. However, studies of the effectiveness of financial literacy programs have revealed on average a small effect of their impact on financial behavior. This raises the question of the principles and ways of organizing financial literacy programs in the field of cryptocurrencies. The aim of the study: to analyze the possibilities of using financial literacy programs to protect investors in the market of cryptocurrencies. Results: the risks of investors in transactions with cryptocurrency are highlighted and disclosed: market, regulatory and fraud risks; approaches explaining the participation of the population in cryptocurrency pyramids are outlined; legal conditions for investors in cryptocurrency in the Russian market are determined; the review of the results of research on the impact of financial literacy programs on the financial behavior of the population is conducted. Key conclusions: proposals for the organization of financial literacy in the field of cryptocurrencies were developed. Such programs should be focused only on the topic of cryptocurrency transactions, and interested and motivated citizens should be involved in them, the choice of which can be carried out on the basis of the socio-demographic portrait of a cryptocurrency investor.
The paper discusses the issues of legal regulation of decentralized financial services (DeFi). The purpose of the work is to form a systematic understanding of the direction and scope in which they can be regulated based on the DeFi technological features and the nature of the relationships that arise between digital platforms and their users. The methodological basis of the study is determined by the range of tasks and is focused on the analysis of decentralized finance simultaneously in technological, socio-cultural, political and legal aspects. Structural functional, taxonomic, constructive, situational, innovative, targeted and program-targeted methods form the complexity of the study. Taken together, they allowed us to study DeFi in their systemic unity and formulate the following conclusion. Decentralized finance is an independent model of finance organization both in terms of a set of technical characteristics (the use of distributed registry technology, smart contract protocols, oracles, etc.) and in terms of the nature of relations between the parties (horizontal P2P communications). The identified features allow us to consider them as a separate object of legal regulation. At the same time, it is important to take into account that the matrix of DeFi regulation at the national and international levels should be built in accordance with their taxonomy and assume simultaneous balanced consideration of technological features and product affiliation of services. The legal regulation of decentralized finance in the Russian Federation should primarily be focused on minimizing the risks associated with user identification, as well as determining the legal status of decentralized autonomous societies (DAOs), organizing centralized examination of protocols and preventing cyber attacks.
The active development and distribution of cryptocurrencies around the world raises a natural question about the need to determine the procedure for legal regulation of taxation of transactions with cryptocurrencies. In this article, on the basis of the comparative legal method, the author examines the experience of legal regulation of cryptocurrencies and the procedure for their taxation in foreign countries. As part of the study, the experience of the United States of America, Singapore, New Zealand, Iran in terms of the legal regulation of cryptocurrencies and the procedure for their taxation is analyzed. It has been established that each of the above-mentioned states adheres to its own special approach in terms of regulation and taxation of cryptocurrencies. As a result of the study, three main models of legal regulation and taxation of cryptocurrencies in foreign jurisdictions were identified: the first approach is based on the recognition of cryptocurrencies as a type of convertible virtual currency that can be used as a means of payment. At the same time, in this approach, for tax purposes, cryptocurrencies are considered as property; under the second approach, cryptocurrencies are not recognized as legal tender. In the second approach, cryptocurrencies are treated as property for tax purposes; the third approach is based on a complete ban on the use of cryptocurrencies in the state, taxation of transactions with cryptocurrencies is not established.
Georgia is top of the list due to its tax restrictions on cryptocurrency mining activities. Furthermore, the overall costs of running a mining operation are substantially lower in Georgia. as Georgia takes place as the third biggest mining country in the world. The goal of this paper is to fill a deficiency in the existing literature that examines the present level of cryptocurrency acceptance, and adoption-influencing factors, offering an in-depth interpretation of these aspects and outlining certain problems associated with cryptocurrency adoption in Georgia. 
 This study employs a quantitative approach, a total of 175 people did take part in the poll (out of 200 questionnaire respondents). The survey was held in a hybrid manner, with the questionnaire being distributed in April and May 2022 in various cryptocurrency-selling locations throughout Tbilisi, the capital of Georgia. A structural equation model was applied in the paper (SEM). The findings of the study confirm that the measurement items and constructs in the proposed model are reliable and valid. The result of the study found that there is a positive relationship between future reward, innovativeness, knowledge, and cryptocurrency adoption. Furthermore, it was found that innovativeness is significant as a mediator between future rewards and cryptocurrency adoption.
 
The author discusses the features of the legal regulation of taxation of transactions of individuals with digital rights in the Russian Federation. As a result of the study, the author identified a gap in the legal regulation of taxation of digital rights in the Russian Federation, when determining the system of tax benefits for transactions with digital rights. Public relations arising in connection with the turnover of digital rights are regulated by the Civil Code of the Russian Federation, while neither legislation nor law enforcement practice has been defined, the specifics of taxation of income of individuals on transactions with digital rights. In this connection, it is necessary to highlight the features of the legal regulation of taxation of income of individuals on transactions with digital rights and determine whether these features are applicable to the legal regulation of taxation of income of individuals on transactions with digital rights in the Russian Federation. The problem is that in the legislation of the Russian Federation there is no legal regulation of taxation of income of individuals on transactions with digital rights. The goal go the research is to investigate the experience the foreign legislation and regulatory legal regulation of the Russian Federation and to identify the problems of legal regulation of taxation of income of individuals on transactions of individuals with digital rights. Scientific novelty of the research lies in fact that previously, no research has been conducted on the application of tax benefits in the legal regulation of taxation of personal income on transactions with digital rights.
The active development of cryptocurrencies around the world began about 10 years ago, but despite the rather long period of time, the world has not yet developed a unified approach to understanding the essence of cryptocurrencies and the general rules for their legal regulation. This article examines the essence of cryptocurrencies from the standpoint of a general theoretical approach, and also analyzes the positions of international organizations regarding the definition of the essence of cryptocurrencies. The creation of a common approach to determining the essence of cryptocurrencies at the global level will make it possible to choose a single most optimal approach to the issue of their further legal regulation by countries at the national level. The analysis allowed to conclude that the concept of cryptocurrencies can be considered in several different aspects, each of which has its own specifics, but at the same time reflects the essential features of cryptocurrencies. Many international organizations classify cryptocurrencies as virtual/digital currencies, noting, at the same time, the significant risks of their use and the need to create a coordinated and systematic regulation of the sphere of cryptocurrency turnover to reduce the ways and possibilities of their illegal use.
Purpose- Sanctions, as an alternative to the use of military force, are used as a means of diplomatic coercion for the target country to abandon some of its decisions or avoid some possible practices. While half a century ago, sanctions included issues such as trade and travel restrictions and arms embargo, today the form and content of sanctions have changed significantly. In the last decade, most of the sanctions imposed on some states, especially to Iran and the Russian Federation, are financial sanctions. These financial sanctions, it is aimed to cut the target country's ties with the global financial markets, to disrupt the cash/capital inflow and outflow to the target country, to prevent trade by removing them from global payment systems such as SWIFT and to restrict some activities of central banks. However, the issue of whether cryptocurrencies, which we have heard frequently since 2009, can be used as a means of mitigating or overcoming the financial sanctions is frequently on the agenda. In this context, we analyze whether cryptocurrencies can be used to mitigate or overcome the financial sanctions imposed on the target country. Methodology- The size of the financial sanctions applied by the USA, Canada, Australia, Japan and EU countries against the Russian Federation, after the war started in Ukraine on 24 February 2022 and the foreign money inflow/outflow volume needed by the Russian Federation as a result of its removal from the SWIFT system are compared with the volume of cryptocurrencies owned by the Russian Federation. Findings- The blockchain database system, which underpins cryptocurrencies, still struggles with a number of challenges. Especially the ability to increase the capacity (scalability) of the blockchain network is one of these problems. The scalability problem hinders the effective use of cryptocurrencies by the Russian Federation. In addition, when the financial transaction capacity and the size of the sanctions applied to the Russian Federation are compared with the crypto market size of the Russian Federation, it is seen that there is a significant difference in sizes. Conclusion- In today's conditions, cryptocurrencies stay away from the capacity to mitigate or overcome the financial sanctions applied to countries with large trading capacities such as the Russian Federation and to be used as a means of payment. However, in the coming years, in the case of developments in cryptocurrency technologies, cryptocurrencies have the capacity to be used to circumvent financial sanctions. Keywords: Sanctions, financial sanctions, payment instrument, crypto assets, blockchain. JEL Codes: F51, G20, B17
In 2017, a study on the market of cryptocurrencies was done by a group of researchers (including the director of this thesis), getting the results based on the data obtained from the moment that the Bitcoin was introduced into the market, and was the only crypto-currency that existed, until the moment that the study began. Now, five years after, this market has suffered a bunch of different changes and faced ups and downs. This thesis has been done with the objective of confirming that the outcomes obtained from the previous study are still useful to analyze the new market or if we have to approach the new data in a different way, in case the market does not follow the patterns concluded in 2017.
Criminalistics and forensics need rapid development to keep up with the changes in the society that are caused by dramatic changes in information and telecommunication technologies. The paper addresses the issue of including a new subject related to the turnover of cryptocurrencies in criminalistic analysis. Investigative and court practice show that when crimes are committed cryptocurrency can be an object of the offense (e.g., in theft) or can be used by offenders in the mechanism of a crime (e.g., legitimization of proceeds of crime by cashing in). To successfully investigate such crimes, it is necessary to study the mechanism of formation in the cryptocurrency transactions used by criminals in order to provide scientific recommendations to law enforcers concerning detection, fixation, seizure and investigation of traces of a crime. The development of effective tools in criminalistics forms a priority task at the present stage. The authors associate the specifics of the investigation of crimes related to the cryptocurrency turnover with its electronic nature, which determines the criminalistic recommendations proposed in the paper. Urgent training courses for investigators seem to be a reasonable solution to the problem. They can train investigators specializing in the investigation of such crimes, and their training (retraining) should involve the best experts in the field of IT technologies and experts from foreign jurisdictions where law-upholders have already accumulated experience in countering such crimes.
The subject of the study is regulatory legal acts regulating the use of cryptocurrencies. The object of the study is a set of legal and regulatory rules that determine the mode of using cryptocurrencies in Russia and foreign countries. The purpose of the work is based on a comprehensive analysis of the scientific works of leading scientists and practitioners, Russian and foreign judicial practice, legal experience of other states to consider the theoretical and legal foundations of the nature of cryptocurrency and mining, to analyze their legal status in modern Russian civil and information law, to put forward proposals to solve existing problems in the field of regulation of cryptocurrency and mining, and making international transactions using crypto assets. As a result of the study, conclusions were drawn that the definition of digital currency given in the Federal Law "On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation" requires adjustments, and the definition of a separate concept of cryptocurrency due to the fact that from the position of Article 128 of the Civil Code of the Russian Federation, it must be recognized as other property, and its consolidation in the system of civil rights is carried out by other legislative and other regulatory legal acts. In this approach to the interpretation of the concept of cryptocurrency, the agreement on the transfer of cryptocurrency in exchange for receiving other property has the legal nature of a barter agreement.
The article concerns the practice of money laundering with the use of virtual currencies. This phenomenon is gaining in importance because it is a relatively easy way to legalise unlawfully obtained assets. The relative anonymity of users and the constant technological development favour criminal activity and the development of new strategies. The article introduces the concepts of money laundering and cryptocurrencies, and analyzes the procedure indicated.
This thesis examines the responses of diverse states and political systems to cryptocurrencies and blockchain technology. It also aims to understand the underlying factors. The thesis is positioned within the realms of political economy and comparative politics and seeks to understand how different political systems, including democratic and authoritarian regimes, respond to technology in general and blockchain specifically. Through a mixed methods approach, combining quantitative and qualitative analyses, this study provides insights into states' orientations and the reasons behind them. Contrary to the hypothesis that cryptocurrencies and blockchains are threats to states, the research refutes this notion with 99% confidence intervals based on a comprehensive study of 87 countries. It reveals a moderate positive correlation between a state's level of democracy and its adoption of blockchain technology and cryptocurrencies. However, caution is warranted as authoritarian countries have found ways to utilize this technology for control. Additionally, bureaucratic challenges and political instability place democratic states at a disadvantage in the broader technological race. Economic power positively influences a state's ability to introduce its Central Bank Digital Currencies (CBDC), while economically struggling countries make progress in issuing CBDCs to address their challenges. The use of cryptocurrencies in the Russia-Ukraine conflict indicates the need for further study on their potential role in conflicts. The lack of international efforts to legalize cryptocurrencies reduces states' regulatory influence. This thesis culminates by generating hypotheses for future research and holds implications for investors, states, and international entities.
The digital development in the Russian Federation is to a large extent reflected in the specific relationship that emerges in the procurement procedure for State and municipal institutions as a result of the contractual system in the area of procurement. The term «procurement» refers to the acquisition of goods, construction or services; it is the process of determining the need of a solvent audience, identifying the supplier (its search and choice), as well as concluding and executing the terms of the contract, whether delivery of the goods, Performance of the work or services required by the terms of the contract. The article provides a brief overview of the process of digitization of the contract system in the procurement section and details the features of the digitization of the public contract, identifies the specific nature of the contract in the context of digitization and identifies its shortcomings, opportunities for the use of smart contract technologies in the conclusion and execution of government contract were considered. Keywords: digital, contract, government contract, smart contract, blockchain, Smart contract, contract system, automation, EIS (also a single information system), electronic information platform, electronic document management system, electronic signature, EPC, electronic document, portal, procurement of goods and services, procurement.