Криптовалюта как возможная мировая валюта: дискуссионные аспекты
The purpose of this article is to answer a question: сan cryptocurrency take the place of a major world currency? I study this issue because of economic agents tend to apply that currency, which is used by others in a currency сirculation. Therefore, there is a tendency of a transition from the international currency system with a set of шnternational currencies to a system with one major world currency or to a system with a small number of international currencies. The first part of the article determines requirements to the major world currency. The second part of the article studies to what extent cryptocurrency conforms to these requirements. The final part describes the characteristics of cryptocurrency, which will allow it to take the place of the world currency. To analyze economic processes, the author applied the system approach as well as the methods of scientific modeling, comparison, and grouping. The analysis has shown that cryptocurrencies existing now cannot take the place of world currency, as they do not conform to many requirements. But at the same time, cryptocurrency as a world currency has competitive advantages over national world currencies. It is decentralized; therefore, when changing the country-leader, other countries can support it. Moreover, it is not a national currency; therefore, its volume is not connected with monetary policy of any country. These benefits give a prospect to cryptocurrency to become a world currency if in other properties it will be as good as modern international currencies. Therefore, in order that cryptocurrency has taken the place of steady world currency, it has to go under certain changes, which presented in the last part of the paper.
the article dwells on the international turnover of quasi-monetary units, including units of international payment systems and cryptocurrencies. Intensive digitalization of economic exchanges inextricably entails wider use of these instruments, which consequently creates the need in the development of respective regulation. Thus, the legal nature of quasi-monetary units payment system units as rights of claim to the systems operator and cryptocurrencies as specific proprietary object (a digital commodity) are being analyzed. Further in the article the law applicable to the turnover of quasi-monetary units is examined including the possibility of using lex voluntatis in settlements denominated in such units. Finally, the author considers the mandatory provisions applicable to the turnover of payment system units and cryptocurrencies.
National currency is needed for the following reasons. On the one hand, the world monetary circulation of the fiat currency is in a dead end, and there is huge demand for alternatives to fiat money with no disadvantages of the latter. That is, for new currencies, having features: full commodity security; protection from inflationary depreciation; 100 percent cash reserves against bank demand deposit liabilities, that is, a total prohibition of increase monetary aggregates by credit institutions through a multiplier; recognition of the account beneficiary property right for all funds in the account, fixing this right in the distributed registry on a decentralized basis; removal of the risk of savings loss by prohibiting financial institutions to the use client money in own operations of the former and operations of other clients; free transfer between cash and non-cash form; refusal of absurd rules of financial monitoring. From the supply side, competently designed pool of national cryptocurrencies is a way of attracting financing in conditions of sanctions, promoting commodity exports, and also strengthening regional economic integration.
Bitcoin is the most popular cryptocurrency on the planet. It relies on strong cryptography and peer-to-peer network. Bitcoin is gaining more and more popularity in criminal society. That is why Bitcoin is often used as money laundering tool or payment method for illegal products and services. In this paper we explore various methods for Bitcoin users deanonimization, which is an important task in anti-money laundering process and cybercrime investigation.
Any object or resource can be attacked. Cyberattacks cover identity theft, fraud, and network or system intrusions. Preventing online fraud, identity theft and hacking is especially important when exchanging information in a blockchain.
The article examines in detail the method of design of an own cryptocurrency with a description of its parameters. At the output, a program is obtained, with the help of which it is possible to mining its cryptocurrency and exchange it among users.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.