Alexander Grusho, Alexander Zatsarinny, E. E. Timonina
It is considered in the article the implementation issues of one of the digital economy basic directions related to information security concerning the protection of information in distributed ledgers. Any information system has to be constructed on the modern computer platform and uses modern network opportunities. The computer platform provides security of the information system, solves problems of information reservation, and supports the system recovery after failures. Exchange of information through network assumes special facilities for information protection. Cryptography algorithms for enciphering and message authentication codes for control of integrity are used for these purposes. It is shown that within the framework of the digital economy program the distributed ledger technologies have a system forming nature and must be created in conjunction with other technologies, taking into account the principles of a system approach for information networks creation. The authors proposed to use the platform and functional resources of the distributed situation centers system as the infrastructure base of the information security subsystem in distributed ledgers. At the same time, it is supposed that the consensus is based on the trust to the protected systems of the situational centers.
Alexey V. Bataev, Ekaterina V. Plotnikova, Svetlana Gladkova
One of the main directions in the development of the digital economy is Industry 4.0 in industry and Fintech in the financial sector. Financial institutions are second only to telecommunication companies in the implementation of information and communication technologies. The introduction of innovative digital technologies contributes to the formation of new forms and tools of conducting business, opening new horizons for economic development. One of such innovative tools in the financial sector, based on digital technologies, is cryptocurrency, which has become one of the breakthrough areas in the field of electronic payment methods based on blockchain technology and innovative cryptographic protection technologies. The paper considers the basic concepts and principles of the establishing of an innovative means of payment - cryptocurrencies, analyzes the stages of development of this legal tender and classifications of the existing digital money, and conducts a financial analysis of the main parameters of the global cryptocurrency market that has been formed as of today. One of the main issues in the economic sphere is the issue of effectiveness of a financial instrument, the cryptocurrency capitalization inter alia. The question to what extent this or that cryptocurrency will become a promising investment tool is currently one of the most relevant. In this regard, the article presents and analyzes a multi-parameter predictive econometric model that defines the main parameters affecting capitalization of cryptocurrencies. Based on the study, further prospects and trends of the development of cryptocurrencies, the possibility of their integration into the existing global payment system are analyzed.
Sergiy Obushnyi, Roman Kravchenko, Yevhenii Babichenko
In this research, authors consider the economic system as a transactional model of the exchange of values. In this case, economic relations are reduced to multiple transactions (transfer operations) of value (economic assets) between their participants (agents). The transfer of value is carried out by changing the rights to their ownership in accordance with a specific set of rules (protocol). Within this approach, the key issue is the choice of rules (protocol) of fixing and transferring rights to values between agents of economic relations, which guarantees the execution of a transaction without loss. The purpose of this article is to find a solution to the problem of guaranteed transfer of property rights to values based on Distributed Ledger Technology (blockchain). The object of the research is cluster economic systems with digital twins; the subject of the research is the protocol of transfer of values between digital twins.
This article contains a description of the present state of business processes formalization developments. Currently existing formalized contracts automation methods have different functional limitations in application. The methodical approach to creating the tool for constructing formalized automated contracts containing a complex of hierarchically connected multilevel contracts is developed. Requirements to the tool for constructing formalized automated contracts (FACT) are defined, its structural components and mechanisms of interaction between them are described, the areas of application of the FACT and its prospects are defined.
Economic and Technological Systems Analysis
Advanced Research in Systems and Signal Processing
Yulia A. Polyakova, Olga A. Vorobyova, Elena M. Chertakova, Nina V. Olinder · 5 authors
The paper provides insight in to the concept of cryptocurrency as considered by national and foreign authors, the principles of its functioning and the need to establish its legal status. Formulated is the definition of cryptocurrency, and the thesis that cryptocurrency can be classified as other property is grounded. The need for an legislative definition of cryptocurrency attributes to the growth of transactions, cryptocurrencies trading at official marketplaces, and a change in the Russian government’sattitude towards cryptocurrencies from its banning to acceptance. One of the threats to the cryptocurrency turnover in financial markets was its imaginary anonymity –it has been generally accepted that cryptocurrency transactions are completely anonymous. However, all transactions are recorded on a public blockchain, and the key problem is to identify the account holder. Thus, it is not the account holder's identity that is anonymous, but rather an actual transaction. In our opinion, this problem can be solved by applying a series of computer-aided tests.
The article is devoted to the analysis of the cryptocurrency market functioning and the existing problems of its development. Today, the world needs electronic transactions and the elimination of the state monopoly on the issuance of funds. The cryptocurrency market is the evolution that can change the current situation. The factors affecting the demand for cryptocurrencies were determined in this article. One of the most important is the desire of investors to receive a one-time income on the difference in purchase and sale prices, not showing interest in long-term investment in new technologies. Also, regulatory and legal features of cryptocurrency regulation in the international space are revealed. Thus, in some developed countries, cryptocurrencies are recognized as a legal, regulated means of payment, which is allowed to be used when paying for goods and services. The article identifies barriers to market development, including a ban on turnover in some countries and the lack of elaboration of the legal aspect. In conclusion, the opportunities and prospects for the development of cryptocurrency as a means of exchange are revealed. It is noted that more and more countries are beginning to actively understand the issue of the cryptocurrency market and make at least some regulatory framework for their regulation, but at the moment the main financial regulator of the Russian Federation continues to adhere to a negative point of view in terms of cryptocurrencies.
The subject of the research is the BRICS countries activities. The purpose of the work is to assess the initiatives for creating the intergovernmental cooperation format BRICS+ as a factor of economic development of member states, as well as to suggest ways of the interaction mechanism perfection in the fields of trade, investments, multilateral cooperation of development banks, creating international financial centers and payment systems and making use of national currencies in mutual settlements. It is concluded that it is necessary to form favorable conditions for cooperation within new regional associations with the leading role of Russia, India and China. The urgency of the research lies in the fact that the assessment of achievements and prospects of the countries in the spheres of finance, trade and investments presented in the research allows to draw a conclusion about a positive character of the initiative to create the intergovernmental cooperation format BRICS+ and about advisability to expand multilateral interactions through trade agreements with mutual settlements in national currencies of partner countries, through simplification of investment mechanisms and their respective financial provision, primarily in financing major infrastructural projects that have an integration effect. The authors argue for the importance to create a decentralized integration model of interaction for parties via cooperating of a bigger number of participants, which will enable developing countries to meet global challenges and to solve developmental problems effectively. The authors also emphasize that the creation of BRICS+ is a significant initiative that will contribute to fulfilling the tasks formulated in the President of the Russian Federation V. V. Putin Decree “About national goals and strategic objectives of the RF development for the period till 2024” and in his message to the Federal Assembly on 20.02.2019.
The article is devoted to the discussion of urgent problems of developing financial services projects of retail. They are based on a combination of the capabilities of existing social networks and distributed ledger technology (DLT), as new subjects of competition in the banking sector of the market. The threat to commercial banks is determined by the risk of loss of income, in particular, commission income from transfer transactions that are already being executed in the social media environment, and which have the potential for growth in turnover. Despite the active development of crypto-innovations (algorithms, platforms, actually cryptocurrencies), the use of distributed ledger technologies by the banks themselves in the financial sector is still very modest. At the same time, social networks with a huge client base show an obvious interest in fintech prospects. These two components of the projects under discussion are contradictory and the success of integration is not obvious. Therefore, it is of interest to researchers in the financial sector. The author consider the main, from their point of view, properties of social networks, payment services and distributed ledger technologies that are significant for the projects under consideration and the issues of banks' competition with them.
FinTech, Crowdfunding, Digital Finance
Digitalization and Economic Development in Agriculture
In this research paper the researcher given the analysis report of blockchain technology and its significant usage in new era of digital economy. The researcher stated that block chain technology is a network software protocols that enables the secure transfer of money, assets, and information via the internet, without need a third party intermediary. The researcher focused on some of the significant research issues and new dimension of centralized data centers, distributed ledger technology, specific times tamped with a unique cryptographic signature, tamper-proof auditable history of all transactions. In current scenario the block chain technology provides highly secure data in all aspects using cryptography, fingerprint that verifies the authenticity of the data. Alteration of the original data causes the hash of the altered data to no longer match the original fingerprint. Transactions on the blockchain are grouped and stored in blocks. The combined hash of these transactions is also stored, and each subsequent block saves the combined hash of the previous block. The resulting digital applications are digital asset registries, blockchains as leapfrog technology for global financial inclusion, long-tail personalized economic services, and net settlement payment secure channels which provides a new era of digital economy. In this research article the researcher focused on some of the significant research issues and challenges, statistical report of current blockchain technology usage and future direction for highly secure technology of new era of digital economy.
The article proposes to carry out the process of developing a new financial system of the BRICS States in the following sequence: to transfer foreign trade between the States to settlements in national currencies, with the subsequent development of its own unit of account, which will subsequently be able to replace the dollar and the Euro in mutual settlements within the BRICS; develop your own cryptocurrency or choose one of the existing cryptocurrencies, which for a certain period will be one of the possible elements of the settlement mechanism in the mutual trade of these five countries; to develop supra-national crypto-currency for the countries members of the BRICS. This process will be very complex, as it will require many technological, macroeconomic and organizational challenges.To solve the problem of building a new financial and monetary system of the BRICS countries, the article analyzes the actual level of digitalization of financial activities in the countries of the Association, on the basis of which proposals are developed and the following conclusions are formulated: crypto-currency operations are not completely prohibited in any of the States of the Association, and the prohibitions apply only to certain operations (ISO, mining, exchanges). Cryptocurrency is not recognized as a legal means of payment; in the BRICS countries there are no own, national cryptocurrencies, and only projects of future cryptocurrencies are developed, taking into account the features of the set goalsof economic development and management of cryptocurrency activities; the countries of the Association do not abandon the use of blockchain technology in the field of economy and Finance, as it ensures the openness and security of data storage, the creation of centralized exchanges, the exchange of goods and services; the BRICS countries should be interested in a gradual shift away from dollar dependence. The instruments of this movement are the national currency, its own, internal unit of account, its own national cryptocurrency, supranational cryptocurrency.
The article presents the results of research aimed at assessing the Bitcoin (BTC) capability to act as a widely accepted means of payment. The analysis includes technological and economic conditions of the BTC operation system. The research used data on market capitalization, the number of participants and the level of volatility of the BTC exchange rate in 2010-2018 from the portal coinmarketcap.com. The results of the research showed that BTC possesses certain characteristics typical of money, and has the potential to increase its share in the payment system in the future. BTC's ability to act as an electronic equivalent of cash depends on such factors as the stability of its exchange rate and the level of acceptance among users and payment acceptors. The statistical analysis of the correlation showed that along with the increase in the capitalization value of the BTC market the volatility of the exchange rate of this currency is lowered and the level of acceptance among e-commerce participants is increased. Such dependence will allow for further technological development of BTC and other cryptocurrencies and a wider use in trade.
Александра Шмырева, Александра Шмырева, Pavel P. Baranov, Pavel P. Baranov · 6 authors
The article estimate some aspects of the functioning of cryptocurrency, as a relatively new financial market instrument, the main participants in this market segment, cryptocurrency exchanges, taking into account key criteria: accessibility, mobility, operational efficiency. The aspects of regulation at the world and national levels are investigated.
 The authors give an assessment of the mechanism for regulating cryptocurrencies in separate countries ,which recognize this instrument and actively regulate it (Ar-gentina, Canada, Japan, Malazia, Switzerland),as well as countries, which reject (Vi-etnam) or just tolerate cryptocurrency, but do not have the regulatory framework for it use.
 Obviously, cryptocurrency is a relatively new instrument of the financial market, but its value not depend with amount of labour invested, as it is traditionally charac-teristic for conventional goods and services.
 The research shows that bitcoin still remains the most widespread type between other different kinds of cryptocurrencies.
 A significant aspect of cryptocurrencies functioning is their regulation. In our country there is no legislative certainty yet, but some steps have been made in this di-rection.
 In the long term, cryptocurrencies will be regulated at the international level, and the emphasis will be on preventing the use of their illegal financial transactions and for money laundering.
General overview of cryptocurrencies and underlying technology. Prospects of bitcoin as a currency. Arbitrage in cryptocurrency markets. Arbitrage opportunities.
In order to develop the digital economy in the Russian Federation, the Program «Digital Economy of the Russian Federation» that is aimed, inter alia, at the formation of a regulatory framework for the legal regulation of new relations in the field of digital economy, was approved by the Decree of the Government of the Russian Federation No. 1632-r of July 27, 2017. Particularly relevant in this regard is the issue of cryptocurrency and bitcoin legal regulation. The article deals in detail with a special type of cryptocurrency, namely: bitcoin. The author analyzes the main problems associeted with the necessity of legal regulation of cryptocurrencies. The conclusion is made that legal regulation of cryptocurrency as a means of payment requires a complex approach and it is impossible without due regatd to the peculiarities of legal regulation of bitcoin. The paper provides for the interaction between the concept of bitcoin and other key concepts, namely: virtual currency and digital currency. The author concludes that it is necessary to create a non-governmental self-regulatory organization supported by the State in order to protect the interests of the cryptocurrency business. Since legal regulation of cryptocurrencies is global in its nature, the article examines the foreign experience of legal regulation of cryptocurrencies and their types.
The subject of the research is the NEO and Ethereum cryptocurrencies. The relevance of the research is due to the following. First, these cryptocurrencies are expected to play the key role in establishing the future digital economy. Second, cryptocurrency developers are competing to gain leading positions in the development of financial technologies of the digital revolution. Third, the above cryptocurrencies are designed to perform almost identical functions, therefore, to determine the advantages of either of them, a comparative analysis is needed and appropriate conclusions for the Russian economy should be made. The purpose of the paper was to perform a comparative analysis of the Ethereum and NEO cryptocurrencies to identify trends in the digital economy of the future and determine the main targets to enable Russia’s entry into the top five largest world economies. The information sources include articles, books, regulations, departmental documents and conference materials on FinTech, crypto-markets and the digital economy. The research made it possible to reveal specific features of the cryptocurrencies and the corresponding digital platforms that are important for the development of the digital economy of the future. The goal of Ethereum developers is to create a platform for decentralized applications, based on which it will be possible to form a global, easy-to-access, free and reliable Internet of the future. The paper concludes that at present, the NEO has advantages over the Ethereum in terms of both the transaction speed and operational fitness for the development of prospective technologies of the digital economy. However, it may happen that in the near future, the Ethereum developers will be able to improve their blockchain technology so as to ensure the priority of their project in the competition for leadership in the development of the digital economy of the future. Given the contradictions revealed and taking into account the raw materials orientation of the Russian economy, a number of targets are proposed to bring Russia into the five largest world economies.
Innessa Efremenko, Victoria BONDARENKO, A.Ya. Palant, G.V. Nazarenko
The article investigates specific features of state regulation of operations with cryptocurrencies in the conditions of the world economy digitalization. Design/Methodology/Approach: In order to form the state regulation of operations with cryptocurrencies, which create additional risks for the national currencies functioning in international financial and credit relations, it is necessary to consider this phenomenon first, from the position of a complete ban on the use of cryptocurrencies as a means of payment, second, in combination of a ban on the use of cryptocurrencies as means of payment, third, from the possibility of expanding the range of cryptocurrency users by including legal entities into it and fourth, the full legalization of the cryptocurrency.
In this article are discussed the main prospects of development of cryptocurrency in Singapore, as it is widespread and used all over the world. The article covers the main points for the regulation of the cryptocurrency. There is a wide range of cryptocurrency trading platforms, and most of them are located in different countries, which leads to significant differences in terms of regulation by the authorities and, accordingly, different rules for users and companies. Several exchanges allow trading derivatives. A more detailed review would give a correct impression of the current situation in the world in terms of regulation of cryptocurrencies and future trends. Cryptocurrencies continue their development; the number of users of cyber money is steadily growing. The popularity of bitcoin has generated the creation of other cryptocurrencies that are developing along with bitcoin, but their popularity and capabilities are much less. In some countries, including Russia, the government started warning people that investing in “cash” equivalents could lead to losses in case if there is a collapse of cryptocurrency (bitcoin).
In this article, the prospects and risks of the development of the Japanese cryptocurrencies are discussed. Japan has the most progressive regulating climate in the world for cryptocurrencies. The land of the rising sun is the homeland of a large base of investors of cryptocurrency and users. In 2018 Japan was the second or third largest economy in the world for bitcoin. Averages of the Japanese yen of 11 per cent of the global trading volume for BTC, keeping it a nostril in a nostril with South Korean won for global trade domination after the USA dollar. For the country only 127 million people of 11 per cent of the global trading volume — influence is more than usual size per capita on the crypto industry.
Paper proposes a model of energy efficient development of the regional energy complex, in which provided by mixing and iterative matching forecasts of energy consumption and energy production. The novelty of this method is that it formed in the framework of the regional model, is part of the overall regional product-sector balance formed for the region, which allows to simulate the mutual influence of energy complex and the rest of the economy through interbalance relations. Search for optimal solutions are carried out by iteration using a specially designed approach based on the Stiglitz-Sen-Fitoussi approach. It includes the following welfare components: economic well-being, non-monetary characteristic welfare and reproduction potential of the economy. System of crypto mining based on the evidence of proof-of-work protocol are extremely no energy efficient. Paper also gives evidence of Russian regions for mining of cryptocurrencies in Russia.Keywords: energy, resource saving, energy efficient development, energy indicators, forecastingJEL Classifications: C30, D12, Q41, Q48DOI: https://doi.org/10.32479/ijeep.7759
The issues of changing the tax system of the Russian Federation, the system of tax control under the influence of digital technologies have been examined. Electronic government services in the field of taxation, as well as the prospects and directions for the further development and expansion of electronic services used for taxpayers and tax authorities have been considered. The problems of taxation of operations with cryptocurrencies and their tax regulation have been touched upon. Conclusions have been formulated to improve the efficiency of taxation and tax control in the transition to a digital economy.
This article is devoted to the analyses of cryptocurrency investments return. The main purpose of the report is to compare profitability of a cryptocurrency portfolio and an investment portfolio. The report gives the detailed description to the investing. It outlines the essence of cryptocurrency. The report includes the possible definitions of the digital economy. By analyzing the return rates of equity investment and cryptocurrency investment, we define the investing benefits of it.
Purpose of the study. The first goal of the study is a comparative analysis of the models of the accounting system of the stock market operating on the territory of the Russia, in particular, the model of the distributed accounting system and the model of the centralized accounting with the use of the central depository are considered. The second goal is to apply the distributed ledger technology in the development of a new model for the stock market accounting system. The goals are conditioned by the growing interest to the technology and similarity of its internal processes with the system of accounting of digital assets. The needs in optimization of the existing accounting system, bringing the system to the logical centralization are revealed. The application of distributed ledger technology for the purpose of unification of depository accounting systems is proposed. The analysis of efficiency of the given models is carried out and the criteria of efficiency estimation of each model are revealed. Materials and methods. For carrying out the research the works of description of register system genesis of stock market in Russia were applied. Works of Russian and foreign researchers in the field of influence of technology of distributed registers on accounting system and business processes of organizations are studied. The methodology for comparing models was the approach to the development of highly specialized evaluation criteria that meet the needs of the largest number of stock market participants. Results. Evaluation criteria were developed, on the basis of which the comparison of the existing models of the accounting system of stock market and the projected model on the distributed ledger technology was carried out. The needs for optimization of the existing accounting system of Russia, bring the system to the logical centralization of interaction of elements are revealed. Suggestions for the use of distributed ledger technology in order to unite the register systems of obligations have been developed The variety of elements of the accounting system of the Russian stock market was determined a large number of indicators used in comparisons of models, as well as a variety of approaches, both to the construction of the indicators themselves and to the collection of data to ensure their calculation and comparison. Conclusion. According to the results of the research it was determined that the decentralized model of the stock market accounting system on the distributed ledger technology in comparison with the classic model reduces the transaction cost of obligation right accounting operations, optimizes the complexity of the processes of interaction between the elements of the system, such as depositories and registrars, increases the transparency of the stock market, the processes of the transition of assets rights, due to which the liquidity of such assets and the increases investors interest. Decentralized model standardizes the of communication data, which has a positive effect on the indicators of information systems of participants. In comparison with the centralized model, the decentralized model eliminates the central depository transaction commission, eliminates monopolization to choose the direction of stock market depository accounting system development. Finally, the positive influence of the decentralized model on the stock market as a whole was revealed. The resulting form of relations will reduce the main cost indicators of the accounting system elements, such as transaction costs, the cost of support and development of information systems, the number of necessary formats for the application of interaction with counterparties.
The article discusses the essence and peculiarities of cryptocurrency, as a modern type of electronic money and blockchain technology, an electronic wallet and its characteristic features, dynamics of development of cryptocurrency types, especially bitcoin, methods of cryptocurrency mining and earning, also conditions for cryptocurrency mining and investing, and emission of the local currency in Georgia, the factors influencing the cryptocurrency rate, condition in regulation over the cryptocurrency circulation in different countries of the world, considerations of different famous researchers on the future of cryptocurrency, and the author’s conclusions are made.