Current Development Trends in the Digital Currency Market

2021 ◽  
Vol 27 (7) ◽  
pp. 504-511
Author(s):  
E. A. Sintsova ◽  
E. A. Vitsko
Keyword(s):  
Financial Stability ◽  
Econometric Modeling ◽  
Modeling Tools ◽  
Digital Currency ◽  
Currency Market ◽  
Russian Economy ◽  
Current Trends ◽  
General Scientific ◽  
Modern Context ◽  
Current Stage

Aim. The presented study aims to analyze the development of the digital currency market, investigate trends for expanding the use of its tools, identify the peculiarities of the current stage of digital currency use, and consider the mechanism of introducing central bank digital currencies (CBDCs).Tasks. The authors specify the role and content of the digital currency market and its tools in the modern Russian economy; examine the formation and development of the cryptocurrency market from the perspective of introducing the “digital ruble”; identify regulatory prerequisites that hinder the development of the digital currency market; describe current trends and the mechanism of organizing the introduction of CBDCs.Methods. This article reflects a comprehensive approach to assessing the effectiveness of the use of digital currency market tools based on the use of economic-statistical and general scientific dialectical methods as well as the laws and principles of formal logic. The conducted studies and recommendations are based on statistics provided by CoinMarketCap. In particular, the methodological basis includes econometric modeling tools used to assess the cryptocurrency market in order to identify its characteristic traits and features.Results. Under modern conditions, the digital currency market is considered to be one of the main transformational elements of the digital economy. The authors focus on the prerequisites for the development and implementation of the domestic digital currency as an instrument of the national monetary policy and for ensuring the financial stability of the economy as a whole. This hypothesis is confirmed by the analysis and study of the global economic situation in the international digital currency market as well as the peculiarities of the functioning of its key components.Conclusions. In the modern context, it is important to have a theoretical and practical understanding of the conditions for the functioning of the digital currency market in the national economy and to find a comprehensive solution to issues associated with expanding the use of its tools for the development of the payment system and the formation of a favorable competitive environment.

Agricultural sector of the Russian economy in the context of macroeconomic instability

2019 ◽  
Author(s):  
Мухаббат Махмудова ◽  
Muhabbat Mahmudova ◽  
Анна Королева ◽  
Anna Koroleva
Keyword(s):  
National Economy ◽  
Agricultural Sector ◽  
Economic Conditions ◽  
Scientific Methods ◽  
Russian Economy ◽  
Current Trends ◽  
Macroeconomic Instability ◽  
Expert Assessments ◽  
General Scientific ◽  
The Difference

The aim of the present study is to determine the resource of growth of efficiency of agriculture in view of the new economic conditions prevailing in the national economy. The monograph is devoted to the development of the agricultural sector of the Russian economy. The paper reveals the essence, content and factors of adaptation and functioning of the agricultural sector in difficult economic conditions. Methods and methodology: in the course of the study, the authors used General scientific methods: on the basis of scientific abstraction, a retrospective analysis of the main indicators of the development of agricultural sectors in the national economy as a whole, and at the regional level; in addition, the method of expert assessments, the method of data comparison; through a graphical interpretation of the data and the method of their grouping, the dynamics and structure of the main indicators characterizing the key trends in the development and adaptation of the regional economy. The difference of this publication from the Difference of this publication from the available literature is that in the present work the processes of adaptation of agricultural sectors to the new economic conditions formed as a result of macroeconomic instability and the introduction of sectoral restrictions are systematized. The monograph presents the results of social diagnostics and analysis of current trends in the agricultural sector of the Russian economy. The scientific problem solved in the present work is not only a review of the current situation, but also allows to reveal the sectoral features of socio-economic processes in order to identify promising areas of development of the economic potential of the industry in the new economic conditions.

Central bank digital currency: the future of institutional changes in the banking sector

2021 ◽  
Vol 2021 (2) ◽  
pp. 26-48
Author(s):  
Volodymyr MISHCHENKO ◽  
◽  
Svitlana NAUMENKOVA ◽  
Svitlana MISHCHENKO ◽  
◽  
...  
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Banking Sector ◽  
Central Banks ◽  
Credit System ◽  
Bank Supervision ◽  
Bank Of China ◽  
Digital Currency ◽  
Financial Monitoring ◽  
The Impact

The purpose of the article is to reveal the essence and features of the introduction of digital currency of central banks and their impact on the conditions of monetary policy, financial stability, as well as institutional transformations in the development of national banking systems. The study is based on an analysis of projects of issuance and use of digital currencies of the ECB and central banks of leading countries, as well as the results of pilot projects of the National Bank of China on the use of the digital yuan and NBU on the e-hryvnia circulation. It is proved that digital currency of the central bank should be considered as a new dematerialized form of national currency in addition to cash and non-cash forms. Particular attention is paid to the study of the impact of the use of digital currency by central banks on the main parameters of economic policy. The main directions of potential influence of digital currency use on transformation of mechanisms of realization of monetary, budgetary and tax, macroprudential policy, maintenance of financial stability, activization of action of channels of the monetary transmission mechanism, and also on reforming of system of the state financial monitoring and bank supervision are substantiated. It is determined that one of the consequences of the use of digital currency will be the ability to ensure full control over all monetary transactions, which will help reduce the shadow economy and corruption. Structural and logical schemes of centralized and decentralized models of issuance and circulation of digital currency of central bank have been developed, directions of changes in the structure and functions of commercial and central banks, as well as in the structure of the financial and credit system in general have been substantiated.

POTENTIAL OF BANK CURRENCY TRANSACTIONS WITH CRYPTOCURRENCY IN RUSSIA

2021 ◽  
Author(s):  
Юлия Борисовна Арон ◽  
Елена Валерьевна Жегалова
Keyword(s):  
Russian Federation ◽  
Banking System ◽  
Legal Regulation ◽  
Actual Problem ◽  
Digital Currency ◽  
Russian Economy ◽  
The Russian Federation ◽  
Definition Of

В статье рассматривается актуальная проблема интеграции крипто-валюты в банковскую систему РФ. Авторами предлагается определение криптовалюты, обосновывается востребованность использования цифровой валюты в экономике. Рассматривается специфика современного правового регулирования операций с криптовалютой и перспективы его развития в российской экономике. The article deals with the actual problem of integrating cryptocurrency into the banking system of the Russian Federation. The authors propose a definition of cryptocurrency, substantiate the demand for the use of digital currency in the economy. The article considers the specifics of modern legal regulation of cryptocurrency transactions and the prospects for its development in the Russian economy.

scholarly journals CENTRAL BANK DIGITAL CURRENCY: ECONOMIC AND LEGAL CHARACTERISTICS

2019 ◽  
pp. 94-100
Author(s):  
T.S. Hudima ◽  
V.A. Ustymenko
Keyword(s):  
Monetary Policy ◽  
Central Bank ◽  
Financial Stability ◽  
Banking System ◽  
Legal Framework ◽  
Central Banks ◽  
Digital Currency ◽  
Business Entities ◽  
The Right ◽  
Article 5

The article is devoted to identifying the peculiarities of the central bank digital currency (CBDC), explaining their impact on the monetary policy of the state, and identifying the prospects for the transformation of domestic banking legislation in connection with the implementation of the CBDC. It is noted that the scope of competence of the Central Bank and the legal basis for the issuance of the CBDC will depend on the economic and legal features of the digital currency, the degree of its impact on the monetary policy, the financial stability of the country’s economy and so on. In the process of forming the appropriate legal field and defining the conceptual apparatus in the sphere of emission and circulation of the CBDC, the peculiarities of the use of the latter in economic transactions and the specific functions not inherent in ordinary means of payment should be taken. СBDC initiatives will help: 1) progressively narrow the banking system at the level of the Central Banks (such as the Chicago Plan) by allowing individuals and businesses to deposit directly into the accounts of the Central Banks; 2) increasing confidence of economic entities and individuals in the financial system; 3) strengthening the financial stability of the economy (both domestically and globally). Granting business entities or individuals the right to store digital money directly with the Central Bank can give rise to two main directions of influence on monetary policy: first, to strengthen its transmission mechanism; secondly, lead to banks being disrupted. This may lead to some legal issues regarding (1) the NBU’s area of competence; (2) the constitutional foundations of the legal economic order (Article 5 of the ECU). In particular, it cannot be ruled out that centralization of the production, servicing, and management of the СBDC turnover may violate the principles of competition in business activities, prevent abuse of monopoly position in the market, etc. Keywords: monetary policy, central bank digital currency, financial stability, competence, legal framework, economic operations, issue.

scholarly journals ALGORITHMS FOR CONSTRUCTING CRITERIA FUNCTIONS OF THE FINANCIAL EQUILIBRIUM OF A COMMERCIAL ORGANIZATION

2020 ◽  
pp. 51-64
Author(s):  
Е.В. Негашев
Keyword(s):  
Equilibrium State ◽  
Financial Stability ◽  
General Algorithm ◽  
New Paradigm ◽  
Financial Equilibrium ◽  
Criterion Functions ◽  
General Scientific ◽  
Commercial Organizations ◽  
Commercial Organization ◽  
Scientific Ideas

В статье, продолжающей изложение методики анализа финансовой устойчивости коммерческой организации в рамках новой парадигмы анализа, рассмотрены возможности дедуктивно-аксиоматического обоснования алгоритмов построения критериальных функций финансового равновесия, являющихся необходимым элементом указанной методики. Предлагаемая концепция финансового равновесия основывается на общенаучных представлениях о равновесном состоянии системы. В качестве важных примеров представлены критериальные функции финансового равновесия, вытекающие из норм права, регулирующих условия несостоятельности (банкротства) и ликвидации коммерческих организаций. Предложен общий алгоритм классификации финансовых ситуаций, основанный на распределении рисков неплатежеспособности и ликвидации коммерческой организаций по возможным ситуациям и отражающий данное распределение с помощью значений критериальных функций. In the article, which continues the presentation of the methodology for analyzing the financial stability of a commercial organization within the framework of a new paradigm of analysis, the possibilities of deductive and axiomatic justification of algorithms for constructing criterion functions of financial equilibrium, which are a necessary element of this methodology, are considered. The proposed concept of financial equilibrium is based on general scientific ideas about the equilibrium state of the system. As important examples, the criteria of the financial equilibrium functions arising from the rules of law governing the conditions of insolvency (bankruptcy) and liquidation of commercial organizations are presented. A general algorithm for classifying financial situations is proposed, which is based on the distribution of risks of insolvency and liquidation of commercial organizations by possible situations and reflects this distribution using the values of criteria functions.

Casting Light on Central Bank Digital Currency

Cryptoassets ◽  
2019 ◽  
pp. 307-340 ◽  
Author(s):  
Tommaso Mancini-Griffoli ◽  
Maria Soledad Martinez Peria ◽  
Itai Agur ◽  
Anil Ari ◽  
John Kiff ◽  
...  
Keyword(s):  
Central Bank ◽  
Financial Stability ◽  
Central Banks ◽  
End User ◽  
Staff Members ◽  
Fiat Money ◽  
Digital Currency ◽  
Policy Goals ◽  
Simple Question ◽  
Monetary Policy Effectiveness

Several central banks have begun actively investigating the possibility of issuing central bank digital currency (CBDC). This new central bank liability would be a widely accessible digital form of fiat money, intended as legal tender. This chapter aims to answer a simple question: Does CBDC offer benefits? On the demand side, would it satisfy end user needs better than other forms of money? And on the supply side, would issuing CBDC allow central banks to more effectively satisfy public policy goals, including financial inclusion, operational efficiency, financial stability, monetary policy effectiveness, and financial integrity? In short, is CBDC a desirable form of money given existing and rapidly evolving alternatives? The chapter includes a summary of pilot projects and studies from central banks exploring the possibility of issuing CBDC. The analysis is based on publicly issued materials and discussions with staff members at central banks and technology providers around the world.

Challenges of implementing mandatory internal control and audit in the organization at the current stage

2020 ◽  
pp. 98-104
Author(s):  
Vadim M. ERUSALIMSKY
Keyword(s):  
Civil Society ◽  
Internal Control ◽  
Economic Security ◽  
Economic Stability ◽  
Economic Strategy ◽  
Quality Of Control ◽  
Russian Economy ◽  
Current Stage

We considered the issues of the full-featured implementation of mandatory internal control and stratification audit, the activities of which are directly related to the globalization of the Russian economy, and to the improvement of the economic security of the enterprise as a whole. After all, growing crisis phenomena, the presence of a “gray” economic strategy and corruption manifestations can strangle any business, despite the level of integration in the region and its significance. In such circumstances, a revision of the classic internal control and audit continuity schemes are necessary. This will provide qualitative prerequisites to counteract challenges and threats at any level of enterprise economic stability with the possibility of leveling crisis phenomena, which, in turn, can actively affect the increase in jobs, employment in the region, collection of taxes and fees in general. We should note that the current geopolitical situation and the current legislative initiatives of the country's leadership qualitatively contribute to this, which, in turn, will lead to an increase in the quality of control and audit processes, including in budget spending. Increasing the investment attractiveness of the regions will be achievable only on the fact of consolidating the efforts of all authorities and local self-government with civil society institutions.

Tools for Sustainable Development of High-Tech Enterprises in the Face of Current Challenges and Threats

2015 ◽  
Vol 4 (4) ◽  
pp. 4-13 ◽  
Author(s):  
Пименов ◽  
Vladimir Pimenov ◽  
Быстров ◽  
Andrey Bystrov ◽  
Калиматова ◽  
...  
Keyword(s):  
Sustainable Development ◽  
Financial Stability ◽  
Economic Security ◽  
High Tech ◽  
Industrial Complex ◽  
Russian Economy ◽  
Close Relationship ◽  
The Face ◽  
Research Findings

The current challenges and threats undermine economic security of the most production enterprises, primarily as the result of such environmental factors, as sanctions and declining oil prices, which in turn significantly affects the whole Russian economy, heavily dependent on energy resources exports. These external factors also threaten the financial stability and create prerequisites for crisis situations at the enterprises, ultimately undermining their economic security. The paper reveals the close relationship between such concepts, as sustainability and economic security, and shows the role of financial strategy as one of the tools to ensure sustainable development of an enterprise under the mentioned conditions. The research findings are considered through the case study of high-tech enterprises within the defence-industrial complex of this country.

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