Правовая природа криптовалют в Российской Федерации
Despite the wide spread of the cryptocurrency around the world, the Russian Federation has not yet developed a mechanism for legal regulation and taxation of this phenomenon. This is closely related to the fact that its legal nature not defined. The authors have analyzed the possibility of assigning a cryptocurrency to one of the existing legal categories within the system of civil rights objects.
Internal rate of return IRR is one of the key criteria for justifying and choosing capital investments with conventional cash flows. However, this criterion is not practically used when the rate of return of investment instruments (short sales, options, futures, swaps) is calculated because these instruments create non-conventional cash flows. The author previously showed that IRR problems were observed when the present value of cash flows changed sign from period to period. This paper offers a criterion to evaluate the rate of return of investment instruments with non-conventional cash flows, i.e. General Rate of Return (GRR).
Presented in the article analysis of novels of the revised edition of the Chapter 7 of the Civil Code of RF from October 1, 2013 in the field of securities’ law shows us that the reform focused on form rather than on substance. The question about genuine belonging of a right on an uncertificated security and a person entitled to accept performance of obligation arising out of it is not answered. Rules on protection of violated security holders’ rights, on consequences of securities rights’ recovery were materially changed, however most vital problems with protection of security holders’ rights were not solved. The Civil Code of RF does not contain guidelines for solving problems connected with mixture of securities, charter capital increase, remedies against unjust enrichment as well as return of securities after performed reorganization of entities.
The review discusses the political-economic aspects of the concept of distributed capitalism allowed for by blockchain technology. As opposed to the first era of the Internet, where the industry of financial and information services was dominated by intermediaries, the blockchain era is characterized by development of a new institution of trust; disruption of financial intermediation; economic inclusion of hundreds of millions of citizens in developing countries; an increase in competition and a decrease in inequality. The paper focuses on the content of key political-economic categories being redefined in the blockchain era. First, labor value gives way to creative value which is manifesting itself in cryptocurrencies. Second, exploitation of workers is replaced by digital discrimination. The blockchain revolution is a solution to the problem of discrimination against intellectual property creators, who have to hand over a large part of the value created to intermediaries. Third, capitalism characterized by information monopoly gives place to free competition based on rivalry between cryptocurrencies. Fourth, class struggle is substituted by confrontation between agents of information monopoly system and those of distributed economy. The author considers the main opposition to distributed capitalism to stem from the feudal financial system which loses ground under new conditions, where economic agents may use alternative currencies and interact directly with one other without risk and high transaction costs.
The article is essentially an analysis of the notion of «electronic money», including the legal definition set forth by the Federal law «On the national payment system», and other legal norms that can lead to a conclusion regarding the legal nature of the mentioned phenomenon. This analysis leads to a conclusion that electronic money can be defined through properties which make them different from other kinds of money, which are the order of fulfilling payment obligations and the moments legal consequences arise in respective settlement relations.
Financial markets have always been attractive as a means of increasing one's wealth, and those who make accurate predictions take the prize. Forecasting models such as linear ones are simple to compute, however, they give rough approximations of the underlying relationships in the data, thus, producing poor forecasts. The solution to this issue could be the nonlinear models which try to fit the data and display the relationships with higher accuracy. Previous research seems to prove this statement from the statistician's point of view which might be of little use for an investor. Therefore, the focus of this paper is on the comparison of three types of models (nonlinear: ANN, STAR, and linear: AR) in terms of financial performance. Our research is based on the initial code for GAUSS and papers by Dick van Dijk. The data used is the monthly S&P 500 Index values from 1970 to 2012 provided by the Robert Shiller's website. Forecasting index changes begins at 1995 and ends in 2012 providing up-to-date results for 14 model specifications. The best model proves to be the flexible ANN, beating the linear AR in the majority of cases, leaving the underperforming heavy-parameterized STAR model behind. Thus, it is evident that the more flexible nonlinear models outperform the heavily parameterized ones as well as linear models for the S&P 500 Index. The introduced type of performance evaluation has a more comprehensible application to the financial market analysis.
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.
In the conditions of accelerated globalization and high speed of technological progress, it becomes vitally important for investors, banks and other participants of the financial market to use innovations in their kind of activity to increase profits. Otherwise, they can be defeated before their competitors. In view of the above situation, the author decided to carry out a research paper on the topic "Bitcoin as a breakthrough innovation of the 21st century". The article is devoted to the study of the Crypto-currency as a derivative of the technology from the "Blochane" innovation. The main objective of the study is to define the investment appeal of the crypto currency both in general and in particular - Bitcoin. The subject of the study is Bitcoin, and the object of research is the technology of P2P data exchange. The main method of studying Bitcoin is the historical analysis, on the basis of which the cause-effect relationships affecting the Bitcoin exchange rate to the dollar were searched. Also, a quantum-economic analysis was made showing the state of the subject of research to date. Moreover, it was presented a comparison of the fiat currencies and the first crypto currency. The author also analyzed the dynamics of changes in the level of interest of the population in crypto currency Bitcoin and the dynamics of the change in the rate of Bitcoin to the dollar. Based on the analysis done, the author came to a number of conclusions, the main ones of which are: Bitcoin is a test model of a new concept of electronic money transfer; In the near future it is necessary to expect the emergence of national crypto-currencies; The potential of technology "Blokchayne" can radically change the accounting and tax reporting of legal entities.
The article is devoted to a particular form of freedom of assembly — the right to counter-demonstrate. The author underlines the value of this right as an element of democratic society, but also acknowledges the risk of violent actions among participants of opposing demonstrations. Due to this risk, the government may adopt adequate measures restricting the right to counter-demonstrate, certain types of which are analyzed in this paper.
Development of standards of international controllability is reviewed in the article. Institutional approach is applied to development of international legal regime of Energy Charter. Definition of controllability is connected to development of international standards of dispute settlement, which are described in the article in detail. In connection with controllability, Russian interest, defense of investment in European Union and ecological investment encouragement, is reviewed in the article.
мировое управление и управляемость, Мировая экономика, международное экономическое право, энергетическая хартия, International control and controllability, International economics, international economic law, Energy Charter
международное частное право; недвижимость; ; школа бартолистов; бартолисты; теория статутов; статуарная теория/