The paper discusses the future development of the cryptocurrency in the Russian Federation. At present, it can be defined as a new financial instrument based on distributed registry technology (Blokchein). It is the lack of server storage and a single issuer, the relative anonymity (pseudonymity) and mobility calculations allow us to consider financial cryptocurrency to be a technology of the future. Evaluation of the prospects for the development of the regulatory and protective law of the Russian Federation, the author begins with an assessment of the world's leading strategies for regulating the virtual currency: permissive, prohibitive and observant. The author argues the problem of searching for the optimal model of the cryptocurrency legalization, considering it to be a kind of a computer program: means of exchange, a monetary symbol, a cashless cash, an electronic money and a security, a commodity, other property, property right, etc. Particular attention is paid to the critical analysis of the draft federal law on the declaration of a crypto currency by a surrogate and the introduction of a new composition in the Criminal Code of the Russian Federation - article 187.1 "Turnover of money surrogates" with the establishment of responsibility in the form of a fine of up to 500 thousand rubles or imprisonment for up to four Years for production, purchase for sale, as well as the sale of money surrogates. As one of the developers of the draft law on legalization of the cryptocurrency in the Russian Federation, the author of this paper identifies the most important aspects that need in legal control. They are identification of exchange sites and the user, verification of transactions based on documents, data and information (validation), determination of the beneficial owner, Relations and monitoring of transactions with the cryptocurrency in accordance with the risk profile.
Natalia G. Vovchenko, Еvgeniy N. Tishchenko, Tatiana V. Epifanova, Mark B. Gontmacher
The article reveals the essential characteristic of virtual currencies. The estimate is given to the development of risks and threats to national security, combating laundering of criminal money and terrorism financing, which are formed under the conditions of the growing interest in virtual currencies, including Bitcoin. It is suggested to minimize negative effect arising in this relation. Methods are proposed to adapt the management center in the virtual currency infrastructure.
D. O. Kondyrev, V. S. Bobrov, I. E. Efremov, V. N Vlasov
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3. Равал С. Децентрализованные приложения. Технология Blockchain в действии. СПб.: Питер, 2017. 240 с. : ил.
4. Antonopoulos A. M. Mastering Bitcoin. 1st ed. O’Reilly Media, 2014. 296 p.
5. Дейт К. Дж. Введение в системы баз данных. 8-е изд. М.: ИД «Вильямс», 2005. 1328 с.: ил.
6. Гарсия-Молина Г., Ульман Д., Уидом Д. Системы баз данных. Полный курс. М.: ИД «Вильямс», 2003. 1089 с.: ил.
7. Таненбаум Э., Стеен М. ван. Распределенные системы. Принципы и парадигмы. СПб.: Питер, 2003. 877 с.: ил.
In this article the author analyzes the perspectives of cryptocurrencies development in modern life and economy as a symbol of frontier economy and extremely new financial matter. A brief overview of electronic payments and virtual currency structure is given alongside with technical background. The emergence of electronic money and cryptocurrencies was an inevitable step in the evolution of Internet and electronic commerce. The author investigates the question how far cryptocurrencies might go in the nearest future as a symbol of frontier economy trends, keeping in mind that famous investors already buying cryptocurrencies, but governments are trying to ban this newly emerged threat to controlled money emission. The author therefore attempts to understand the phenomenon and explain why cryptocurrencies might undermine the existing financial systems.
Ministry of Finance of the Russian Federation, Vadim Vasilyev
The current differentiation of levels of socio-economic development of regions of Russia actualizes the need to develop a comprehensive regional policy on reducing regional disparities. The article presents a comparative analysis of approaches to the management of territorial development of the adjustment period. It identified the dominant direction of regulation – smoothing interregional differentiation by forming growth points and increasing inter-regional integration. The emphasis shifted to the development of decentralized co-financing of regional programs providing an innovative, socially-oriented development of the territories by forming zones of advancing economic growth. The article describes the basic principles of the system of intergovernmental relations. It justified the role of intergovernmental transfers in the creation of conditions for the integration and alignment of differentiation of the Russian regions. An analysis of currently intergovernmental transfers in Russia as the basis of the federal financial policy in relation to the regions. An analysis of the peculiarities of these kinds of intergovernmental transfers as grants, subsidies, subventions from the federal budget to the budgets of the Russian Federation. Consideration of the basic kinds of intergovernmental transfers allowed to prove the primary problems of the current system of intergovernmental fiscal relations.
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.
Open access
Economic and Technological Developments in Russia
Economic Development and Digital Transformation
Economic, Social, and Public Health Issues in Russia and Globally
The paper dwells on one of the technological innovations which contribute to solving daily tasks in the field of finance quickly and effectively from the economic perspective, that is a Bitcoin, transaction system, virtual currency, which was created on decentralized cryptic algorithm and based on blockchain which is the unit-type chain of information and new type of data base. The author describes the potential for using blockchain as the information exchange system, as well as shows how a unit-type chain can be used in customs paperwork and customs payment calculation.
The aim of the article was to evaluate the risks of investing in Bitcoin cryptocurrency. Particular attention was paid to the risk of investment on the Polish exchanges: Bitcurex, BitBay, BitMarket.pl and LocalBitcoins. To evaluate the risk there was used VaR measure. There were compared the risk of investing in Bitcoin cryptocurrency and the risk of investing in the selected "traditional" currencies. There was also paid attention to the effect of day of the week on the Bitcoin’s exchanges. The investment in cryptocurrency was characterized by higher risk than investing in “traditional” currencies. The Polish Bitcoin exchange LocalBitcoins was characterized by the highest risk and highest average daily rate of return.
The article deals with the main problems of financing current expenses on environmental protection. The main trends of current expenses on environmental protection have been analyzed. The priority directions to increase the amount of financing current expenses on environmental protection under the conditions of power decentralization and local governance reform have been revealed.
Objectives of the Study: The objective of this study is to analyze the suitability of the equal-weighted (a.k.a. 1/N) diversification strategy to the cryptocurrency market space. We first study the characteristics of the cryptocurrency market space both qualitatively and quantitatively. Based on this analysis we analyze the suitability of the equal-weighted diversification strategy to the cryptocurrency market space from a theoretical point of view and also in practice using real trading data. Academic background and methodology: The naive equal-weighted diversification strategy, where 1/N fraction of investable wealth is allocated to each of the N assets available, recently received plenty of attention when De Miguel et al. (2009b) showed that it performs quite well in comparison against the mean- variance optimization and its extensions. The work done by De Miguel et al. (2009b) within the US equity market has been later complemented with others within equity, bond and commodities markets with similar results. In light of these recent findings it is appropriate to investigate the suitability of the equal-weighted diversification strategy to the cryptocurrency market space; a unique investment environment, consisting of individual and distinct platform-mediated multisided networks, that, according to a common belief, represents a winner- takes-all -scenario where losers, by definition, take nothing. Due to factors, such as the nature of the market space, we ex-ante condemn the mean-variance optimization inapplicable, and instead compare the performance of the equal-weighted portfolio of cryptocurrencies to the first established cryptocurrency bitcoin and also to the general market on which we use the CRSP index as a proxy. In our comparison we use real trading data covering hundreds of cryptocurrencies that, to the best of our knowledge, is unique and not currently available from any public source. Findings and conclusions: We find that the cryptocurrency market space is likely to contract in terms of number of mar- ket entities, but not necessarily into only one, as there seems to be room for some differentiation. Based on this analysis we theoretically derive that the expected return of the equal-weighted diversification strategy with rebalancing in a perfect market, based on e.g. the investor's assumptions, equals the change in the total market capitalization of the whole market space. In practice we find that the equal-weighted diversification strategy provides statistically higher mean return, and seemingly also a higher Sharpe ratio despite possessing much higher volatility, than a comparable investment made into bitcoin both before and net of transaction costs. Our results, supported by qualitative and quantitative findings, are surprising in regard to the common belief that the cryptocurrency market space possesses a high likelihood of a WTA-scenario with bitcoin being the dominant force and a pre-seen winner. However, due to factors such as illiquidity, the additional gains of diversification could be gains only on paper.
A penz tarsadalmunkkal egyutt fejlődott. Formaja es a vele szemben tamasztott kovetelmenyek az időben folyamatosan valtoztak. Mara az internet elterjedese megkovetelte a penz egy uj fajtajanak kialakulasat, amelynek eredmenyekent jott letre az e-penz, majd 2009-ben jelent meg az első kriptovaluta, a Bitcoin. A dolgozat celja a Bitcoin kockazati faktorainak meghatarozasa es az egyes orszagok allasfoglalasainak tanulmanyozasa. E ket cel fele haladva, azonban ravilagitok egyeb fontos kerdesekre is. Valaszt adok arra, hogy milyen tenyezők befolyasoljak leginkabb a kozponti szervek viszonyulasat a Bitcoinhoz, megmutatom, hogy mely orszagokban centralizalodik felhasznaloi kore, es felvazolom, hogy milyen jovőbeli lehetősegek allnak előtte. A dolgozat utolso fejezeteben hazank szerepvallalasarol is beszamolok, illetve megbecsulom orszagunk lakossaganak a temaban jartassagat, ismeretsegenek melyseget.
A dolgozat első szekciojat elmeleti felvezetessel inditottam. A kesőbbi ok-okozati kapcsolat megertesehez szukseges ismereteket itt foglaltam ossze. Behataroltam, illetve megkulonboztettem a modern allam es a kozponti bank funkcioit, majd a penz definialasara tertem ra, annak kialakulasi folyamatait irtam le. Vegezetul ravilagitottam arra, hogy nem minden uj „penz” kerul elfogadasra, erre szolgaltak peldaul a Liberty Dollar, az E-gold es a Liberty Reserve esetei, amikor a kozponti hatalom nem fogadta el azok műkodeset, s ellehetetlenitette letezesuket. Tovabba be lettek mutatva a kriptovalutak jelentősebb versenytarsai, igy a PayPal, a Google Wallet, es a GoldMoney, mely utobbi sikeresseget egy korabbi, nevezetesen az E-gold műkodesi elv lemasolasanak es annak tovabb fejlesztesenek koszonheti.
A masodik egyseget a „kriptovaluta”, mint fogalom meghatarozasaval kezdtem es bemutattam meghatarozo valtozatait. A lenyegi kulonbseguk, – az előző rendszer penzeihez kepest – hogy műkodesuk peer-to-peer eljarasra epul, ebből kifolyolag nincs kozponti kibocsatojuk, a tranzakcioik nevtelenul mennek vegbe. Kozuluk a legjelentősebb, a legnagyobb ertekkel a Bitcoin rendelkezik, kozel e piac 90 %-at fedi le, s igy nagyobb elemzesek ala ezt vetettem. Első lepesben targyaltam jellegzetessegeit, előnyeit es hatranyait. Megallapitasra kerult, hogy a legnagyobb negativuma, az hogy, nehezen illik bele a penz definiciojaba magas volatilitasa es igy a bizalom kialakulasanak hianya miatt.
A dolgozat kovetkező reszeiben a Bitcoin arfolyamesesei mogott allo faktorok kerultek beazonositasra: igy az elutasito allamok allasfoglalasai, s a hacker tamadasok. Azt felteteleztem, hogy a sikeres hacker tamadasok szama a jovőben redukalodni fog, mivel a jelen
hibait orvosoljak, igy egyre kisebb felulet marad vedtelenul. Emiatt az allami allasfoglalasok analizalasara helyeztem a nagyobb hangsulyt. A komolyabb elemzesek elvegzese előtt azonban szűkitettem a megfigyelt orszagok szamat es egy becslesi modellt allitottam fel, ami alapjan a Bitcoin kliensek letoltesi szamabol ki lehet kovetkeztetni, hogy azok felhasznaloi mely regiokba tomorulnek. A kapott eredmenyek fuggvenyeben ugy veltem, hogy csak – centralizaltsagot nezve – az ot legjelentősebb orszag hozzaallasat szukseges elemezni, amelyek a kovetkezők voltak: az USA, Kina, Oroszorszag, Nemetorszag es Anglia. A vizsgalatok elvegzese utan azt a kovetkeztetest vontam le, hogy a zartabb gazdasaggal műkodő allamok inkabb elutasitoak, mig a nyitottabb piacu orszagoknal jellemzően pozitiv hozzaallas figyelhető meg. A negativ allasfoglalast kialakito legjelentősebb szempont a Bitcoin anonimitasa volt. Ez onmagaban nem is jelentene problemat, viszont ez a tulajdonsaga vonzza az illegalis celra (ugymint: penzmosas, kabitoszer, fegyver vasarlas stb…) hasznalo szemelyeket. A jovőbeli meglatasaim szerint viszont ez a nevtelenseg csokkenni fog, hiszen mar most is megjelentek olyan, a Bitcoin kore epulő technikak, vallalkozasok – peldaul Bitcoin ATM, Cryptex Card – amelyek ternyeresevel, nagyobb esellyel lesznek beazonosithatoak a ketes tranzakciokat kezdemenyezők szemelyazonossaga.
Vegul hazank kerult a vizsgalat kozeppontjaba, melynek eredmenyeit roviden osszefoglalom. Magyarorszag – felhasznaloi taborat tekintve – nem tartozik az elmezőnybe es gazdasagi helyzetunkre tekintettel meg a kriptovalutak jelentős elterjedese eseten sem valoszinű, hogy ebben a kesőbbiek soran valtozas lenne. Allasfoglalast az MNB meg nem tett, egyszer adott ki kozlemenyt a Bitcoinra vonatkozoan, amiben annak kockazatossagara hivta fel a figyelmet. Ez azonban nem tekinthető velemenynyilvanitasnak, azaz elhatarolodasnak, mivel lathattunk erre hasonlo peldat Nemetorszag eseteben, ahol megiteleseim szerint pozitivan fogadtak a Bitcoint es a hozza hasonlo kriptovalutakat.
Osszefoglalva, a Bitcoin, mint fejlesztes, amilyen korainak nevezhető, olyan gyorsan valt „hiresse”, hatalmas felhasznaloi tabora lett rovid időn belul, s emiatt erteke is rohamos emelkedesnek indult. Egyre surgetőbbe valt a kormanyok szamara a kore epulő jogi keretek kialakitasa, vagy eppen annak mindennemű megtagadasa, a Bitcoin betiltasa. Az egyes orszagokban kialakitott allasfoglalasok megosztottsagat, főkent a Bitcoin anonimitasa okozza, amellyel sokan elnek vissza. A jovőbe tekintve azonban van lehetőseg, ennek a nevtelensegnek a folyamatos csokkentesere. Ennek eredmenyekent az egyes kormanyszervek megerősithetik pozitiv allasfoglalasaikat, illetve gyarapodhat az elfogadok szama, viszont a mar elhatarolodott allamok hozzaallasanak megvaltozasat nem tartom valoszinűnek.
Russia and Soviet political economy
Economic and Technological Developments in Russia
Hungarian Social, Economic and Educational Studies
In this paper author analyses Bitcoin phenomenon. Author considers main advantages and disadvantages of this currency. The paper presents conclusions about bitcoin becoming future global currency.
Housing finance is both the servant and the master of the housing process. The finance available fits into the general policy framework in that it enables the construction of housing within the wider supply context current at the time. It also drives the process: reductions in finance affect the scale of supply and allocation among groups supplying and demanding housing. In times when centralized control is politically dominant, finance is likely to be directed at governments and their agencies. Decentralization directs finance to smaller units, concentrating more on local authorities than on central governments. In times when nongovernmental organizations (NGOs) are trusted above governments, shelter finance will be channelled through them. The same occurs when citizen groups gain power and respect.