Blockchain Papers

Мaria Е. Mardasova

The article examines the decentralized finances of some organizations that are an independent part of the financial system of the Russian Federation. The question of their place in the system of the branch of financial law is analyzed. Based on the study of the works of a number of well-known scientists of Soviet as well as Russian financial law, it is concluded that the idea of separating the finances of some organizations into an independent legal institution was put forward during the Soviet period. Such an independent institute of the branch of financial law was the Institute of Finance of state-owned enterprises (associations) and branches of the national economy. At the present stage, these ideas are expanding due to the justification of the include new legal institutions in the system of financial law, for example, organizations such as state corporations, public law companies, state and municipal institutions.

Theocharis Grigoriadis

Why does industrialization in some cases generate social consolidation and in other cases political conflict? This paper argues that the answer depends on how industrial finance is allocated. I develop a dynamic political-economy model in which the government channels external liquidity into industry under either centralized or decentralized finance. Under decentralization, adverse shocks harden budget constraints and permit replacement of inefficient incumbents by new entrepreneurs. Under centralization, by contrast, the government is more likely to refinance inefficient incumbents, soften budget constraints, and block entry. Industrialization then generates concentrated rents and a higher risk of conflict. I interpret late imperial Russia as a historically revealing case of this mechanism. Rather than treating Russia as the sole object of interest, the paper uses it to motivate a general theory of industrialization under monopoly.

Kezban Hitay, Adem Anbar

This study investigates Granger-causality relationships between crypto-assets (Bitcoin and Ethereum) and traditional financial assets (stock indices and exchange rates) in BRICS-T countries over the 2016–2024 period. The findings highlight significant interlinkages: bidirectional causality exists between Bitcoin and Russia's stock market, and between Ethereum and both Brazil's stock market and the USD/INR exchange rate. Unidirectional causality is observed from Bitcoin to the stock markets of Brazil, India, and China, while the USD/TRY exchange rate influences Bitcoin. Similarly, Ethereum affects the stock markets of Russia, India, and South Africa, while the USD/TRY exchange rate also Granger-causes Ethereum. These results indicate a growing synchronization between crypto-assets and conventional financial markets. The presence of both unidirectional and bidirectional causalities emphasizes the increasing integration of global financial systems and highlights the importance for investors to consider cross-market interactions when making decisions. Crypto-assets are no longer isolated but are embedded in broader financial dynamics.

Karen Vladimirovich Turyan

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.

А.А. Погосян

No abstract is available for this record.

Arzé Karam

No abstract is available for this record.

А Д Керимов, Vladislav V. Krasinsky

The article discusses the problem of counteracting the financing of anti-Russian decentralized sabotage and terrorist activities of network structures. The authors analyze the illegal activities of founders, coordinators, sponsors, and beneficiaries of sabotage and terrorist network movements in online platforms and Internet messengers. The work provides the criminal and criminological characteristic of decentralized sabotage and terrorist activities. The article presents changes in terrorist tactics and modern mechanisms for financing sabotage and terrorist activities using cryptocurrencies, taking into account the high-tech present-day terrorism, the introduction of distributed financing mechanisms and resource provision of sabotage and terrorist activities. It also demonstrates the relationship between anti-Russian subversive and terrorist networks and Ukrainian special agencies, as well as the involvement of a number of Ukrainian financial institutions and virtual asset service providers in quasi-legal financial schemes, money laundering, and terrorist financing.

Nidhal Mgadmi, Ameni Abidi, Néjib Hachicha, Wajdi Moussa

No abstract is available for this record.

Marina V. Karaseva

The current state of financial law is primarily defined by its subject matter. In contemporary conditions, the subject of financial law has evolved significantly, driven by the active development of its structure and, most notably, the emergence of new financial and legal institutions within decentralized finance. These institutions include state and municipal unitary enterprises, state and municipal institutions, state corporations, and public law companies. The growth of decentralized finance has been a prominent trend in the modern era, with considerable potential for further expansion. Financial and legal regulations, in general, serve to safeguard the public interests of the state and municipalities. However, it is important to acknowledge that, with the expansion of decentralized finance, the subject of financial law, considered the most fundamental indicator of the current state of this legal branch, should be understood not only in terms of the financial activities of the state and municipalities but also concerning the financial activities of entities, including non-state actors, that are tasked with executing public functions.

Maslikhat Zamirbekkyzy, Botagoz Saparova, Zhanat Bulakbay

In the current conditions, education is endowed with strategic importance as a sphere of social activity that directly forms the level of intelligence of the population, ensuring competitiveness and innovation in the development of the country's economy. Therefore, the study’s relevance is because the educational capital obtained in the learning process is a combination of theoretical knowledge, practical skills, work experience, and personal characteristics that bring a person income during his career and stimulate further investment in education. Education impacts each citizen’s income and directly affects the economic development of the country, its financial capabilities, and national competitiveness. Thus, this article aims to reveal the critical aspects of republican and local financing of education in Kazakhstan and the prospects for its development. The methodological basis of the research is formed by a system of general scientific and unique research methods: synthesis, system-analytical analysis, and abstract-logical method. The critical result of the work is the systematization of acquisitions within the framework of the researched topic and the study of the features of optimizing the decentralization of education financing in Kazakhstan. Proposed: to increase the efficient distribution of financial resources at all levels of the budget system; increase the opportunities for educational institutions to raise additional funds through educational innovations, expand the list of paid services provided by such institutions; carry out decentralization of education, taking into account the characteristics of the regions, their production potential, the demographic situation and the interests of territorial communities. The results of this scientific study, as well as the conclusions formulated on their basis, are of significant importance both for the scientific community and for financial experts and practitioners from the educational field since they have a structured presentation of the material based on which logical and constructive conclusions are drawn, which may have an impact on the subsequent processes of reforming the financial provision of education in Kazakhstan.

Antonina A. Schelokova

Currently the deals with tokenized art items and other intellectual property are widely discussed. Such objects are called non-fungible tokens, NFT. Because they are in demand, it is necessary to regulate NFT. Based on the analyses of the non-fungible tokens’ essence and notion, the author concludes, that such objects match the notion of digital rights, utility digital rights and, consequently, their legal regulation in Russia. It is advisable, according to the author’s opinion, that the term non-fungible tokens should be translated differently into Russian.

Shakhnos Gapurbaeva, Svetlana Savina, L.N. Dzhalilova, Takhmina Tadzhibaeva · 5 authors

This article considers the peculiarities of risk management in operations with cryptocurrencies, the necessity of risk management in operations with cryptocurrencies was substantiated. Cryptocurrency transactions have a high level of risk due to price volatility, the possibility of fraud and a lack of regulation. Therefore, institutions involved in cryptocurrency transactions should take measures to manage risk. Cryptocurrencies have a high degree of price volatility and are susceptible to fraud, so credit institutions involved in cryptocurrency transactions must take measures to manage risk. This includes conducting thorough customer due diligence, using data from various sources to verify the customer's legitimacy and financial stability, strictly following rules and procedures when conducting cryptocurrency transactions, and adhering to laws and regulations. Risk management is essential to protect clients from potential losses and problems. The main purpose of this study is to examine the peculiarities of risk management in operations with cryptocurrencies. The results of the study can be used by various subjects in transactions with cryptocurrencies.

А.В. БОЙКОВА, Е.Н. МАЛЫШЕВА

В настоящее время в России проводится работа по созданию национальной криптобиржи. Вложения в криптовалюту из-за высочайшей потенциальной доходности привлекают все больше инвесторов. В тоже время, как и любой вид вложений, они сопряжены с высоким уровнем риска. В частности, банкротство торговой площадки, на которой покупаются и продаются криптоактивы. при этом, недостаточно инвесторы имеют мало шансов на защиту собственных прав и возврат средств. В этой связи, в статье обобщена международная практика банкротства криптобирж, которую необходимо учесть при создании национальной криптобиржи. Work is currently underway in Russia to create a national crypto exchange. Investments in cryptocurrency are attracting more and more investors due to the highest potential returns. At the same time, like any type of investment, it is associated with a high level of risk. In particular, the bankruptcy of the trading platform where crypto-assets are bought and sold.at the same time, insufficient investors have little chance to protect their rights and recover their funds. In this regard, the article summarizes the international practice of bankruptcy of crypto exchanges, which should be taken into account when creating a national crypto exchange.

М.М. ПРЯНИШНИКОВ

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.

Authors unavailable

This document considers crypto currencies as a new form of economic asset that gains more and more popularity. They show elements of “money” and although are not recognized as official means of payment they can be used for selling and buying goods and services. As such, they could be considered as competitive to “fiat” money and can influence world economy and country’s national security. Alongside the positive aspects of the cryptocurrencies, they are a good foundation for illegal activities.

Robert Poskart

The article presents one of the most important, in the author's opinion, manifestations of further intensification of the processes of financialisation of global financial markets, which was the emergence of decentralized digital currencies (so-called cryptocurrencies) based on blockchain technology. Their creation and existence on the global financial market have been widely considered as one of significant effect of the global financial crisis, which symbolic beginning is September 15, 2008, when one of the largest US investment banks Lehman Brothers collapsed. The worldwide COVID-19 pandemic has only highlighted the importance of this effect of financialization. The purpose of the article is to present the impact of cryptocurrencies, including bitcoin, on the deepening of the processes of financialisation of modern financial markets. Author analysis is based on statistical data, on the literature review and documents of world financial institutions.

Andrei Petroia, Dragomir-Gabriel Volcinschi

No abstract is available for this record.

Revekka Vulfovich

The formation of local self-government in the post-Soviet space takes place in difficult economic and political conditions under the influence of various, often directed in the opposite way, factors. For Russia, the experience of forming a new institution for all post-Soviet states is of significant practical importance since it faces many difficulties in its course. Within the framework of the invariant of the transition from centralized management to decentralization, the variant of this process in the Central Asian countries is more relevant for our country since it is carried out under conditions largely similar to those in Russia. In this regard, the purpose of this article is to highlight the key historical, economic and political factors of local self-government formation in the Central Asian states in order to deepen the understanding of the ways and possibilities of creating a sufficiently autonomous local level of public power in systems that have long operated within the framework of strict centralization and seek to form a new organizational structure and use new management mechanisms and tools to improve the efficiency of the process and achieve the main systemic goal of the modern state – improving the quality of life in the country. The relevance of the study of these processes is beyond doubt due to the need to understand the role and place of self-government in the structure of public power in accordance with the amendments made in 2020 to the Constitution of the Russian Federation. The study of options for local-level opportunities in a comparative perspective when analyzing public authorities in Central Asian countries also opens the way to new solutions to Russian problems.

S. A. Bakanov

The dynamics and structure of the revenue side of the state budget of the USSR in the period from 1950 to 1989 are considered on the basis of official statistical collections published by the Ministry of Finance of the USSR. It is stated that the dynamics of the revenues of the state budget of the USSR during the entire studied period was positive. There was a constant increase in income, which had an average annual value of about 6,5 % in relation to the previous year, which made it possible to increase the budget by more than one third in almost every five-year period. It is indicated that in just the period under study, the revenue side of the state budget in-creased by 11,6 times. The author comes to the conclusion that the historical dynamics of the distribution of incomes between the budgets of different levels testifies to the growing tendency towards the decentralization of the Soviet economy. It was revealed that this trend looks less unambiguous if we trace the change in the share of revenues of the republican and local budgets in the structure of the USSR state budget. It is shown that the most important deterrent to the decentralization of the Soviet economy was budget regulation, which allowed the state, on the one hand, to withdraw to the budget most of the profits of the socialist economy, and on the other, to keep the budgetary resources of local authorities under control.

Michael S. Barr, Adrienne Harris, Megan E. Kelly, Emma Macfarlane · 5 authors

No abstract is available for this record.

Olivier Meïer, Aurélie Sannajust

No abstract is available for this record.

Stevan Gaber

Property taxes are one of the most essential taxes for the local authorities in any country. They are the main source for providing the municipality with finance in order to provide public goods and services. The last decade of unstable fiscal policy induced the necessity to readdress the role and the potential for reform or modernization of these sort of taxes. Considering the ever-growing thirst for larger expenses and going forward with fiscal decentralization process in North Macedonia, the local governments are confronted with the need to secure more finances. Therefore, the goal is to examine the current structure of property taxes in North Macedonia, compare them to some countries in Europe and finally to propose actions regarding some changes in local tax policy in order to improve the tax collection. Those changes should follow the growing inequalities among citizens in the country. In most developed countries the volume of property tax involves real estate and personal property, like vehicles, movable household items. Even some countries take into consideration the ownership of real estate in other countries around the world in order to really detect the wealth of some people. The last reaction from the central government in order to overcome the gap in local budgets (the government borrowed 50.000.000 euros) was with intention to reduce the level of debt in most of the local municipalities and to secure their everyday functioning. Since then there are a lot of discussions in direction of better functioning of local governments through better collection of local revenues.

Natalia S. Matveeva

Financial control is a major part of the financial management system. Its increasing importance in the contemporary world is reflected in the Lima Declaration of Guidelines on Auditing Precepts, according to which financial control is an integral component of public finance management. The relevance of the topic is also associated with the strengthening of the role of financial control in developed countries and the search for ways to increase the effectiveness of its implementation. The article aims to identify the main development trends of state financial control in advanced countries and to analyze the standardization process. Despite the fact that the system of state financial control is based on different principles in different countries, depending on the prevailing historical, economic and regulatory traditions of a particular country, further directions for the development of this sphere are determined by general trends toward decentralization of control and the standardization of control activities. In addition, the current level of development of state financial control in the Russian Federation and the possibility of adapting international experience in our country in order to increase the effectiveness of financial control are described. In this article, the analysis of foreign experience has been carried out at three levels: general control over public finance; government and parliamentary control; and internal control and internal audit as special areas of financial control. In regards to standardization, the standards of external state control have been found to be formed and approved by the national control and accounting bodies of the country, taking into account the requirements of INTOSAI standards. At the same time, national standards include legally established features of the state financial control organization in a given country as well as the national practice of conducting state audit. Requirements for the organization and implementation of internal financial control can be set by supreme audit bodies or ministries of finance, whereas requirements to organize and carry out internal financial audit are often provided by law.

Alexander Libman

Crises frequently weaken subnational governments but in some cases they lead to greater decentralization. Does this decentralization, however, support the search for optimal crisis response strategies? Generally speaking there are several arguments, which suggest that decentralized systems will manage crises better than centralized ones. This article, however, considers two scenarios (decentralization of weakness and decentralization of responsibility) where the apparently increasing autonomy of subnational governments leads to important problems. Decentralization of weakness emerges when the central government for certain reasons refuses to actively implement an anti-crisis policy. Under these conditions, regional measures, while to some extent compensating the inactivity of the central government, create a number of other problems - that of external effects, possible ideologization of politics and insufficient use of expert knowledge. Decentralization of responsibility emerges when regions accept responsibility for implementing anti-crisis measures, but the center keeps control over resources - thus, regions have to focus on competing for central financing. For the modern Russia, the risks of these two scenarios are substantial.