Blockchain Papers

N.A. AMOSOVA

The purpose of the article is to clarify the understanding of the new business conditions, the so-called new normal, as part of the study of approaches to assessing financial stability in financial markets. Main results: the list of main factors that have a particularly significant impact on financial stability in financial markets has been clarified; some results of digital transformation of financial markets are characterized; the possibilities of integrating SPFS and CiPS were evaluated; clarified and supplemented the proposals of the regulator on the introduction of mechanisms for automated detection of sources of spread of illegal activities; on the basis of fragmentary factual material, assumptions were made about the nature of the relationship between the systems of centralized and decentralized finance; substantiates the proposal on the need to create a legal regulated cryptocurrency market in the Russian Federation in order to reduce the scale of the emerging shadow market and to accelerate the process of legal support for its functioning. The significance of the article is determined by the main conclusion about the need to change approaches to assessing financial stability by taking into account the high transitivity of modern economic systems of centralized and decentralized finance and new business conditions (conditionally denoted, among other things, by the acronyms SPOD, VUCA, BANI, etc.).

G. G. DANIL’YANTS, М. В. Волик

The modern world is changing rapidly. Digitalization is becoming more and more important and penetrates into all spheres of society. The digital transformation of financial and monetary processes and systems deserves special attention. It is important to determine the place and role of the state in the regulation of these processes. This paper examines the current state and prospects of using cryptocurrency as an element of monetary circulation. Analysis of the dynamics of the bitcoin rate showed that the use of cryptocurrencies is promising. However, it is necessary to improve the regulatory framework. The introduction and use of the national cryptocurrency in Russia will stabilize the state of the financial system in relation to the dollar, ensure the safety of economic development and reduce transaction costs.

Daniyal Rashidovich Zagidullin, Nataliya Sergeevna Pulyavina

This article discusses the blockchain technology and a relatively new phenomenon in the field of this technology — NFT (non-fungible tokens). The paper analyzes the growth prospects and current shortcomings of the concept. The phenomenon of NFT, which is still not well described in scientific publications, is considered in this article from a technological point of view. Based on the results of the market analysis, the authors suggest continuing the development of the blockchain and strengthening its security, as well as conducting further research in this area.

Л А Чалдаева, Arsenii A. Danilin

Subject. The article addresses the cryptocurrency market that originates from the creation of the world's first cryptocurrency, i.e. Bitcoin. It overviews the blockchain technology and mining procedures for the digital currency. Objectives. The purpose of the study is to evaluate trends in the cryptocurrency market within the historical aspects, perform a profound analysis of digital assets terminology, including the concept of forks, tokens and altcoins, investigate changes in the Bitcoin and alternative cryptocurrency market by analyzing the Bitcoin Dominance Index, which has suffered significant fluctuations over the past five years. Methods. The study rests on the systems analysis of conceptual framework, the design of classification criteria, the functional, structural, statistical, graphical, and economic analysis. Results. The findings enabled to identify growth drivers for world’s cryptocurrency trading platforms. The growth primarily relates to the progressive development of the cryptocurrency market infrastructure. Other factors include the extended usage of stablecoins on the world’s biggest crypto exchanges. Conclusions. The paper provides a detailed consideration of changes in the cryptocurrency market development, which are divided into three main stages. The cryptocurrency community appreciates blockchain projects that have introduced new technologies. The most popular projects are implemented in the banking sector or used in the interaction between the cryptocurrency industry and traditional fiat currencies.

Andrey Zubarev, Natalia Makeeva, Elena Sinelnikova-Muryleva, Kirill Shilov

No abstract is available for this record.

Nataliya A. Amosova, Anna Yu. Kosobutskaya, О.В. Лускатова, Annie V. Ravohanginirina

The chapter studies the problem of a possible influence of the unregulated use of blockchain technology on financial markets and regulation. The authors proceed from the assumption that development of new technologies used in financial markets is of great importance and, at the same time, see a threat to the stable functioning and regulation of financial institutions, primarily credit institutions. The correct solution of the question of the necessity and the limits of regulation of the blockchain technology usage in financial markets, in the authors' opinion, should be considered a factor of the financial markets' competitiveness improving.

Nataliya Sheludʹko, Oleg Vasiurenko, Vyacheslav Lyashenko, Надія Морозова

The modern pandemic affects all areas of human activity. In this regard, various aspects of the preservation of economic activity become fundamental. One of these issues is the choice of an investment strategy, the choice of investment instruments. To do this, we examined the mutual dynamics of gold and bitcoin prices during the pandemic. For the analysis, we use the wavelet coherence methodology. This made it possible to substantiate some strategies and the choice of investment instruments.

Anastasia Podrugina, Anton Tabakh

Nowadays the global financial system faces a triple challenge: the threat of a new systemic financial crisis at both global and regional levels; difficulties of constant adaptation of existing financial business and regulatory practices to intensive technological innovations; direct and hidden consequences of excessive political influence on the financial system through sanctions and selectively applied practices for sanction purposes. Improving the quality of financial regulation will require deeper cooperation between regulators of leading economies and a proactive position of the financial industry, as well as the decentralization of financial regulation. However, it is unlikely that this will happen at the global level. Financial stability became a key goal of global financial regulation in the post-crisis period. We consider financial stability as the «tragedy of commons». The article describes the main trends of financial markets regulation after the crisis: transformation of global financial architecture, anti-money laundering and counter-terrorism financing practices (AML/ CT), financial sanctions. The article analyzes the existing failures of modern post-crisis financial regulation: credit crunch, reduction in the effectiveness of monetary policy, regulatory arbitrage, and increased compliance costs (AML/CT legislation, tax legislation, and the sanctions regime). In the future we expect simultaneous trends of harmonization and standardization of requirements in traditional sectors of financial markets (including traditional institutions of the shadow banking sector), but at the same time regulatory arbitrage1 will induce new financial technologies in order to reduce regulatory costs. The crisis triggered by the coronavirus pandemic in 2020 despite its non-financial nature will almost inevitably have a major impact on financial markets and their regulation. Possible steps to eliminate failures in the financial regulation system are proposed, including recommendations for international organizations.

Elena Sinelnikova-Muryleva, Andrey Zubarev, Natalia Makeeva, Kirill Shilov · 5 authors

No abstract is available for this record.

V. N. Minat

The purpose of the study is to identify trends that determine the dynamics and structure of funding for the US higher education system. The subject of this study is the dynamics and structure of funding for the US higher education system. The relevance of the topic of the article lies in the substantiation of possible threats to the use of financial instruments that have passed the path of evolutionary development in America. In accordance with the purpose, a retrospective assessment of these trends has been carried out over a long period of time. To analyze the vast theoretical and statistical material on the stated problems, such methodological techniques and tools as retrospective assessment, statistical and economic analysis, comparative assessment, generalizations, and the inductive method were used. The results obtained reflect not only the stages of spatio-temporal evolution in the development of the American higher education system, but also reveal indicators that make it possible to assess the effectiveness and efficiency of this system over a century of research. The identified trends highlight the contradictory nature of funding for universities in terms of efficiency and effectiveness. On the one hand, the instruments and results of funding reflect the distinct American way of combining centralization and decentralization in the evolutionary development of a complex higher education system. On the other hand, they confirm the worldwide, ambiguous in qualitative assessment, practice of financing universities - reducing the share of government spending by increasing private investment.

Iryna A. Nechayeva

Features and modern operating conditions of utility companies (institutions, organizations), in particular, the processes of democratization, decentralization, openness of society,necessitate improving the system of indicators that define requirements for the criteria used to evaluate their performance. Given the goals, objectives and current functions, the evaluation of performance of a utility company(institution, organization) should be carried out both according to economic and social criteria, which is explained by the fact that activities of a utility company(institution, organization) are aimed at solving social problems of the corresponding territorial community.This means that its performance efficiency is not always determined by profitability.It is possible to assess effectiveness of utility companies' using local finance, which are the main income item in their budget, and the level of influence of a utility company(institution, organization) on the development of a territorial community only if the enterprise is transparent and open. It is proposed to single out the criterion "Public awareness of activities of a utility company (institution, organization)" in the system of criteria for assessing social performance of a utility company (institution, organization). Accordingly, in the system of 332.1

Olga Naumova, I. A. Svetkina, D.V. Naumov

The article identifies the main features of the application of blockchain technology, which caused a lot of positive feedback in scientific circles and professional communities. After success in the financial market, where the blockchain contains blocks that are iced in the chain, which describes absolutely all transactions with virtual coins (such as Bitcoin, Litecoin, Ethereum and others), there were prospects for evaluating the possibility of its successful application in other areas. Considering that the sphere of education in Russia is going through a period of reforms, special attention is paid to the opportunities and problems of application in this sphere. The article discusses the effectiveness of the application of blockchain technology for the distributed registry and for mass application in the field of education. And also an estimation of the probability of the possibility of improving the educational process. The analysis of the advantages of the technology that allowed it to successfully spread its crypto currency in the market of anonymous transactions and their application in the subject field of education, in comparison with classical technologies, with the central node-regulator, for example, the client-server.

Maxim Zuev

This article represents the chronology of the use of digital currency by professional participants in the US financial market. There are indicated main participants of the digital currency market using this asset for investment and speculative purposes. There are described their actions on the digital currency market. There are analyzed possible stages of the development of the digital currency market. Digital currency Bitcoin and Ethereum are represented. Attention is paid to the innovations of the JP Morgan Chase Corporation, the Facebook Corporation. There are described new exchange assets introduced by Cboe, CME Group, and Bakkt.

E. V. Lapteva, Vladimir V. Ostroumov, Elena M. Skvortsova

No abstract is available for this record.

Елена Федорова, K. Z. Bechvaya, Oleg Y. Rogov

The authors assess the impact of the emotional tonality of bitcoin news on its exchange rate. In particular, we studied the hypothesis of the impact of the readability index of the news text on the volatility of bitcoin. Despite the fact that excessive volatility threatens bitcoin not to become a successful currency, many scientists are interested in the determinants of such volatility. Factors such as speculative investments or the attention of the society are the drivers of the volatility of the exchange rate of bitcoin. In this regard, the question of studying the impact of news on the bitcoin exchange rate is relevant. The purpose of this paper is to assess the impact of the emotional tonality of bitcoin news on its exchange rate. The empirical base of the study was quite extensive since it includes more than 1330 news from the Thomson Reuters information base for the period from 19.08.2011 to 16.08.2016 on the bitcoin market. The research methodology includes the sentiment analysis conducted by using the dictionary MacDonald and Loughran and also the analysis of the interdependence of time series-based causal analysis using the test of Granger causation. We present three hypotheses about the impact of news on the bitcoin exchange rate. During the study, two of them were confirmed. We proved the first hypothesis that the negative news had a more significant impact than positive ones, taking into account the five time-lags. The second hypothesis about the impact of positive tonality in the news on the bitcoin exchange rate, using the Granger test for causation, was not confirmed, since the positive values of this test were obtained in two time-lags out of five. We can confirm that the third hypothesis was proved — the high readability index has an impact on the bitcoin volatility for the entire studied period, taking into account all five time-lags. Thus, the assumption about the impact of the emotional tonality of news on the bitcoin exchange rate can be confirmed.

Denis Grigorevich Perepelitsa, Владимир Галанов, Aleхandra Vladimirovna Galanova, Ashkhanovich Badalov · 5 authors

Modern financial technologies, in particular cryptocurrencies, penetrate deeper and deeper into the life of the modern world and the Russian society. The spread of cryptocurrencies in almost all areas is promoted by the following advantages: anonymity of payments, low commissions, and the inability to restrict the owners’ access to their funds. The use of cryptocurrencies is not limited to the banking and medical areas, insurance and services industries. Some experts suggest the creation of cryptocurrency as the single currency of the Eurasian Economic Union. Today this issue is only being discussed, but the advantages and a wide spread of cryptocurrencies prove that they can become one of the possible solutions in the currency agreement of the EEU being developed. To assess the prospects of using cryptocurrencies in the Eurasian Economic Union, it is necessary to analyze the prerequisites of cryptosystems, as well as to study the history of their development. The purpose of this article is to make a comparative analysis of cryptocurrencies on the EEU market in terms of possible use of the cryptocurrency as a supranational means of payment. The article considers the prerequisites of cryptocurrencies. Features of the currently most popular cryptocurrencies are analyzed. Possibilities of using them as EEU supranational payment means are estimated. Directions of the cryptocurrencies development on the EEU market are studied.

M. N . Makhonina, Olga Zinisha

No abstract is available for this record.

В Д Фетисов

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

Анна Олеговна Шестопалова

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.

Mateusz Wiatr

This article is about one type of cryptocurrencybitcoin.The main topic of this work is a level of risk connected with cryptocurrency market.The work consists of theory, a definition of cryptocurrency and bitcoins, an analysis of risk level in this kind of investments on cryptocurrency market and a bibliography. A definition of cryptocurrency and bitcoinsA Cryptocurrency is a modern digital medium of exchange.It is a new decentralized, limited and peer-to-peer payment system.Most cryptocurrencies are created to introduce new units of currency, whose total amount is limited.All cryptocurrencies use cryptography to control the creation and transfer of money.The first cryptocurrency was Bitcoin, created in 2008 and introduced in 2009.Nowadays it is the most popular cryptocurrency which is used as an open source software.The creator of Bitcoin was Satoshi Nakamoto, a person or a group of people.Nakamoto published a work on The Cryptography Mailing list in which he described the Bitcoin currency.Next year, the first Bitcoin software was launched on the network, which started Bitcoin's flow.Bitcoins are introduced to the market by a process called mining.In this process engage computer network participantsusers who provide their computing power, next verify and record payments into a network in exchange for minted bitcoins and transaction fees.Bitcoins are transferred by wallet software