Digitalization of the National Currency: World and Domestic Experience

The article examines the theoretical aspects of the concept of «digital currency» are studied, the main differences between digital currency and cryptocurrency are indicated. The concept of the digital national currency of the People's Republic of China, the digital yuan, has been predicted and the results of the ongoing digitalization have been identified, which in the future, if the digital yuan project is successfully implemented, will lead to the abandonment of cash. The theoretical aspects of the concept of «digital ruble» are studied, the main differences between the existing forms of money in the Russian economy are outlined: cash, non-cash money and digital money. Based on the study of the re-port presented by the Central Bank of the Russian Federation, potential options for the technical implementation of digital currency within the existing monetary system were identified, and their characteristics were also presented. An assessment of the expected result of the implementation of the concept of the digital ruble is given: the potential ad-vantages and risks of the digital ruble are identified and their comprehensive analysis is carried out. It is concluded that the process of digitalization of national currencies is relevant for the world community, being an indicator of the high level of development of the country's economy. The result of the analysis of the digital ruble project presented in the report of the Central Bank of the Russian Federation is the conclusion about the ambiguity of its implementation at the current level of economic development of our country.

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Legal policy of the Russian Federation and the People's Republic of China in the area of digitalization of national currency

Право и политика ◽

10.7256/2454-0706.2021.7.35968 ◽

2021 ◽

pp. 16-26

Author(s):

Anna Sergeevna Konopiy ◽

Boris Andreevich Borisov

Keyword(s):

Russian Federation ◽

Social Life ◽

Banking Sector ◽

National Currency ◽

People’S Republic Of China ◽

Chinese Government ◽

People's Republic Of China ◽

Republic Of China ◽

Digital Currency ◽

The Russian Federation

The subject of this research is digital national currencies of the People's Republic of China and the Russian Federation. The advent of the new digital era entails inevitable, objectively dictated digital transformations of all spheres of social life. The financial and banking sector in Russia, China, and other countries, is in need for legislative-digital regulation by implementing digital fiat currency. One of the most promising vectors of development is the creation and introduction of new forms of currencies into circulation, which would be recognized by public authority as a legal means of payment, as well as subject to effective oversight by government bodies. The novelty of this research lies in the comparative legal analysis of the experience, as well as the stages of implementation of digital national currency in the Russian Federation and the People's Republic of China. The article raised a pressing issue on feasibility of introducing digital ruble into the Russian reality, and thus, discusses successful experience of the Chinese government that a millennium ago was first to invent paper currency, and now is one of the world leaders to introduce digital currency alongside cash money. The concept of “digital currency” is often identified with cryptocurrencies and payment systems, which prompted the authors to conduct a comparative analysis of these terms. The analysis of Russian and Chinese legislation in the area of digital currency, as well as the established practice of implementing a new monetary form into the country’s economy, allowed outlining the pros and cons of such innovation.

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THE CENTRAL BANK OF THE RUSSIAN FEDERATION: THE ISSUE OF CASH AND ORGANIZATION OF MONETARY CIRCULATION

Bulletin of Belgorod State Technological University named after V G Shukhov ◽

10.12737/article_58e6133817c026.51606223 ◽

2017 ◽

Vol 2 (4) ◽

pp. 209-212

Author(s):

Безуглый ◽

Eduard Bezuglyy ◽

Кутергин ◽

Nikolay Kutergin ◽

Алексеев ◽

...

Keyword(s):

Central Bank ◽

Russian Federation ◽

The State ◽

Economic Activities ◽

Monetary System ◽

The Russian Federation ◽

Financial Transactions ◽

Monetary Circulation

In modern conditions the issue of funds does the state represented by the Central Bank of the Russian Federation. Modern money is characterized by a variety of forms, which is associated with many commodity, monetary and financial transactions used in the financial and economic activities. Money issue is one of the main elements of the monetary system of any state in which there are a variety of economic processes.

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THE MONETARY SYSTEM OF THE RUSSIAN FEDERATION: DIGITAL NOVELTIES AND THEIR IMPACT ON THE LEGAL CAPACITY OF PARTIES TO FINANCIAL RELATIONSHIPS

Banking law ◽

10.18572/1812-3945-2021-1-26-34 ◽

2021 ◽

Vol 1 ◽

pp. 26-34

Author(s):

Elena V. Pokachalova ◽

◽

Marina V. Gudkova ◽

Keyword(s):

Russian Federation ◽

Legal Status ◽

Legal Regulation ◽

Controversial Issues ◽

Legal Capacity ◽

Structural Elements ◽

Legal Personality ◽

Digital Currency ◽

Monetary System ◽

The Russian Federation

The article discusses controversial issues about the structural elements of the monetary system of the Russian Federation and the introduction of digital currency (digital ruble) as a new form of the Russian ruble and an innovative financial instrument. The problems of financial and legal regulation of digital currency and the resulting transformation of the legal personality of participants in financial relations are analyzed, proposals are made to improve domestic financial and related legislation and to determine the financial and legal status of digital currency in the state.

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Digital Ruble of the Central Bank of the Russian Federation

Administrative Consulting ◽

10.22394/1726-1139-2021-6-32-39 ◽

2021 ◽

pp. 32-39

Author(s):

A. Ya. Zaporozhan

Keyword(s):

Central Bank ◽

Russian Federation ◽

Banking Sector ◽

Payment System ◽

Public Consultation ◽

Practical Implementation ◽

Competitive Advantages ◽

Banking Systems ◽

Digital Currency ◽

The Russian Federation

The article is devoted to the study of a new ﬁnancial instrument — the digital currency of the Central Bank of the Russian Federation. The article examines the reason for the emergence of the Central Bank and its diﬀerence from cryptocurrency, analyzes the practice of central banks of foreign states in the development and implementation of digital currencies in the ﬁnancial system, analyzes the potential risks and beneﬁts associated with their emission, as well as its consequences for the banking sector and monetary politicians.The logic of the article is based on the format of the discussion of the report of the Central Bank of the Russian Federation “Digital Ruble. Public Consultation Report”. In the context of the Central Bank of the Russian Federation report, the article analyzes:two possible options for the emission of the Central Bank in the form of digital tokens and accounts on the settlement accounts of the Central Bank;several possible models of central bank digital currency and technologies for their imple-mentation;competitive advantages or disadvantages of the payment system of the Central Bank of Securities in comparison with traditional banking systems.The article substantiates the position that the payment system of the Central Bank of Securities in comparison with traditional banking systems has no competitive advantages. There-fore, the digital currency of the central bank is not very attractive for economic entities, which limits or even prevents its implementation into practice.The way out of the current situation is to use the Central Securities Market in the ﬁeld of government payments, thereby increasing the transparency of payments.The practical implementation of the digital currency of the central bank can start with state ﬁnancing of investment projects in digital rubles, and then on a broader scale with budget ﬁnancing, when all or a limited list of budget recipients will receive budget money in digital rubles. As a result, other economic actors will gradually be drawn into the payment system of the digital currency of the central bank.

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MAINTENANCE OF THE MONETARY SYSTEM STABILITY IN UZBEKISTAN

European Journal of Business and Economics ◽

10.12955/ejbe.v8i3.385 ◽

2013 ◽

Vol 8 (3) ◽

pp. 1

Author(s):

Alisher Ismailov

Keyword(s):

Central Bank ◽

Money Supply ◽

Foreign Currency ◽

National Currency ◽

System Stability ◽

Open Market ◽

Monetary System ◽

Business Entities ◽

The Stability ◽

High Level

During the years of independence, the Republic of Uzbekistan has succeeded in building the modern monetary system. The national currency was introduced, monetary and currency markets have been developed along with the provision of independence of the Central Bank. However, the stability of national monetary system has not been ensured yet. In particular, the monetization level of the economy remains low, while the GDP deflator is rather high. In addition, high level of national currency devaluation is observed in recent years.Eventually all these urgent problems will negatively influence the stability of macroeconomic growth. The relatively high level of the GDP deflator (GDP deflator reflects a more realistic rate of inflation) has led to the significant growth of the money supply, which resulted in a strong devaluation of the national currency of Uzbekistan. For example, in 2012 the devaluation level of the national currency against the U.S. dollar was 10.5%. In addition, because of the low monetization coefficient, a crisis of defaulted payments among business entities has arisen.The author proposes to increase the volume of foreign currency swap and Gold Swap operation of the Central Bank of Uzbekistan in order to decrease the devaluation of the national currency. The author also suggests increasing the flexibility of monetary policy instruments such as an open market policy and reserve requirements to ensure the stable growth of the money supply.

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The level of confidence in the safety of financial technologies – a barrier or a point of growth

Research Result Economic Research ◽

10.18413/2409-1634-2021-7-3-0-7 ◽

2021 ◽

Vol 7 (3) ◽

pp. 81-88

Author(s):

Irina N. Timonicheva ◽

◽

Vladimir V. Yanovskiy ◽

Anatoly S. Berezhnoy ◽

◽

...

Keyword(s):

Central Bank ◽

Russian Federation ◽

Regional Level ◽

Point Of View ◽

Official Position ◽

Level Of Confidence ◽

The Russian Federation ◽

High Level

The article substantiates the importance of the existing level of trust in the security of financial technologies, which can act as both a barrier and a point of growth for their use. Some results of an all-Russian survey of citizens and businesses conducted by the Bank of Russia in 2021 to assess the level of confidence in the security of financial technologies and services are considered. The main areas of work of the Bank of Russia aimed at overcoming existing barriers and creating a high level of confidence in the security of financial technologies are outlined. Conclusions are made about the importance of coordinating efforts at the regional level aimed at increasing the cyber literacy of the population. It should be noted that the point of view of the authors of this article may not coincide with the official position of the Central Bank of the Russian Federation.

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Spatial Development of Innovation Systems in Russia

Olsztyn Economic Journal ◽

10.31648/oej.3182 ◽

2014 ◽

Vol 9 (4) ◽

pp. 289-304 ◽

Cited By ~ 2

Author(s):

Lidija Sergevna Arkhipova

Keyword(s):

Economic Development ◽

Russian Federation ◽

Chemical Industry ◽

Innovation System ◽

Machine Building ◽

Competitive Advantages ◽

Regional Aspect ◽

Level Of Economic Development ◽

The Russian Federation ◽

Effective Development

While the development of the country's national innovation system as a whole is very important and should be prioritized, its regional aspect is even more important. The specifics of the Russian Federation's transition to an innovation-based economy is in that that, at the present time, prioritized is the need to ensure the effective development of those economy sectors that underlie the country's specialization and may provide regional and national competitive advantages. To such sectors belong the chemical industry, machine-building and power energetics. We would like to note that initial innovation awareness indicators in the regions are comparable and do not differ greatly but the growth of activity can be observed only in some of the regions. The problem of large differentiation among the constituent entities of the Russian Federation by their level of economic development remains important and has to be dealt with.

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A New Step in the Study of the History of the Russian Prosecutor’s Office

Rossijskoe Pravo. Obrazovanie, Praktika, Nauka ◽

10.34076/2410-2709-2019-3-94-98 ◽

2019 ◽

pp. 94-98

Keyword(s):

Russian Federation ◽

Russian Empire ◽

Practical Significance ◽

History Of ◽

The Russian Federation ◽

The Russian Empire ◽

High Level ◽

The University

The paper is a review on the textbook by A. V. Yeremin, «The History of the National Prosecutor’s office» and the anthology «The Prosecutor’s Office of the Russian Empire in the Documents of 1722–1917» (authors: V. V. Lavrov, A. V. Eremin, edited by N. M. Ivanov) published at the St. Petersburg Law Institute (branch) of the University of the Prosecutor’s office of the Russian Federation in 2018. The reviewers emphasize the high relevance and high level of research, their theoretical and practical significance. The textbook and the anthology will help the students increase their legal awareness, expand their horizons.

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ФОРМИРОВАНИЕ ПРОФЕССИОНАЛЬНОЙ КУЛЬТУРЫ КУРСАНТОВ КАК НЕОБХОДИМОЕ УСЛОВИЕ СТАНОВЛЕНИЯ СОТРУДНИКА УИС

Vestnik Samarskogo iuridicheskogo instituta ◽

10.37523/sui.2019.36.5.019 ◽

2020 ◽

Author(s):

Alexander Votinov

Keyword(s):

Russian Federation ◽

Professional Culture ◽

Professional Activity ◽

Teaching Staff ◽

Successful Performance ◽

Current State ◽

Professional Self ◽

The Russian Federation ◽

Executive System ◽

High Level

Современное состояние и развитие уголовно-исполнительной системы Российской Федерации диктует необходимость овладения будущими специалистами комплексом определенных знаний, умений и навыков, позволяющих им эффективно решать служебные задачи. Одним из путей повышения профессионального уровня специалистов является формирование и развитие профессиональной культуры. Проведенный в статье анализ понятия «профессиональная культура» позволяет констатировать сложность его содержания, что связано с особенностями профессиональной деятельности сотрудников УИС, многообразием решаемых задач. Автором подробно исследуется процесс формирования профессиональной культуры в вузах ФСИН России, рассматриваются особенности работы в данном направлении профессорско-преподавательского состава, командиров строевых подразделений, сотрудников отделов по работе с личным составом, приводятся возникающие при этом проблемы и предлагаются возможные пути решения. Отмечается, что успешность формирования профессиональной культуры курсантов зависит от их профессионализма, дисциплинированности, инициативности, настойчивости и личного примера сотрудников. В заключение подчеркивается, что высокий уровень профессиональной культуры сотрудника УИС является условием успешной служебной деятельности и целью дальнейшего профессионального самосовершенствования.The current state and development of the criminal Executive system of the Russian Federation dictates the need for future specialists to master a set of certain knowledge, skills and abilities that allow them to solve official tasks effectively. One of the ways to improve the professional level of specialists is the formation and development of professional culture. The analysis of the concept of «professional culture» in the article allows us to state the complexity of its content, which is associated with the peculiarities of professional activity of employees of the UIS, the variety of tasks to be solved. The author studies in detail the process of formation of professional culture in the universities of the Federal penitentiary service of Russia, examines the features of work in this direction of the teaching staff, commanders of combat units, employees of departments for work with personnel, presents the problems arising in this case and suggests possible solutions. It is noted that the success of the formation of professional culture of cadets depends on their professionalism, discipline, initiative, perseverance and personal example. In conclusion, it is emphasized that the high level of professional culture of the employee is a condition of successful performance and the purpose of further professional self-improvement.

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Non-Participation in Compulsory Procedures of Dispute Settlement

10.1093/oso/9780198816423.003.0010 ◽

2018 ◽

Author(s):

Erik Franckx ◽

Marco Benatar

Keyword(s):

Russian Federation ◽

Dispute Settlement ◽

People’S Republic Of China ◽

People's Republic Of China ◽

International Courts ◽

Republic Of China ◽

Legal Proceedings ◽

Joint Declaration ◽

Peculiar Form ◽

The Russian Federation

Erik Franckx and Marco Benatar consider the peculiar backlash in the form of states rejecting the jurisdiction of international courts and tribunals (ICs). They discuss how the People’s Republic of China (PRC) rejected jurisdiction in the Philippines v PRC arbitration. The authors draw comparisons with how the Russian Federation rejected the jurisdiction of an arbitration panel in the Arctic Sunrise case. But both states participated in the peculiar form of forwarding ‘position papers’. This allows states new modes of influencing the bench without formally participating in the proceedings, argues Franckx and Benatar. This may tempt other states to apply a similar approach. For example, Croatia has presented its views to an arbitration panel in a dispute with Slovenia, despite its non-participation after irregularities by one of the arbitrators. The PRC and the Russian Federation have also issued a joint declaration encouraging non-participation in international legal proceedings.

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