Higher education governance reform is one of the greatest challenges for post-Soviet countries [1]. This is, in particular, true for Kazakhstan that has launched the State Program for Education Development in 2011 that has prioritized decentralization of higher education institutions (HEIs). According to the recent report of the Organization for Economic Co-operation and Development (OECD), it underscored the first positive shifts in the decentralization of Kazakhstani HEIs [2]. This study is aimed to assess the current level of university autonomy of a joint-stock company (JSC) type of HEIs that is chosen due to its unique status. Previously, JSC was a public university but as a result of corporatization, now it is a for-profit organization that accelerates university autonomy of HEIs. Thus, the purpose of the study is to assess the degree of university autonomy at JSC and to define to what extent it is autonomous based on four dimensions of university autonomy (academic, staffing, organizational, and financial autonomy) adapted from the University Autonomy Scorecard II [3].The study employs the sequential mixed methods, where the qualitative data are obtained through the semi-structured interviews with senior administrative and academic staff of JSC involved in financial, academic, staffing, and organizational affairs. Afterwards, the primary data are converted into 0-2,5-5 point scale to obtain numerical scores for each dimension of university autonomy. This has allowed the researcher to compare each dimension of university autonomy against each other and to identify the most autonomous and restricted dimensions of university autonomy. Major findings of the study showed that the most restricted dimensions of university autonomy are financial autonomy (60 per cent) and organizational autonomy (62,5 per cent), whereas academic autonomy (80 per cent) and staffing autonomy (75 per cent) have scored higher. In other words, the relationship between the state and JSC has not changed dramatically after corporatization. Paradoxically, the state regulation still dominates in public funding allocation, and standard financial bylaws still regulate JSC regardless of its for-profit nature. Alternatively, the selection of the executive head of JSC is decided by the Board of Directors which is largely represented by line ministries of JSCs. Therefore, it is essential to allow the private sector to have at least 50 per cent of shares of JSC, which will increase their engagement in the institutional governance. Additionally, it is crucial to revise state regulations on JSC universities, which are flagship universities in promoting university autonomy in Kazakhstan.References:[1] R. Hartley, M.; Gopaul, B.; Sagintayeva, A.; Apergenova, “Learning autonomy: higher education reform in Kazakhstan,” High. Educ., vol. 72, no. 3, pp. 277–289, 2016.[2] OECD, “Higher Education in Kazakhstan 2017,” Paris: OECD Publishing, 2017.[3] T. Estermann, T. Nokkala, and M. Steinel, “University Autonomy in Europe II. The Scorecard,” Brussels: European University Association, 2011.
The paper is devoted to the analysis of issues of regulation of use of cryptocurrency in the Russian Federation and offers the possible measures to solve them. The conclusion is made that the ideal desired result would be the creation of such a controlled financial and economic mechanism based on blockchain technology that would become more attractive for its potential participants than the "usual" cryptocurrencies and smart contract systems. Key words: cryptocurrency, legal regulation, financial system, transactions, financial risks, financial mechanism.
The article discusses the retrospective of cryptocurrencies, theoretical understanding of the digital currency, its value and essence. The tendencies and prospects of cryptocurrencies development. The article focuses on the lack of a legal framework regulating relations in the field of "mining" and circulation of cryptocurrencies. Keywords: cryptocurrency; digital currencies; bitcoin; electronic money; mining; cryptographic methods of information protection.
The technology of BlockChain and cryptocurrency is an actual topic for humanity today. There are different policies regulating cryptocurrencies, but they are still far from perfect. The difficulty of technical regulation of these systems is beyond doubt, many countries are only at the stage of discussing the status of the currencies, some are extremely supportive of them. However, it is undeniable that more and more countries will introduce regulations in the field of cryptocurrencies, focusing, firstly, on the structure of their own economy. Keywords: BlockChain, cryptocurrency, Bitcoin, mining.
The article provides an analytical overview of cryptocurrencies, the dynamics of bitcoin from the origin to the present time. The specific risks of the virtual currencies use were identified.Keywords: bitcoin, cryptocurrency, risks, electronic money; financial technology.
This article explores the mechanisms of the organization and operation of virtual payment systems. The appearance of such payment systems is associated with the development of Internet technologies in the field of mutual settlements for goods (works and services). The study aims at analyzing the classification, types of emission of cryptocurrencies, the mechanism of functioning of cryptocurrency systems; evaluating their impact on the monetary system and the involvement of individuals in the laundering of illegal incomes using cryptocurrencies; estimating prospects for the development of virtual payment systems in Russia and abroad, and defining mechanisms to counteract illegal activities. As a result, the current status of virtual cryptocurrency systems is estimated, their distinctive features and advantages are considered. The study also identifies drawbacks in the use of cryptocurrency with the involvement of individuals in the system of non-cash settlements. The results of the analysis of cryptocurrency systems can be useful for the improvement of the state monetary policy. Keywords: electronic money, bitcoin, cryptocurrency, blockchain, money laundering.
The paper gives the author's understanding of the real matter of a bitcoin actual paradigm, economic and legal issues related to bitcoin functioning are investigated, perspectives of bitcoin evolution in Russia are observed on the basis of the systematic approach. In conclusion recommendations for the payment system in Russia are given. Keywords: Russia, bitcoin, economic and legal issues, bitcoin industry stakeholders, stability of payment system.
D A Zakoldaev, Rodion V. Yamshchikov, Nadezhda V. YAmshchikova
The article analyzes the development and use of the blockchain technology in Russia. The authors assess the implemented solutions of the “distributed register” technology, the national blockchain platform Masterchain and the “Digital economy” program in particular. The process of developing solutions for the digitalization of different sectors of the economy is considered. Support of the “digital” trend of the country development by the first persons of the state is also scrutinized. Having analyzed the political practice and legal framework, the authors come to the conclusion about the need for joint work of all branches of the government on the construction of a digital society in modern Russia.
АннотацияВ статье рассматривается актуальность создания новых валютных систем, их место и роль в мировой финансовой системе.Проанализирована одна из разновидностей цифровой валюты -криптовалюта, создание и контроль за которой базируются на криптографических методах.Выявлены проблемы функционирования данной валюты и предложены меры по их устранению.Ключевые слова: цифровая экономика,
This article presents the analyze of the cryptocurrency market, the practice of state regulation of the cryptocurrency. During the market research of the cryptocurrency and the experience of its regulation, author identified certain similarities. First, each state strives to create a favorable climate for the development of new technologies (blockchain), seeing a great potential for using technology in the public and private sectors. Secondly, there is a rapid growth of the cryptocurrency market, and the state, not adapting the existing national legislation to the existing challenges of the digital economy, faces a lack of revenue to the budget, since the cryptocurrency is outside the legal jurisdiction. Third, today there are over a thousand different cryptocurrencies, accordingly, unified standards for their regulation should be developed.
The real estate market is influenced by the global growth trends, such as the growth of the transaction costs and new technologies of the fourth industrial revolution. The types of the transaction costs of the real estate market are analyzed in the paper. The characteristics of the blockchain as a new information technology that allows reducing transaction costs are considered. The essence of the blockchain as a value-communication technology that allows transferring not only information, but also value using mobile networks and the Internet, is substantiated. The types and classification of the blockchains are considered. The directions of real estate transformation on the basis of introduction of the blockchain technologies are shown. Some unresolved issues, as well as the dangers and challenges of the development of the blockchain technologies, are indicated in this article.
Статья посвящена обоснованию организационно-экономических основ создания инновационно-интегрированных структур в условиях социально-экономической нестабильности на основании анализа текущего состояния показателей конкурентоспособности и инновационного развития Украины на международной арене и мировых тенденций инновационной динамики. Охарактеризованы предпосылки, факторы, принципы, составляющие и задачи развития инновационно-интегрированных объединений. Обоснована целесообразность учета основных составляющих формирования и развития инновационно-интегрированных структур. Статья посвящена обоснованию организационно-экономических основ создания инновационно-интегрированных структур в условиях социально-экономической нестабильности на основании анализа текущего состояния показателей конкурентоспособности и инновационного развития Украины на международной арене и мировых тенденций инновационной динамики. Охарактеризованы предпосылки, факторы, принципы, составляющие и задачи развития инновационно-интегрированных объединений. Обоснована целесообразность учета основных составляющих формирования и развития инновационно-интегрированных структур. The article is devoted to the substantiation of the organizational and economic principles of creation of innovative-integrated structures in the conditions of socio-economic instability on the basis of the results of the analysis of the current state of competitiveness's indicators and innovative development of Ukraine in the international arena and world tendencies of innovation dynamics. The comparative characteristic of the key indicators of innovative development in Ukraine with the individual countries of the world, are made it possible to ascertain both significant negative socioeconomic processes and a fairly significant level of lagging behind the key indicators of innovative development from countries of the world, which are showing the high rates of innovative dynamics or are at the stage of growth. The preconditions, factors, principles, components and tasks of development of innovative-integrated associations were characterized. The expediency of taking into account the main components of the forming and development of innovative-integrated structures, including the educational component of training specialists for innovative-integrated structures (quality, competitiveness of educational services, financing, scientific activity of educational institutions); professional development of employees of innovative-integrated structures (lifelong learning, increasing of human capital); personnel support (availability of innovative type of personnel, innovative development of human capital); directions of improvement of the organizational and regulatory influence in the conditions of decentralization of power and management (development of strategies, territorial priorities, transparency of public procurement, implementation of program-targeted approach); financial analysis, audit and information support (financial information, audit services, currency rate regulation, information requirements); tax regulation (advantages and disadvantages of the taxation system, tax incentives); investment support (state financial support, investment attractiveness of enterprises); stimulation of entrepreneurial activity (problems and prospects of development of innovative entrepreneurship); social development (development of social capital); ensuring national security (the role of innovative-integrated structures) was substantiated. Thus, the improvement of the organizational-economic principles for the creation of innovative-integrated structures should take into account the latest trends associated with the results of the 4th industrial revolution, the peculiarities of implementing innovative activities in conditions of socio-economic instability, must be oriented towards the formation of innovative ecosystems, introduction of a smart approach to management organization, territorial branding, enhancement of the competitiveness of the territories and their investment attractiveness.
The prerequisites and main trends in the development of the latest financial technologies (FinTech) are considered. The emerging approaches to the legal regulation of ICO and crypto currency in foreign countries and the European Union (EU) are analysed. It is concluded that the legal ways of regulating new phenomena are ambiguous while in the main states adhere to the principle of technological neutrality. In relation to the EU member states, there is a need to comply with the supranational legislation of the European Union. The conclusion about the high level of mobility of legal foundations in the field under investigation is made.
The cryptocurrency is a phenomenon of a modern payment system, however it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin («mining»), and all subsequent ones - on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the «bill of exchange», which is accompanied by a number of «transfer inscriptions» - «endorsements.» Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.
Nataliya Krasnikova, Nataliia Stukalo, O. O. Balash
The article reveals a conceptual basis of the cryptocurrency functioning. The main types of cryptocurrencies are featured and analyzed as well as their general strengths and weaknesses. Based on the price dynamics correlation analysis of some cryptocurrency types, a general low level of dependence between digital assets is established. The main functions of the cryptocurrency are formulated in the form of transformed money functions. Also, additional functions of cryptocurrencies are defined on the basis of their innovative nature, as well as the role in the modern financial system and world economic relations.
The article is devoted to the causes of the origin, the consequences of the functioning of the crypto currency and the prospect of restructuring the modern financial system on the basis of blocking technology. The article shows that the crypto currency emerged as an evolutionary stage in the development of the world payment system, that the modern financial system is developing in a dead-end direction, that the use of crypto currency and its derivatives in practice can destroy the world payment system and world financial market from within. It is suggested that, based on the technology of the block, a modern financial system can be restructured.
The article is devoted to new directions of development of the digital economy. The analysis of technology development and cryptocurrency blokcheyn. Analyzed the problems and prospects of transition to digital economy technology.
The history of creating bitcoin cryptocurrencies has been considered, the main features of cryptocurrencies and cryptocurrency market have been identified. Based on the identification of features of the blockchain technology, the possibilities of making settlements outside the traditional financial system have been determined. Special attention has been paid to the issue of legal regulation of cryptocurrency in various countries. According to the results of a study of current trends in the cryptocurrency market, in the conditions of a significant decline in the market value of bitcoin in 2018, as the flagship of the cryptocurrency market, prospects for its development have been determined
A significant increase in the cash value of Bitcoin in the beginning of 2017 led to growth in people’s interest in cryptocurrency. The uniqueness of this type of money is that the transaction occurs only with the approval of a network of participants, and the funds themselves are beyond the control of any state. At the same time, the Russian government, represented by the Ministry of Finance, did not approve a cryptocurrency until 2018. Despite the large number of studies that reveal the main advantages and disadvantages of cryptocurrency, as well as the motivation of the participants, the issue of building trust in cryptocurrencies remains relevant. The main goal of this study is to identify the mechanisms of trust building among the participants of the cryptocurrency market. The research information base was based on 15 semi-structured interviews with active participants of the cryptocurrency market. Based on collected data, a typology of cryptocurrency users was made, and ways of managing risks in interacting with the market and insight into the role of the state in this market were examined. Cryptocurrency users can be divided into those who use it for consumption of various goods (including those who are prohibited in the territory of the Russian Federation) and those who seek to derive financial benefit from the current market situation. Although both groups exist in the same market, they have different expectations: consumers strive to ensure that the cryptocurrency exchange rate remains stable, whereas the other group hopes for a long period of high exchange-rate volatility to increase their own earnings. The position that the local state should take is an important factor of trust for each of the groups represented. Cryptocurrencies are still at an early stage of development. A large group of people on the market is trying to monetize the weaknesses that exist at the moment. Over time, the situation on the cryptocurrency market stabilizes, and it can then move to a qualitatively different stage of development.