The article is devoted to the problem of terminological uncertainty and the lack of a unified classification of cryptocurrencies and digital assets in modern Russian legislation. Despite the adoption of Federal Law from 31.07.2020 No. 259-FZ βOn Digital Financial Assets, Digital Currency and Amendments to Certain Legislative Acts of the Russian Federationβ, there are many controversial issues in law enforcement practice regarding the legal status of cryptocurrencies and their place in the financial system. The article analyzes existing approaches to defining digital assets in Russian and international regulations, as well as in scientific literature. The variety of classifications and the variety of functional characteristics inherent in different types of cryptocurrencies and tokens are noted. Key contradictions between the decentralized nature of cryptocurrencies and attempts at government regulation are identified. The authorβs definitions of digital currency, cryptoasset and cryptocurrency are formulated, taking into account technological, economic and legal aspects. Recommendations are proposed for improving legislation and developing agreed standards in the field of digital financial assets. The authors emphasize the need to balance the interests of the state, business, and society to ensure the successful development of the digital economy in Russia.
This paper examines the phenomenon of digital transformation in socio-economic systems as an object of public governance through the transition from an instrumental to a substantional understanding of digital technologiesβ role. Using an interdisciplinary approach, the research systematizes theoretical and methodological concepts of digital transformation and identifies its seven fundamental properties: transversality, recursiveness, emergence, accelerativity, cognitive-transformational potential, institutional reconfigurability, and ontological hybridity. These properties form the methodological foundation for a new understanding of digital transformation, where technologies are viewed not as external optimization tools but as constitutive elements of a new institutional reality. The study develops a matrix of digital transformationβs impact on components of the socio-economic system, structuring the nature of changes, influence mechanisms, and resulting effects for economic, social, political-administrative, innovative, and informational subsystems. The research analyzes the evolution of public governance instruments for digitalizationβfrom e-government to digital statehood models focused on digital resilience and platform-based approaches. Based on analysis of real-world cases of public sector digital modernization across different countries, the study confirms that effective public governance of digital transformation requires a comprehensive approach that accounts for the systemic nature of transformational processes. The research demonstrates that the transitive model of digital statehood creates a methodological foundation for proactive responses to digital era challenges through vertical integration of artificial intelligence systems and distributed ledgers into mechanisms of strategic planning and institutional adaptation.
This study examines how decentralized financial flows - including blockchain technologies, cryptocurrencies, fintech platforms, and central bank digital currencies - have influenced economic integration in post-Soviet countries from 2000 to 2025. Framed within the broader processes of digital transformation and institutional change, the research addresses the demand for alternative financial infrastructure in transitional economies. Employing a mixed-methods approach, it combines cross-country analysis with case studies to assess digital infrastructure, regulatory adaptation, financial inclusion, and DeFi adoption. Findings show that while digital connectivity has increased, decentralized finance usage varies based on institutional and socio-economic conditions. Countries facing financial shocks often adopted DeFi from the bottom up, while others pursued top-down regulatory strategies. The study concludes that decentralized finance is already enhancing integration by improving access to payments, savings, and public services.
This study aims to understand the effect of bitcoin and macroeconomic fundamentals (inflation, exchange rate, BI Rate, money supply, and IDX) on the LQ45 index. The type of data used in this study is secondary data in the form of time series with a research period of January 2018 to December 2022. The data in this study consisted of quantitative data. The data analysis technique applies multiple linear regression which is processed using SPSS version 25. The results state that bitcoin has a negative effect on the LQ45 index, inflation has a positive effect on the LQ45 index, exchange rate has a negative effect on the LQ45 index, BI Rate has a negative effect on the LQ45 index, money supply has a negative effect on the LQ45 index, IDX has a positive effect on the LQ45 index.
This article discusses the current topic of the use of blockchain technologies in the digital economy. The study is based on an analysis of existing research and publications, as well as on the consideration of examples of the use of blockchain in various business areas. The main purpose of the work is to identify the challenges and prospects of using blockchain, as well as to assess its impact on economic processes. The advantages and disadvantages of using blockchain are discussed in detail, as well as recommendations for its effective implementation. In conclusion, the conclusions about the potential of blockchain technologies for the transformation of the digital economy and identifies possible areas for further research.
This study delves into the transformative role of digital currencies in reshaping global trade, financial systems, and regulatory frameworks. It investigates the integration of Central Bank Digital Currencies (CBDCs), cryptocurrencies, and stablecoins into the global economy, exploring their potential to streamline cross-border transactions, reduce costs, and enhance financial inclusion. Through case studies from China, El Salvador, and the European Union, the study examines the practical implications and challenges associated with the widespread adoption of digital currencies. The research also scrutinizes the regulatory complexities, including the need for international harmonization of legal standards to mitigate risks such as money laundering and fraud. Additionally, the study highlights the technological innovations inherent in blockchain and distributed ledger technologies (DLT), which promise to enhance transparency, security, and operational efficiency.
Economic, Social, and Public Health Issues in Russia and Globally
This article examines the transformative landscape of financial data integration technologies and their collective impact on the financial services industry. The comprehensive exploration covers three pivotal developments reshaping the sector: Open Banking and API standardization, real-time data streaming with AI analytics, and data fabric architecture. Each innovation addresses specific challenges within the financial ecosystem while contributing to a more connected, intelligent, and responsive financial infrastructure. The article details how regulatory frameworks drive adoption, technical standards ensure implementation success, and emerging architectures enable unprecedented capabilities. By investigating the convergence of these technologies and emerging trends, including semantic interoperability, quantum computing applications, and decentralized finance integration, the article provides a forward-looking perspective on how financial institutions can leverage integrated data solutions to gain competitive advantages while navigating complex regulatory requirements and evolving customer expectations.
The sphere of decentralized finance is the subject of widespread debate as the ways of providing services in the financial market. Using distributed registry technologies, smart contacts and a decentralized format of cooperation, it is capable, to a certain extent, of replacing traditional financial intermediaries in some product segments of the financial market. The authors set the task of identifying possible markers of liquidity flow into the sphere of decentralized finance, as well as assessing the scale and dynamics of its development compared with segments of the financial sector of the economy. The purpose of the study is to form a system of comparable indicators, based on which national regulators will be able to objectively assess the scale and dynamics of development of the DeFi sector. To achieve the goal, the article conducted a quantitative analysis of the relationship between changes in the money supply and the total value locked of crypto assets in the DeFi sector; a comparative analysis of various segments of the DeFi sphere and the financial sector of the economy was carried out. As the main methods, the authors used methods of regression analysis, systemic and logical methods, induction and deduction, methods of economic statistics, which made it possible to identify tendencies in the development of the sphere of decentralized finance against the background of indicators of development of the financial sector of the economy. The source data consisted of statistical databases on key indicators of the development of the financial sector of the economy at the international level, as well as databases on services provided by participants of decentralized finance. As a result of the study, the impact of changes in money supply on total value locked in DeFi is evaluated, as well as tendencies and scale of development of the sphere of decentralized finance in comparable indicators of the financial sector of the economy are identified. It is concluded that the scale of the current development of decentralized finance is not significant. However, according to a number of comparable indicators, this sphere already represents a certain parity with the financial sector of the economy. First of all, this applies to the trading turnover of decentralized exchanges and the volume of trading in crypto derivatives. The results of the study can be used by national regulators when assessing the scale of development of the sphere of decentralized finance under certain monetary and financial conditions.
This study considers inflationary processes and trends occurring in the modern Russian economy. The relevance of the topic under consideration is conditioned by the next round of inflationary rally, which began in 2022, and the Bank of Russia forecasts promise to slow down and stop it not earlier than 2027. The scientific analysis includes a step-by-step analysis of theoretical inflationary factors and consideration of practical aspects of such volatility in dramatic micro and macroeconomic mass-schemes. The key problems identified in the study include the lack of coordination of actions of the Government of the Russian Federation, the Ministry of Finance of the Russian Federation and the Bank of Russia. It also raises the question of the difficulties faced by financial intermediaries and economic entities in the conditions of permanent high inflation, and its extension to inflationary expectations of centralized and decentralized finance. This study aims to analyze and summarize the tight monetary factors accompanying the inertial braking path of inflation and contributing to the seamless cooling of the economy, to develop strategies aimed at targeting the Bank of Russia's stated 4%. The final results of the study substantiate the significance of the role of the Bank of Russia as a regulator of monetary policy, emphasize the conditions and main measures for the implementation of the DCP, and highlight their conceptual problems. The study is based on the analysis of foreign and Russian publications, as well as on the statistical conclusions of financial and statistical data.
Anton Krivonogov, K. Starodubov, Alexander Prokofyev, Yuri Gromov
The article is devoted to the issue of sustainability of blockchain systems and their impact on the functioning of smart contracts that automate complex processes. An approach to determining the initial stability of a blockchain system is proposed, which includes the assessment of operational and technical parameters of the blockchain system using the method of direct expert evaluation. The proposed approach is tested on the example of the blockchain Ethereum.
Open access
Economic and Technological Systems Analysis
Digitalization and Economic Development in Agriculture
This chapter of the monograph presents a comprehensive and interdisciplinary exploration of digital transformation as a key driver of sustainable development in the modern world. It provides a robust analytical framework for understanding how emerging technologiesβsuch as blockchain, cryptocurrencies, Web 3.0, tokenization, artificial intelligence, mobile platforms, and cloud computingβare fundamentally reshaping global economic systems, institutional structures, and patterns of social engagement. The primary objective of the chapter is to conceptualize digital transformation not simply as a technological advancement but as a strategic, multifaceted process with profound implications for economic productivity, inclusive governance, and social equity. The research situates digital transformation within the broader context of the United Nations Sustainable Development Goals (SDGs), illustrating how digital innovation intersects with global efforts to eradicate poverty, reduce inequality, and promote sustainable economic growth. Through the integration of qualitative analysis, theoretical modeling, and international benchmarking, the chapter offers a methodological approach that captures the complexity of this transformation. It employs tools such as the Digital Transformation Index and adapted production functions to quantify digital progress, while drawing upon case studies and global indices to identify practical applications and structural disparities across regions and sectors. Importantly, the chapter frames digital transformation as a socio-economic revolution that redefines traditional paradigms of governance, financial architecture, enterprise operations, and public service delivery. It explores the potential of decentralized finance (DeFi), tokenized assets, smart contracts, and digital identities to enhance transparency, financial inclusion, and resource efficiency. Special emphasis is placed on the roles of digital public goods, decentralized autonomous organizations (DAOs), and Web 3.0 ecosystems in fostering open access, interoperability, and citizen empowerment. The chapter examines real-world implementations of digital technologies in various sectorsβranging from blockchain-enabled land registries and transparent food supply chains to cryptocurrency-facilitated remittances and tokenized carbon credits. These examples illustrate the practical utility of digital innovation in addressing developmental challenges while also highlighting critical risks such as scalability issues, cybersecurity threats, digital inequality, and regulatory uncertainty. To address these challenges, the study proposes strategic pathways including the promotion of digital literacy, ethical AI governance, green technology adoption, and international policy coordination. Ultimately, the chapter underscores the imperative for globally harmonized efforts to harness digital transformation as a catalyst for building resilient, inclusive, and sustainable societies. By linking technological advancement with long-term development goals, this work contributes to a deeper understanding of how digital ecosystems can serve as enablers of equitable global progress.
The economic and legal problems of the development of innovative technologies of the digital economy (using the example of cryptocurrency and blockchain) are studied: the issue of state regulation of cryptocurrency, the possibilities of its creation, use and limitations, the importance and prospects of their use in the modern world and in Ukraine. Cryptocurrency is one of the most promising technologies of the digital economy, which is actively developing every year, the volume of its circulation is increasing. Ukraine isamong the world leaders in the use of cryptocurrencies. In Ukraine, the Law Β«On Virtual AssetsΒ» was adopted, which regulates the procedure for the emergence, change, and termination of rights to a new object of civil law for Ukrainian legislation β cryptocurrency. It is shown that blockchain technology is the main technology of digitalization of social relations and legal processes in most developed legal systems of the world, which is used in the field of cryptocurrencies, smart contracts, registration of intellectual property (IP), ecommerce, and the Internet things, the economy of joint participation, etc. The connection between patents and cryptocurrency was revealed. The patenting of Blockchain, Crypto and DeFi technologies was analysed. Recently, many IP offices have revised the norms of patent legislation and the rules of examination of patent applications in order to recognize the patentability of these technologies. The best experience of legal regulation, inventive activity and the dynamics of patenting of inventions in this area in different jurisdictions (USA, EPO, China, France, Japan, South Korea), technological trends and regulatory problems are analysed. Recommendations on increasing the effectiveness of activities in this area in Ukraine have been provided. It is necessary to implement the rules of the EPO Guidelines (Guidelines for Examination) on computer-implemented inventions in the Rules for drawing up, submitting and examining an application for an invention and an application for a utility model.Cryptocurrencies and blockchain have significant potential, many companies have invested heavily in these fields, so countries' patent laws must ensure the protection of the respective investments.
Abhishek Rawat, Rajat Verma, Raghuraj Singh Suryavanshi
The advent of Cryptography, Blockchain, and Artificial Intelligence (AI) has resulted in tremendous improvements in a variety of fields. As the science of secure communication, cryptography protects private data through encryption, decryption, and key management. It lays the groundwork for safe operations, interaction, and data storage. Blockchain technology, known for its decentralized and irreversible ledger and transparency and tamper-resistant qualities, has revolutionized a few industries, including financial services, management of supply chains, and healthcare. It makes transactions transparent and safe, does away with the need for middlemen, and boosts accountability and confidence. AI has been able to examine large datasets, identify patterns, and generate predictions that have altered how people make decisions by using machine learning. Many industries, including healthcare, finance, and retail, have benefited from automation, optimization, and tailored experiences. Multidisciplinary research and collaboration are necessary for the efficient implementation of these technologies and integrating them has the potential to fundamentally alter industries. An exciting era of societal change and innovation is promised by the combination of the blockchain, machine learning (AI), and cryptography. It might result in a digital environment that is safer, more transparent, and more effective, which would hasten advancements in sectors like banking, healthcare, and cyber security, among others. As these technologies advance, issues like privacy, scalability, seamless integration, and ethics must be considered to facilitate the appropriate and advantageous implementation of these technologies.
This new chapter investigates the impact of technology on the world economy and the creation of new marketplaces for digital and technology-related goods. It begins with a review of new but established technologies such as digital platforms, blockchain technology, and smart contracts. From there it discusses the impact of technology, more specifically, legaltech on the practice of law and access to justice. It then reviews the issues related to the rapid development of advanced forms of artificial intelligence (AI). It notes the broad recognition that AI will be highly disruptive to existing industries and to society as a whole. It then delves into the avenues to regulate AI to prevent the abuse and manipulation of consumers known as dark patterns. This includes a review of the first comprehensive law on the topicβthe 2024 EU Artificial Intelligence Act (AI Act). The chapter concludes by discussing the issues related to technology including the burgeoning market for non-fungible tokens (NFTs) and the future creation of the metaverse.
The rapid advancement of financial technology (FinTech) has revolutionized the financial sector by integrating artificial intelligence, blockchain, quantum computing, IoT, and digital payments. These innovations enhance efficiency, security, and accessibility while introducing new cybersecurity challenges such as fraud, identity theft, and ransomware attacks. This research explores emerging FinTech trends, cybersecurity risks, and mitigation strategies to ensure a secure and transparent financial ecosystem. Future advancements in AI-driven automation, decentralized finance (DeFi), and quantum encryption will further shape the financial industry's digital transformation.
Methods. The application of the abstraction method allowed for the isolation of volatility characteristics, simplifying the analysis of complex financial data of the cryptocurrency market. Analysis with synthesis facilitated the identification of patterns and the integration of traditional and modern forecasting approaches, providing a comprehensive assessment of methods. Logical and historical approaches enabled evolutionary analysis, while classification methods based on general and specific analysis principles, combined with comparative and abstract-logical analysis, allowed for an objective evaluation of the developed modelsβ effectiveness and justified the feasibility of developing innovative solutions for optimizing trading strategies and minimizing risks. Results. The study conducted a comparative analysis of cryptocurrency market volatility prediction methods using traditional statistical approaches and modern machine learning algorithms. The results confirm the advantages of integrating classical methods with machine learning algorithms, which allow for more accurate risk assessment and optimization of trading strategies in the highly volatile cryptocurrency markets. The determined volatility can be used in conjunction with Reinforcement Learning (RL) to optimize trading strategies, allowing an agent to learn to make decisions in an environment to maximize cumulative reward. The use of RL in cryptocurrency trading is a promising direction but requires a cautious approach and thorough testing of strategies before their application in real trading.Novelty. The scientific novelty lies in a comprehensive approach to forecasting cryptocurrency market volatility, combining classical statistical methods with modern machine learning algorithms. The advantages of ensemble machine learning methods for analyzing cryptocurrency volatility have been established. The integration of Reinforcement Learning (RL) for optimizing trading strategies based on predicted volatility is proposed, representing a new approach to cryptocurrency trading automation. Practical value. The research results have practical significance for cryptocurrency market participants, including investors, traders, and financial analysts. The integration of machine learning methods with traditional statistical approaches opens new opportunities for developing effective trading strategies, contributing to increased profitability and stability in the cryptocurrency market. The research is also useful for developers of trading platforms and analytical tools, as it provides empirical data for improving prediction algorithms and market data analysis.
Muhammad Azam, Imran Lohdi, Muhammad Haroon, Hammad Ali
This book chapter delves into the complex dynamics between corporate governance and digital finance, thoroughly examining this intersectionβs risks, rewards and policy ramifications. The story begins with a look back at the development of corporate governance and then traces the revolutionary effects of digital money on established institutions. We examine how the two worlds are converging, focusing on how technological advancements influence new approaches to money management. This section helps readers understand the difficulties policymakers confront in keeping up with the ever-shifting digital world as they attempt to modify existing regulatory frameworks. Regulatory flexibility, cybersecurity risks, openness and data governance are emerging as essential policy issues. Case studies shed light on practical implementations, offering assistance for businesses only beginning to incorporate digital finance into their management systems. As the digital finance era unfolds, the chapter explores future directions, anticipating trends that include decentralized governance models, enhanced cybersecurity measures, the integration of artificial intelligence (AI) and global standardization. Ethical considerations, sustainability and social responsibility are integral to governance. Insights gained from real-world experiences underscore the importance of adaptability, collaboration and ethical decision-making. The narrative concludes with a forward-looking perspective, positioning organizations to navigate the evolving landscape with resilience and innovation. The abstract encapsulates a holistic view of the chapter, offering readers a glimpse into the complexities and opportunities at the intersection of corporate governance and digital finance.
The paper investigates the perspectives on the transition to a green economy in countries with different economic and technological development types. It has been found that government assistance can significantly accelerate the potential of green transition. It has been established that increased risks of environmental, social, political, and economic origin require coherent and coordinated actions. It is argued that the intensification of measures aimed at deepening technological capacity has a significant positive potential in increasing the efficiency of economic systems and accelerating the green transition. The study confirms the usefulness of developing new mechanisms and tools for cooperation among countries, taking into account the characteristics of green economic policies in a transparent and accountable manner. It has been determined that a green economy concept can become an alternative to implementing a new economic policy model or can significantly complement it. It is proposed that local and international stakeholders be worked with to develop a vision and an action plan that considers all interests and provides a sustainable foundation for economic growth. This sustainable foundation can be formed by comprehensive support for the technology sector, including green technologies as its essential element. It was stated that the transition to the next technological level in Ukraine might be the prerequisite for economic change, which will assist in reforming the existing Soviet heritage and established practices that do not promote efficient resource management.The following priority areas for implementing green economy principles were identified for Ukraine: intensification of a public dialogue on the role of green transition in ensuring economic and energy security; revision of the existing centralized energy system and formation of stages of its decentralization; redesigning existing green technology infrastructure and diversifying its financing methods; creating a national plan that will ensure green transition by pan-European legislation; support the participation of Ukrainian producers in green global value chains (GVC) and green exports. Further research should focus on developing practical tools that can stimulate green growth.
ΠΠ°Π½Π½Π°Ρ Π½Π°ΡΡΠ½Π°Ρ ΡΡΠ°ΡΡΡ ΠΏΠΎΡΠ²ΡΡΠ΅Π½Π° ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΡ Π²Π»ΠΈΡΠ½ΠΈΡ Π΄Π΅ΡΠ΅Π½ΡΡΠ°Π»ΠΈΠ·ΠΎΠ²Π°Π½Π½ΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΡΠΈΡΡΠ΅ΠΌ Π½Π° ΡΡΠ°Π±ΠΈΠ»ΡΠ½ΠΎΡΡΡ ΡΡΠ°Π΄ΠΈΡΠΈΠΎΠ½Π½ΡΡ Π±Π°Π½ΠΊΠΎΠ²ΡΠΊΠΈΡ ΠΈΠ½ΡΡΠΈΡΡΡΠΎΠ² Π² ΡΡΠ»ΠΎΠ²ΠΈΡΡ ΡΠΈΡΡΠΎΠ²ΠΎΠΉ ΡΡΠ°Π½ΡΡΠΎΡΠΌΠ°ΡΠΈΠΈ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΈ. ΠΠΎ Π²Π²Π΅Π΄Π΅Π½ΠΈΠΈ ΠΎΠΏΠΈΡΡΠ²Π°Π΅ΡΡΡ Π°ΠΊΡΡΠ°Π»ΡΠ½ΠΎΡΡΡ ΡΠ΅ΠΌΡ, ΠΎΠ±ΡΡΠ»ΠΎΠ²Π»Π΅Π½Π½Π°Ρ Π±ΡΡΡΡΡΠΌ ΡΠ°Π·Π²ΠΈΡΠΈΠ΅ΠΌ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΠΉ, ΡΠΎΡΡΠΎΠΌ ΠΏΠΎΠΏΡΠ»ΡΡΠ½ΠΎΡΡΠΈ ΠΊΡΠΈΠΏΡΠΎΠ²Π°Π»ΡΡ ΠΈ ΡΠΌΠ°ΡΡ-ΠΊΠΎΠ½ΡΡΠ°ΠΊΡΠΎΠ², Π° ΡΠ°ΠΊΠΆΠ΅ Π²ΠΎΠ·ΡΠ°ΡΡΠ°ΡΡΠ΅ΠΉ ΡΠΎΠ»ΡΡ Π±Π»ΠΎΠΊΡΠ΅ΠΉΠ½-ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΠΉ Π² ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠΌ ΡΠ΅ΠΊΡΠΎΡΠ΅. Π ΡΠ²ΡΠ·ΠΈ Ρ ΡΡΠΈΠΌ ΡΡΠ°Π΄ΠΈΡΠΈΠΎΠ½Π½ΡΠ΅ Π±Π°Π½ΠΊΠΈ ΡΡΠ°Π»ΠΊΠΈΠ²Π°ΡΡΡΡ Ρ Π²ΡΠ·ΠΎΠ²Π°ΠΌΠΈ, ΡΡΠ΅Π±ΡΡΡΠΈΠΌΠΈ ΠΏΠ΅ΡΠ΅ΠΎΡΠΌΡΡΠ»Π΅Π½ΠΈΡ Π±ΠΈΠ·Π½Π΅Ρ-ΠΌΠΎΠ΄Π΅Π»Π΅ΠΉ ΠΈ Π°Π΄Π°ΠΏΡΠ°ΡΠΈΠΈ ΠΊ Π½ΠΎΠ²ΡΠΌ ΡΡΠ»ΠΎΠ²ΠΈΡΠΌ. Π ΡΠ°Π·Π΄Π΅Π»Π΅ ΠΌΠ΅ΡΠΎΠ΄ΠΎΠ»ΠΎΠ³ΠΈΠΈ ΠΏΠΎΠ΄ΡΠΎΠ±Π½ΠΎ ΠΈΠ·Π»ΠΎΠΆΠ΅Π½Ρ ΠΈΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΠΌΡΠ΅ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°ΡΠ΅Π»ΡΡΠΊΠΈΠ΅ ΠΏΠΎΠ΄Ρ ΠΎΠ΄Ρ ΠΈ ΠΌΠ΅ΡΠΎΠ΄Ρ Π°Π½Π°Π»ΠΈΠ·Π°. ΠΠ»Ρ ΡΠΌΠΏΠΈΡΠΈΡΠ΅ΡΠΊΠΎΠΉ ΠΏΡΠΎΠ²Π΅ΡΠΊΠΈ Π³ΠΈΠΏΠΎΡΠ΅Π· ΠΏΡΠΈΠΌΠ΅Π½ΡΠ»ΠΈΡΡ ΡΡΠ°Π²Π½ΠΈΡΠ΅Π»ΡΠ½ΡΠΉ Π°Π½Π°Π»ΠΈΠ·, ΠΊΠ΅ΠΉΡ-ΡΡΠ°Π΄ΠΈ, Π° ΡΠ°ΠΊΠΆΠ΅ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΠΊΠΎΠΌΠ°ΡΠ΅ΠΌΠ°ΡΠΈΡΠ΅ΡΠΊΠΎΠ΅ ΠΌΠΎΠ΄Π΅Π»ΠΈΡΠΎΠ²Π°Π½ΠΈΠ΅. ΠΡΠΏΠΎΠ»ΡΠ·ΡΠ΅ΠΌΡΠ΅ Π΄Π°Π½Π½ΡΠ΅ Π²ΠΊΠ»ΡΡΠ°ΡΡ ΠΏΠΎΠΊΠ°Π·Π°ΡΠ΅Π»ΠΈ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠ³ΠΎ ΡΠΎΡΡΠΎΡΠ½ΠΈΡ Π±Π°Π½ΠΊΠΎΠ², Π΄ΠΈΠ½Π°ΠΌΠΈΠΊΡ ΠΈΠ½Π²Π΅ΡΡΠΈΡΠΈΠΉ Π² ΡΠΈΡΡΠΎΠ²ΡΠ΅ Π°ΠΊΡΠΈΠ²Ρ, Π° ΡΠ°ΠΊΠΆΠ΅ ΡΡΠ°ΡΠΈΡΡΠΈΡΠ΅ΡΠΊΠΈΠ΅ Π΄Π°Π½Π½ΡΠ΅ ΠΏΠΎ Π΄Π΅ΡΠ΅Π½ΡΡΠ°Π»ΠΈΠ·ΠΎΠ²Π°Π½Π½ΡΠΌ ΠΏΠ»Π°ΡΡΠΎΡΠΌΠ°ΠΌ. ΠΡΠΎΠΌΠ΅ ΡΠΎΠ³ΠΎ, Π² ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΠΈ ΡΡΠΈΡΡΠ²Π°Π»ΠΈΡΡ Π½ΠΎΡΠΌΠ°ΡΠΈΠ²Π½ΠΎ-ΠΏΡΠ°Π²ΠΎΠ²ΡΠ΅ Π°ΡΠΏΠ΅ΠΊΡΡ, ΡΠΏΠΎΡΠΎΠ±ΡΡΠ²ΡΡΡΠΈΠ΅ ΡΠΎΡΠΌΠΈΡΠΎΠ²Π°Π½ΠΈΡ Π³ΠΈΠ±ΠΊΠΎΠΉ ΡΠ΅Π³ΡΠ»ΡΡΠΎΡΠ½ΠΎΠΉ ΡΡΠ΅Π΄Ρ. Π ΡΠ°Π·Π΄Π΅Π»Π΅ ΡΠ΅Π·ΡΠ»ΡΡΠ°ΡΠΎΠ² ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»Π΅Π½Π° ΡΠΎΠ²ΠΎΠΊΡΠΏΠ½ΠΎΡΡΡ ΡΠΌΠΏΠΈΡΠΈΡΠ΅ΡΠΊΠΈΡ Π½Π°Ρ ΠΎΠ΄ΠΎΠΊ, ΠΏΠΎΠΊΠ°Π·ΡΠ²Π°ΡΡΠΈΡ , ΡΡΠΎ ΠΈΠ½ΡΠ΅Π³ΡΠ°ΡΠΈΡ Π΄Π΅ΡΠ΅Π½ΡΡΠ°Π»ΠΈΠ·ΠΎΠ²Π°Π½Π½ΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΡΠΈΡΡΠ΅ΠΌ ΠΎΠΊΠ°Π·ΡΠ²Π°Π΅Ρ ΠΊΠ°ΠΊ ΠΏΠΎΠ»ΠΎΠΆΠΈΡΠ΅Π»ΡΠ½ΠΎΠ΅, ΡΠ°ΠΊ ΠΈ ΠΎΡΡΠΈΡΠ°ΡΠ΅Π»ΡΠ½ΠΎΠ΅ Π²ΠΎΠ·Π΄Π΅ΠΉΡΡΠ²ΠΈΠ΅ Π½Π° ΡΡΠ°Π΄ΠΈΡΠΈΠΎΠ½Π½ΡΠ΅ Π±Π°Π½ΠΊΠΎΠ²ΡΠΊΠΈΠ΅ ΠΈΠ½ΡΡΠΈΡΡΡΡ. Π‘ ΠΎΠ΄Π½ΠΎΠΉ ΡΡΠΎΡΠΎΠ½Ρ, Π±Π°Π½ΠΊΠΈ, Π°ΠΊΡΠΈΠ²Π½ΠΎ Π²Π½Π΅Π΄ΡΡΡΡΠΈΠ΅ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΈΠ΅ ΠΈΠ½Π½ΠΎΠ²Π°ΡΠΈΠΈ, Π΄Π΅ΠΌΠΎΠ½ΡΡΡΠΈΡΡΡΡ ΡΠ»ΡΡΡΠ΅Π½ΠΈΠ΅ ΠΎΠΏΠ΅ΡΠ°ΡΠΈΠΎΠ½Π½ΠΎΠΉ ΡΡΡΠ΅ΠΊΡΠΈΠ²Π½ΠΎΡΡΠΈ ΠΈ ΡΠ°ΡΡΠΈΡΠ΅Π½ΠΈΠ΅ ΡΠΏΠ΅ΠΊΡΡΠ° ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΡΡΠ»ΡΠ³. Π‘ Π΄ΡΡΠ³ΠΎΠΉ ΡΡΠΎΡΠΎΠ½Ρ, Π½Π°Π±Π»ΡΠ΄Π°Π΅ΡΡΡ ΡΠΎΡΡ ΡΠΈΡΠΊΠΎΠ², ΡΠ²ΡΠ·Π°Π½Π½ΡΡ Ρ ΠΊΠΈΠ±Π΅ΡΠ±Π΅Π·ΠΎΠΏΠ°ΡΠ½ΠΎΡΡΡΡ ΠΈ Π½Π΅Π΄ΠΎΠΎΡΠ΅Π½ΠΊΠΎΠΉ Π½ΠΎΠ²ΡΡ ΡΠ΅Ρ Π½ΠΎΠ»ΠΎΠ³ΠΈΡΠ΅ΡΠΊΠΈΡ ΡΠ³ΡΠΎΠ·, ΡΡΠΎ ΠΌΠΎΠΆΠ΅Ρ Π½Π΅Π³Π°ΡΠΈΠ²Π½ΠΎ ΡΠΊΠ°Π·Π°ΡΡΡΡ Π½Π° ΡΡΡΠΎΠΉΡΠΈΠ²ΠΎΡΡΠΈ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΠΎΠΉ ΡΠΈΡΡΠ΅ΠΌΡ. ΠΠ°ΠΊΠ»ΡΡΠΈΡΠ΅Π»ΡΠ½ΡΠΉ ΡΠ°Π·Π΄Π΅Π» ΠΎΠ±ΡΡΠΆΠ΄Π΅Π½ΠΈΡ Π°ΠΊΡΠ΅Π½ΡΠΈΡΡΠ΅Ρ Π²Π½ΠΈΠΌΠ°Π½ΠΈΠ΅ Π½Π° Π½Π΅ΠΎΠ±Ρ ΠΎΠ΄ΠΈΠΌΠΎΡΡΠΈ Π³ΠΈΠ±ΠΊΠΎΠ³ΠΎ ΡΠ΅Π³ΡΠ»ΠΈΡΠΎΠ²Π°Π½ΠΈΡ ΠΈ ΡΡΡΠ°ΡΠ΅Π³ΠΈΡΠ΅ΡΠΊΠΎΠ³ΠΎ ΠΏΠ΅ΡΠ΅ΠΎΡΠΌΡΡΠ»Π΅Π½ΠΈΡ ΡΠΎΠ»ΠΈ Π±Π°Π½ΠΊΠΎΠ² Π² ΡΡΠ»ΠΎΠ²ΠΈΡΡ ΡΠΈΡΡΠΎΠ²ΠΎΠΉ ΡΡΠ°Π½ΡΡΠΎΡΠΌΠ°ΡΠΈΠΈ. ΠΠ²ΡΠΎΡΡ ΠΏΡΠ΅Π΄Π»Π°Π³Π°ΡΡ ΡΠ΅ΠΊΠΎΠΌΠ΅Π½Π΄Π°ΡΠΈΠΈ Π΄Π»Ρ ΠΈΠ½ΡΠ΅Π³ΡΠ°ΡΠΈΠΈ ΡΡΠ°Π΄ΠΈΡΠΈΠΎΠ½Π½ΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ²ΡΡ ΠΈΠ½ΡΡΠΈΡΡΡΠΎΠ² Π² ΡΠΊΠΎΡΠΈΡΡΠ΅ΠΌΡ Π΄Π΅ΡΠ΅Π½ΡΡΠ°Π»ΠΈΠ·ΠΎΠ²Π°Π½Π½ΡΡ ΡΠΈΠ½Π°Π½ΡΠΎΠ² Ρ ΡΠ΅Π»ΡΡ ΠΏΠΎΠ²ΡΡΠ΅Π½ΠΈΡ ΠΈΡ ΡΡΡΠΎΠΉΡΠΈΠ²ΠΎΡΡΠΈ, ΠΊΠΎΠ½ΠΊΡΡΠ΅Π½ΡΠΎΡΠΏΠΎΡΠΎΠ±Π½ΠΎΡΡΠΈ ΠΈ Π°Π΄Π°ΠΏΡΠΈΠ²Π½ΠΎΡΡΠΈ ΠΊ Π±ΡΡΡΡΠΎ ΠΌΠ΅Π½ΡΡΡΠΈΠΌΡΡ ΡΡΠ½ΠΎΡΠ½ΡΠΌ ΡΡΠ»ΠΎΠ²ΠΈΡΠΌ. Π’Π°ΠΊΠΈΠΌ ΠΎΠ±ΡΠ°Π·ΠΎΠΌ, ΠΏΡΠ΅Π΄ΡΡΠ°Π²Π»Π΅Π½Π½ΠΎΠ΅ ΠΈΡΡΠ»Π΅Π΄ΠΎΠ²Π°Π½ΠΈΠ΅ ΡΠΏΠΎΡΠΎΠ±ΡΡΠ²ΡΠ΅Ρ ΡΠ°ΡΡΠΈΡΠ΅Π½ΠΈΡ ΡΠ΅ΠΎΡΠ΅ΡΠΈΡΠ΅ΡΠΊΠΈΡ Π·Π½Π°Π½ΠΈΠΉ ΠΈ ΠΏΡΠ°ΠΊΡΠΈΡΠ΅ΡΠΊΠΈΡ ΠΏΠΎΠ΄Ρ ΠΎΠ΄ΠΎΠ² ΠΊ ΡΠΏΡΠ°Π²Π»Π΅Π½ΠΈΡ ΡΠΈΡΠΊΠ°ΠΌΠΈ ΠΈ Π²ΠΎΠ·ΠΌΠΎΠΆΠ½ΠΎΡΡΡΠΌ Π² Π½ΠΎΠ²ΠΎΠΉ ΡΠΊΠΎΠ½ΠΎΠΌΠΈΡΠ΅ΡΠΊΠΎΠΉ ΡΠ΅Π°Π»ΡΠ½ΠΎΡΡΠΈ. This scientific article is devoted to the study of the impact of decentralized financial systems on the stability of traditional banking institutions in the context of the digital transformation of the economy. The introduction describes the relevance of the topic due to the rapid development of financial technologies, the growing popularity of cryptocurrencies and smart contracts, as well as the increasing role of blockchain technologies in the financial sector. In this regard, traditional banks face challenges that require rethinking their business models and adapting to new conditions. The methodology section describes in detail the research approaches and methods of analysis used. Comparative analysis, case studies, and economic and mathematical modeling were used to empirically test hypotheses. The data used includes indicators of the financial condition of banks, the dynamics of investments in digital assets, as well as statistical data on decentralized platforms. In addition, the study took into account regulatory and legal aspects that contribute to the formation of a flexible regulatory environment. The results section presents a set of empirical findings showing that the integration of decentralized financial systems has both positive and negative impacts on traditional banking institutions. On the one hand, banks that actively implement technological innovations demonstrate improved operational efficiency and an expanded range of financial services. On the other hand, there is an increase in risks associated with cybersecurity and underestimation of new technological threats, which can negatively affect the stability of the financial system. The final section of the discussion focuses on the need for flexible regulation and strategic rethinking of the role of banks in the context of digital transformation. The authors propose recommendations for integrating traditional financial institutions into decentralized finance ecosystems in order to increase their resilience, competitiveness, and adaptability to rapidly changing market conditions. Thus, the presented research contributes to the expansion of theoretical knowledge and practical approaches to risk management and opportunities in the new economic reality.
Open access
Digitalization and Economic Development in Agriculture
The rapid development of FinTech is transforming the modern economic system. Today, there are many areas of FinTech, of which cryptocurrencies deserve special attention. They became part of payment systems in a fairly short period of time, gaining wide popularity around the world. Despite difficulties with the legislative sphere, cryptocurrency is gaining leading positions in the global financial market. But not all countries have recognized it factually and legally, there are many obstacles to the legalization of cryptocurrency. The use of cryptocurrencies for criminal purposes as barter or payment for a service is quite common. It should be noted that the use of cryptocurrencies in personal finance is accompanied by a decrease in financial and investment security and an increase not only in profitability, but also in the risks of using the owner's investment portfolio. Disadvantages of the use of cryptocurrency mostly include: prohibition of the use of cryptocurrency by state institutions; after losing the password from the electronic wallet, the cryptocurrency owner can lose all virtual savings; the more complex the cryptocurrency algorithm, the more difficult it is to mine it at home; insecurity from cyber attacks; cryptocurrencies are not backed by the Deposit Guarantee Fund. The use of cryptocurrencies at the legislative level is just being formed in Ukraine and has a number of contradictions. The article is devoted to the definition of the main trends in the world of crypto currencies. At today's stage, there are many types of cryptocurrencies. Among the largest cryptocurrencies by capitalization are: Bitcoin, Ethereum, Ethereum Classic, Dash, Ripple, Monero, Litecoin, NEM, Augur, MaidSafeCoin and others. Also, the types of cryptocurrencies depend on the features of their mining, there are Bitcoin, Altcoin (Litecoin (LTC); Ethereum (ETH); Ripple (XRP) and Tokens (Ethereum; Omni; NEO; TRON. Today, the legal framework is insufficiently developed in most foreign countries and in Ukraine in particular. Therefore, international practice shows the existence of various options for regulating cryptocurrencies in the world. And it depends on what the legislator of one or another state understands by cryptocurrency: commodity, intangible asset, money, property (property), equivalent of property value, object of money transfers, means of payment or financial instrument, method of payment or exchange. In this state of consideration of the problem, the process of legalization of activity using cryptocurrencies becomes somewhat more complicated, and as a result, controversial issues arise regarding the taxation of operations related to cryptocurrencies.
Traditional financial services are characterized by high complexity, multi-level structures, and dependence on intermediaries, which create significant operational costs, lengthy settlement times, and system risks. The article analyzes modern financial systems such as SWIFT, clearinghouses, central securities depositories, and central counter-parties, highlighting the key drawbacks of a centralized approach: data fragmentation, the need for synchronization, failure risks, and high compliance costs. The article also addresses contemporary challenges, including slow settlement times (for example, T+2 for equities), reliance on correspondent banking networks, and costs associated with risk management. The aim of the article is to survey the impact of blockchain technologies on the financial sector, assessing the opportunities and challenges of implementing blockchain to optimize financial processes. The article compares traditional financial systems with innovative approaches based on distributed ledgers, such as blockchain, in terms of performance, transparency, security, regulatory compliance, and cost. The research methodology includes a review of the relevant literature, an overview of existing platforms (Ethereum, Hyperledger Fabric, R3 Corda, Quorum), and their applications in the financial sector. The article examines the technological aspects of blockchain, including distributed ledgers, consensus algorithms, smart contracts, and asset tokenization. The advantages of blockchain technology are identified, particularly the automation of processes, reduction of reliance on intermediaries, increased transparency, and shortened settlement times. The prospects of decentralized finance (DeFi) and corporate blockchain solutions are analyzed, particularly the use of smart contracts and tokenization to enhance liquidity. The research results indicate that the implementation of blockchain can significantly reduce operational costs, enhance transaction transparency, and ensure the speed of financial settlements. In particular, blockchain shortens the T+2 settlement cycle to seconds, improving liquidity and efficiency in financial markets. The conclusion of the article offers recommendations for selecting blockchain platforms based on the needs of financial institutions. Key criteria such as confidentiality, scalability, transaction throughput, and compliance with regulatory requirements are discussed. The necessity of creating a unified regulatory framework to support the implementation of blockchain in finance is particularly emphasized. Future research prospects include the development of interoperability tools, enhancing the security of smart contracts, and long-term evaluation of the efficiency of blockchain solutions in production environments. Thus, blockchain is an important tool for the transformation of financial systems, ensuring a significant increase in their efficiency, resilience, and transparency.
Open access
Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
The article presents a comprehensive study of the dynamics of the digital financial assets (CFA) market development under the influence of artificial intelligence (AI) technologies. The purpose of the work is to identify key trends, mechanisms of influence and transformational effects that arise when integrating intelligent systems into the functioning of elements that make up financial assets: the cryptocurrency market, decentralized finance (DeFi), tokenization and related segments. In the course of the study, a detailed analysis of the quantitative indicators of the CFA market for the period 2020β2024 was performed, including the features of the total capitalization of cryptocurrencies, trading volumes, the value of blocked funds, the share of institutional investors and the spread of AI trading platforms. Special attention is paid to the directions of transformation of the CFI market under the influence of AI. In particular, the key areas of changes in the market are highlighted, covering the areas of algorithmic trading, risk management, security systems and auditing. The results obtained in the course of the study suggest that AI technology has a significant impact on the modern digital financial asset market, which is inherently subject to changes accelerated by the use of artificial intelligence and its implementation in the processes taking place on the market.