The article thoroughly investigates the topic of development and regulation of digital currencies. Considering the global spread of digital assets, particularly cryptocurrencies, the article analyzes current challenges arising in the context of monetary policy and financial stability. The article examines the main concepts of digital currencies, including blockchain technologies and decentralized finance, as well as the characteristics of the approach to regulating these new assets in view of potential challenges for lawmakers, regulators, and central banks. The impact of digital currencies on monetary policy is analyzed in terms of potential effects on macroeconomic development: inflation, currency control, and financial stability. Also, the challenges and opportunities that digital currencies present for the traditional banking system are discussed. Monetary regulation of cryptocurrencies is a critically important aspect within the broader regulatory spectrum, involving supervision and control of digital currencies by central authorities, both from the perspective of fiat currencies and in terms of the processes of digitization overall. Cryptocurrencies, such as Bitcoin, typically have a capped supply, distinguishing them from traditional fiat currencies. This impacts monetary policy instruments like interest rates and money supply control, as there is no central authority regulating these parameters. Digital assets seamlessly operate across borders, challenging traditional structures of monitoring and controlling international transactions, making them vulnerable to cyber attacks and fraud. Especially in the early stages of development, cryptocurrencies may lack clear foundations or intrinsic value, unlike traditional assets such as stocks, often evaluated based on quarterly reports, earnings, and transparent financial indicators. Cryptocurrencies may be subject to more subjective influences, such as the impact of social media or the media, potentially leading to the formation of a phenomenon known as the ‘cryptocurrency bubble,’ driven by unjustified fluctuations in the prices of Bitcoin and other altcoins. This phenomenon resembles economic bubbles in traditional financial markets, characterized by sharp increases in asset prices driven by speculation and excessive buying rather than fundamental factors like underlying value or utility. The article provides general recommendations and practices for the regulation of digital currencies, supporting the innovative nature of digital assets in contemporary realities. With a primary focus on digital assets and their regulation, particularly cryptocurrencies, the article examines current challenges in the realm of monetary policy and financial stability, as well as fundamental concepts related to digital assets.
The article discusses the possibilities of investing in digital currency - cryptocurrencies, in particular, their most common form - Bitcoin. The high hype and rising prices of crypto coins determine the relevance of the research topic and set the trend for many years. This scientific article is devoted to the study of the nature of Bitcoin, and the history of its creation, and highlights the main features and distinguishing features from fiat money. Blockchain technology is also discussed, which is a technological breakthrough in the field of data analysis that provides many advantages, including cryptocurrency. In addition to the basic strategies of investing in Bitcoin, the option of earning money by "mining" cryptocurrencies is considered. The purpose of this paper is to show the main advantages of virtual currency, as well as to present the main disadvantages of Bitcoin compared to traditional money as an investment object. In the research, special attention is paid to determining the place of the currency in the legal framework, specifications, and perspectives of the use of cryptocurrencies in the territory of Georgia. Based on the results of the analysis conducted in the works, it was determined that this type of investment is developing very quickly. In addition, most countries already use Bitcoin as an everyday currency and also use blockchain technology outside of financial services. Keywords: investments, cryptocurrency, bitcoin, blockchain technology, mining, digital currency, crypto investment.
Summary This paper is based on the study dedicated to the legal nature of the DLT (distributed ledger technologies), and in particular to Blockchain as its most popular example, the basic elements and models of the technology, the main spheres of its application in the framework of space activity in order to guarantee realization of rights and compliance with obligations of public and private space actors in the process of conducting the outer space activities, as well as legislative innovations to regulate the utilization of Blockchain in different countries, international standards, practices and promising legal mechanisms. The authors consider usage of different types of Blockchain ledgers (public ledger with authorized access and with/without special validator) to implement different tasks in the process of space activity regulation, such as guaranteeing fulfillment of terms and conditions of foreign economic agreements on the basis of smart contracts concluded between business entities and for maintaining the state register of space objects. The research proposes several scenarios that are acceptable both in terms of technical characteristics of Blochchain and legal requirements under which a number of central authorities can exercise their powers to regulate space activities using DLT. The most precise attention is focused on considering the compliance of the space authorization requirements, ensuring the registration of space objects and the implementation of foreign trade agreements within the space sector of the economy.
Subject. The article investigates the role of cryptocurrency in the international financial market. Objectives. The aim is to analyze the place and role of cryptocurrencies in the international financial market. Methods. The study rests on logical, historical, and statistical analysis, and methods of comparison, classification, and deduction. Results. The paper defines the concept of cryptocurrency, considers the problem of including cryptocurrencies in the economic system, characterizes the cryptocurrency market at the international level, determines the place and role of cryptocurrencies in the international financial market. Conclusions. Cryptocurrency is a new phenomenon in the global economy. It plays a special role in the investment market. The introduction of cryptocurrency into everyday life is possible only after solving all technical, legal, and economic issues directly related to its circulation. The problem with legal regulation is particularly relevant, since the attitude of governments of different countries to digital assets is constantly changing. This is due to the fact that decentralized systems can be used in the shadow economy, which threatens the stability of the national economy of States. Nevertheless, the development of digital economy cannot be stopped, so it is worth adapting to the new realities of the modern world.
The article discusses the problems of developing distributed ledger systems, which is a new approach to creating databases, the key feature of which is the absence of a single control center. Each node compiles and writes registry updates independently of the other nodes. Unlike distributed databases, each participant in a distributed ledger system stores the entire history of changes and validates the addition of any changes to the system using a consensus algorithm, which mathematically guarantees that data cannot be forged.
Purpose: of the study is to identify promising areas for the use of metaverse technologies in the field of public finance in Russia in the context of the current sanctions restrictions and considering the peculiarities of the national budget system. Methods: the research uses such general scientific methods as literature review, comparative analysis, generalization and analysis of factual data. The work uses the method of constructing block diagrams that describe the key relationships of objects and related business processes to illustrate the proposed innovations. Results: the main results of the study include: 1) proposals for further digitalization of public and socially significant services using VR / AR technologies; 2) a scheme for integrating distributed ledger technologies (based on blockchain) into the treasury budget service system; 3) guidelines for the use of smart contract technologies in the field of public procurement, considering exclusive and inclusive access. Conclusions and Relevance: most of the current government information systems are based on traditional relational databases, which have technological limitations compared to modern distributed ledger technologies. At the same time, the development of the sphere of public finance in the context of the digital transformation of economic relations and the active spread of metauniverses requires continuous updating of the technological infrastructure. The study made it possible to conclude that the technological capabilities of the metaverses cover the current needs for the digital transformation of public finances. In addition, for the Russian public finance sector, the current metaverse tools can be assessed as a factor in further digital development under the current sanctions restrictions.
<em>This article provides analytical information on cryptocurrencies, their development process, types of cryptocurrencies in the financial market of our country, their role in the formation of e-business and e-commerce, opportunities for the development of cryptocurrencies in the digital economy.</em>
М. А. Абрамова, Natalia Kunitsyna, E. I. Dyudikova
The rapid nature of the modernization of monetary turnover, accompanied by geopolitical risks against the background of post-pandemic economic recovery and the regionalization process, no longer just arouses the discursive interest of society, but becomes an indispensable condition of the new reality. The process of money turnover transformation by introducing digital currencies into circulation in the wave of digitalization among world powers lagging behind the evolving environment of the cryptocurrency industry is developing into a process of formalization of metaverses and penetrates deeper into the socio-economic reality. The problem of the Russian practice of developing the payment environment consists in its catching-up character, caused by the spontaneous formation of the digital society, resulting in the expansion of the scope of alternative finance outside the legal field. The purpose of the paper is to determine the inherent attributes of the digital trusted environment necessary to ensure digital ruble turnover, based on an empirical study of society’s perceptions about the prospects for using the digital form of the national monetary unit by representatives of various generations. We used systematization, grouping, comparative and content analysis, surveys, and the quota method to achieve the paper’s purpose. The survey involved 35,327 residents from different regions. As a result, the authors revealed the low level of readiness of society for the introduction of the digital ruble as a substitute for cash and cryptocurrency. The paper focuses on the need for an integrated approach to the disclosure of the digital ruble’s value and benefits, which contributes to its successful launch and promotion in the market. The results of the research highlight the importance of correspondence in the digital ruble category “digital currencies”, and also the impossibility of making incorrect decisions in the transformation of money turnover, which leads to the growth of risks of digital inequality, the clash of interests of certain groups of the population in the prevailing behavioral patterns in the form of a cautious attitude to digital finance with insufficient financial literacy.
Objective : to assess the Russian legislation for its compliance with the international-legal approaches to shaping symmetrical regulation of crypto-assets and possibility to complement it with new internationallegal categories reflecting the in-depth changes in the global economy and structure of international finance, determined by the broad introduction of new financial technologies based on distributed ledger technologies. Methods : the methodological basis of the research is a set of general scientific methods of scientific cognition, among which of utmost importance are special-legal (formal-legal and comparative-legal) methods, complemented with risk-oriented approach, legal modeling and juridical forecasting. Applied integrally, they allowed comprehending the architecture, “letter and “spirit” of the modern international financial law and national legislation in their conceptual-terminological correlation and to forecast further development and adjustment of the legal regulation of crypto-assets turnover. Results : it was found that there appears a stable trend in the crypto-assets turnover regulation, according to which “soft” law dominates among the law sources (this is especially notable in the sphere of international financial law compared, for example, with conventions or international treaties); at the same time, there is a strengthening trend of “fragmentation” of international law with regard to crypto-assets turnover; the authors mark inconsistency of the conceptual framework contained in international acts and in the Russian legislation, as well as the gaps in the regime of crypto-assets turnover at the level of national law; the trends and forecasts are presented referring to the development of international-legal regulation of the sphere of crypto-assets. Scientific novelty : consists, first of all, in a complex comparison, based on, among other aspects, the fundamentally new concepts of regulation of such progressive international-legal categories as cryptoasset, virtual asset, cryptocurrency, stablecoin, etc., some of them rarely used in the Russian legal discourse and actually never applied in legislation. Practical significance : the scientifically grounded proposals are formulated, aimed at improving the conceptual-terminological framework of the Russian legislation in the sphere of crypto-assets turnover, implementation of which will allow constructing a common legal space with the technologically most advanced states, will help to improve investment climate and financial attraction of the state; will improve the national-legal regime of crypto-assets turnover from the viewpoint of not only actual market demands, but also state security interests and improving competitiveness of the Russian legislation.
В данной статье рассмотрена криптовалюта биткоин как возможная альтернатива традиционным валютам, таким как как рубль, доллар, евро. Описана система «блокчейн» и дан ответ на вопрос об идеальной бухгалтерии. Показано, что биткоин представляет собой значимый финансовый инструмент, который обладает множеством преимуществ перед традиционными фиатными деньгами. Тем не менее необходимо помнить о недостатках биткоина. В настоящее время биткоин не сможет заменить фиатные деньги для государств и стать полноценным заменителем для традиционных валют, поскольку необходимо решить еще множество технических и организационных проблем. This article considers Bitcoin cryptocurrency as a possible alternative to traditional currencies such as ruble, dollar, euro. The “blockchain” system is described and the question of ideal accounting is answered. It is shown that Bitcoin is a significant financial instrument which has many advantages over traditional fiat money. However, it is necessary to keep in mind the shortcomings of Bitcoin. Currently, Bitcoin will not be able to replace fiat money for states and become a full substitute for traditional currencies, as many technical and organizational problems still need to be solved.
Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
The following research is aimed at individuals tangentially involved with digital or virtual currencies, who are increasingly facing questions about how to declare income derived from trading these financial instruments. The purpose of the research is to present the tax treatment of transactions with cryptocurrencies in the part related to the taxation of the income of legal entities and individuals obtained from the activity of trading with virtual currencies according to the legislation of the Republic of Moldova, as well as the practice followed in other countries. The issue of taxation of these types of income is a current one both at the level of the legislation of the Republic of Moldova and at an international level, given the fact of abundant flooding of the world economy with an enormously large number of cryptocurrencies without which today the financial-banking system would look like a quaint one. It is worth mentioning that the clarity of the tax legislation regarding the taxation of new types of income, or the synchronous advancement of the tax legislation with the up-to-date needs of the taxpayers is a priority both for the institutions that collect the sources of the state budget, as well as the income payers. In other words, increasing the clarity of the tax legislation and the tendency to align with international standards and practices ensure greater efficiency in the successful administration of state revenues and an upward growth in the number of compliant taxpayers. At the same time, this research aims to examine the causal link between the harmonization of legislation to the needs of the market with the level of compliance of taxpayers and receipts to the state budget. The scientific methods used in the study are as follows: analysis of the legal framework governing the research, synthesis of information, comparison to identify distinctive features, deduction of challenges.
Cryptocurrency taxation is a set of taxes on cryptocurrencies in a particular jurisdiction that are levied on various transactions conducted by legal entities and individuals with cryptocurrencies. Questions about the legal nature of digital currency and transactions are handled differently in each country. Various jurisdictions treat digital currency as a means of payment or, more broadly, as a medium of exchange. The lack of formal certainty in this area regarding the general legal status of cryptocurrencies entails extensive discussions on more specific issues regarding the need for licensing the activities of exchanges, taxation of cryptocurrencies, and so on. The situation is constantly changing. Ordinary users often fear that if they encounter problems when working with cryptocurrency exchanges or ICOs, they may not receive help from the state and support from the law. Miners and traders also remain at risk, worried about the uncertainty of the cryptocurrency tax on income generation. It should be remembered here that mining, as a type of activity, requires an initial investment and the regular purchase of new computer components, and is currently not protected by law. Trading crypto assets is similar in nature to trading stocks and securities. The approach to be taken in determining whether a transaction is taking place or not is also similar, and guidance can be drawn from existing jurisprudence in stock and securities trading. The capital gains tax for cryptocurrencies works the same as for other assets: if a loss is incurred in transactions, you can declare a loss and save on fiscal deductions. There are two different types of capital gains taxes: long term and short term. Long term means you held the currency for more than a year before selling or trading it, short term applies to less than a year. Rates vary by country and taxpayer category.
Investment excitement and industrial scale of digital coins “production” cause concern of experts and researchers in the field of economics, ecology, energy, regulation and others. The purpose of the paper is to structure and improve the quality of the discourse around cryptocurrencies. The paper notes the heterogeneity of the phenomenon under consideration, presents a classification of cryptocurrency projects, considering their architectural and technical features, identifies the main interest groups in the industry, highlights structural alternatives for regulating crypto industry, identifies some socio-economic effects that arise with the development of crypto industry. The results obtained and the directions for further research can be useful in developing economic theory and forming approaches to regulate the circulation of cryptocurrencies and activities in crypto-currency industry
Arlashkin I.Yu., N. E. Barbashova, Alexander Deryugin, Anna Komarnitskaya
The subject of the study is the distribution of tax revenues between the levels of the budget system in the Russian Federation. The relevance of the study is caused by the need to strengthen the vertical balance of the budget system through tax decentralization in the context of the restructuring of the Russian economy. The aim of the study is to find parameters of tax decentralization that do not worsen the horizontal balance of regional budgets. The research method is the modeling of tax revenues of the consolidated regional budgets. The study used data from the Federal Treasury, the Federal Tax Service and the Ministry of Finance of Russia for 2019–2021. The scientific novelty of the study consists in modeling the effects of tax decentralization on the level of differentiation of regional tax revenues using the latest available data. As a result of the study, it was shown that an increase in regional shares for personal income tax, some components of the MET, water tax and fees for the use of aquatic biological objects up to 100 % will not lead to an increase in inter-regional differentiation of per capita tax revenues. The conclusion of the study is that there is a potential for tax decentralization in Russia, which can be realized by redistributing tax revenues to the regional level without worsening the horizontal budget balance. The prospects of the study are to take into account the effects of the structural transformation of the economy on the territorial distribution of tax bases and the level of taxation, as well as to detail the calculations of the MET as new data are accumulated.
The article analyzes the ongoing changes associated with the financial instability of the current global monetary system. In the course of the study, the prerequisites aimed at changing the world monetary order were considered; an assessment was made of the possible use of cryptocurrency as a new global monetary standard. The concept of supranational currency is formulated. The paper proposes an alternative theoretical solution for the circulation of the world monetary system, based on the simultaneous circulation of several types of world currencies at once, including cryptocurrencies. The purpose of this study was to study and determine the trends of ongoing changes associated with the transformation of the world monetary system, the circulation of cryptocurrency and a decrease in the level of confidence on the part of the world community in the US dollar. As a hypothesis of the study, the judgment is formulated that the improvement of the world monetary system must be carried out through the introduction and development of cryptocurrency as a new independent financial instrument that meets the requirements of modern society, as well as the processes of functioning of international monetary relations. The analysis of the actual problems of the current state and the prospects for the circulation of the current global monetary system made it possible to formulate the factors that influence the increase in the demand for cryptocurrencies among market participants. An assessment of the future of cryptocurrencies was carried out, the prospects for the influence of the existing world monetary system on international financial relations, as well as the further role of cryptocurrencies in it, were considered.
Objective: The objective of the article is to identify the intensity of the interest in non-fungible tokens (NFTs) in a spatial and temporal frame of reference (regions of the world in the period January 2021 – May 2022) and the project changes based on Internet users’ queries for the keyword ‘NFT.’ Research Design & Methods: The basic research material under consideration consisted of spatial-time series generated from Google Trends. The data generated were subjected to relational and ratio analysis relying on clusters, correlation, and regression. The analytical tools used allowed for a cross-regional comparative analysis in a dynamic frame and a simplified prediction of the interest in NFTs on a global scale. Findings: The biggest interest in NFTs is found in ‘the heart of today’s fastest-growing economy in the world’ consisting of Hong Kong, China, and Singapore. The dynamic growth of NFT collection and transactions in 2021 translated into the culmination of the interest in NFTs in January 2022. However, this interest was short-lived and significantly dropped in the next few months. Regardless of the region of the world, the trends of exchange in this field coincide. The NFT market will probably develop, but the dynamic growth that took place in 2021 will no longer occur. Implications & Recommendations: The results of the study have practical implications for creators, investors, institutions and governments, as well as those interested in understanding the growing NFT branch as a part of the new global digital economy and the dynamically growing market of digital assets. In particular, it is necessary to take into account the currently discussed vision of introducing digital currencies and abandoning cash. From the theoretical perspective, the article complements the NFT analyses and the research instruments used. Contribution & Value Added: The conducted study is pioneering in terms of the cognitive plane, i.e. analysis of the interest in NFTs on a global scale. The analytical process based on data generated from Google Trends, together with the research instruments used, is not reflected in the current scientific output. As assets that are objects of trade, NFTs fit into the new and rapidly evolving phenomenon. It is a cognitive area embedded in a very modest scientific output. The article enriches theoretical and cognitive research in the field of artificial intelligence.
This paper presents arguments about a need to study a new phenomenon in cyberspace - non-fungible tokens (NFT) as an object of legal relations and an object of accounting. A brief essential characteristic of these objects is given; the market of their turnover, Russian legal norms and accounting standards were studied. The objects of accounting from the Russian Federal Law No. 402-FZ "On Accounting", the criteria of referring to these objects in relation to NFT are considered. Afterward, we outlined the legal and accounting problems associated with the emergence of a new object and the ways for further research. Keywords: assets, expenses, business transaction, digital assets, copyrights, intellectual property, cyberspace, digital product, token.
Decentralized Autonomous Organizations (DAO), which have already become independent participants in the relationship in the Web 3.0 economy, are currently neither decentralized nor autonomous because most of the functions and tools used are still centralized, the management of DAOs still largely depends on collective decision-making by all participants. Greater autonomy can be provided by the use of Autonomous Economic Agents (AEA) in DAOs to organize governance, improve communication between participants, create an autonomous reward system, and speed up the search for information and solutions. AEA can be used as a tool to conclude transactions or implement a part of their functions. The article provides an overview of the main technological developments in the field of AEA and DAO and also describes the main ways they could interact in economic peer-to-peer digital systems, taking into account their role, characteristics, and functions. Attention is also drawn to the economic benefits that a DAO acquires from the use of autonomous agents.
Open access
Digitalization and Economic Development in Agriculture
Advanced Research in Systems and Signal Processing
Данная научная статья посвящена анализу возможностей интеграции криптовалют в мировую экономику. В статье представлены история возникновения и развития криптовалют, их влияние на экономику, а также возможности и проблемы их интеграции. Были рассмотрены различные способы интеграции криптовалют в экономику, а также проанализированы кейсы стран и компаний, успешно интегрировавших криптовалюты в свои экономики. Кроме того, в статье представлены направления дальнейших исследований в области интеграции криптовалют. Результаты данного исследования могут быть полезны для экономических исследователей, регуляторов и участников криптовалютного рынка. This scientific article is dedicated to the analysis of the opportunities for integrating cryptocurrencies into the global economy. The article provides a history of the emergence and development of cryptocurrencies, their impact on the economy, as well as the opportunities and challenges of their integration. Various methods of integrating cryptocurrencies into the economy are examined, and case studies of countries and companies that have successfully integrated cryptocurrencies into their economies are analyzed. Furthermore, the article presents directions for further research in the field of cryptocurrency integration. The findings of this research can be valuable for economic researchers, regulators, and participants in the cryptocurrency market.
Blockchain technology has become a significant driver for an array of economic activity in contemporary society. This chapter investigates how blockchain technology and smart contracts enabled on the blockchain could be leveraged by the space industry and the legal issues that arise from such implementations.
<em>Cryptocurrency is a kind of digital currency, accounting for internal units of account of which is provided by a decentralized payment system (there is no internal or external administrator or any of its analogues), operating in fully automatic mode. By itself, the cryptocurrency does not have any special material or electronic form – it is just a number indicating the amount of data of settlement units, which is recorded in the corresponding position of the information packet of the data transfer protocol and often is not even encrypted, like all other information about transactions between the addresses of the system.</em>
Relevance of the research topic. Blockchain technology has become a new paradigm for<br> building decentralized systems that do not require the creation of a central governing body to organize<br> the cooperation and coordination of participants with different characteristics. The possibilities of<br> blockchain applications have already begun to go beyond digital finance and are increasingly being used<br> for the decentralized organization of communities and participants in digital partnerships. Decentralized<br> autonomous organizations (DAOs) built on blockchain technology represent a new form of collective<br> management in which communities are organized based on the decentralized infrastructure of the third<br> generation of the Internet (Web 3.0). In this context, as an innovative form of economic cooperation,<br> decentralized autonomous organizations have become an object of research interest.<br> Problem statement. The use of decentralized autonomous organizations as a form of cooperation<br> is a new and relatively unexplored area in economics. The role of DAOs in the system of economic<br> relations and their possibilities for digital partnerships remain unexplored. In addition, the use of DAOs<br> poses a number of opportunities and risks that can be identified through analysis and evaluation.<br> Objective and tasks of the research. The aim of the research is to determine the possibilities of<br> using decentralized autonomous organizations as an innovative form of economic cooperation in the digital<br> society. The tasks of the research include analyzing the mechanisms of DAO functioning, comparing them<br> with traditional organizational forms, and determining their possibilities for application in different fields.<br> Methodology of the research. The research methodology consists of analyzing scientific sources<br> and practical experience in the use of decentralized autonomous organizations. The research was<br> conducted by analyzing the main principles of DAO operation, their advantages and disadvantages<br> compared to traditional forms of economic cooperation. A comparative analysis was also conducted<br> to identify the differences between DAOs and traditional organizations. Finally, the possibilities of using<br> DAOs in different fields were assessed, taking into account the potential risks associated with their use. Presentation of the main findings of the study. The results of the research demonstrate<br> that DAO can be an effective form of organizing economic cooperation in the digital society. They<br> provide decentralization and autonomy, which allows avoiding many problems of traditional forms of<br> cooperation, such as management, power, and profit distribution issues. In addition, the application of<br> blockchain technology enables a high level of security and trust among participants.<br> Application fields of the results. DAO can be applied in various economic fields, such as finance,<br> logistics, agriculture, and others. This technology can also find its application in public projects, such<br> as charity and ecology. The digital nature of such an organization allows integrating any modern<br> technological advancements, including tools of artificial intelligence and decentralized finance. With<br> such characteristics, DAO is defined as one of the most interesting organizational innovations of the<br> 21st century.<br> Conclusions of the article. Based on the analysis results, we propose to consider the DAO<br> concept as an innovative technology of organizing economic cooperation, capable of responding to<br> new challenges through fast and remote organization of economic interaction, regardless of the<br> geographic location of partnership participants, based on trust and modern tools using distributed<br> ledger technology. This new form of cooperation, based on decentralization and autonomy, offers DAO<br> technology as a competing form that replaces standard forms of cooperation and Web 2.0 internet<br> organization. The unique feature of this form of economic cooperation is the absence of intermediaries,<br> as the terms of interaction are recorded in the program code and executed automatically, significantly<br> reducing costs and time for interaction realization.
Digital technologies are increasingly penetrating various spheres of society, including the economic one. Blockchain the technology has existed for less than 10 years, however, it has successfully established itself in the Russian and world markets. Today, many organizations prefer to invest in specific systems based on blockchain technology. In the Russian Federation, blockchain technologies are also developing rapidly, which means they require clear state and legal regulation. The object of the study is the processes of state regulation and procedures for the use of blockchain technologies in the public financial sector. The subject is managerial, legal, organizational and economic relations, manifested in the development of blockchain technologies in the financial sector of the state. The published article reveals the essence and content of the blockchain platform in the development of a modern payment system, in particular, it substantiates the need for the use of blockchain technology by financial market participants as an innovative tool to accelerate the development of the economy, and considers the interest for the state, since the amount of taxes levied on the crypto industry is a significant share in the specific volume of taxes collected. The risks of using blockchain technologies in the financial system of the state are analyzed. Special attention is paid to the state regulation of the cryptocurrency industry. The main provisions of the road map for cryptocurrencies are considered; the main provisions of the Concept of regulating the circulation of digital currencies; the main provisions of the bill of the Ministry of Finance of the Russian Federation on the regulation of cryptocurrencies. The tools of state regulation of digital currency and the sphere of cryptocurrency are given.