Потенциал применения цифровых финансовых активов
The purpose of the article is to analyze the future state of legal issues connected to the use of digital assets after the adoption of the Federal Law “On digital financial assets, digital currency...” in the Russian Federation. Results: The main areas of application are highlighted for digital financial assets in the form of shares on blockchain and digital bills of exchange. The authors conclude that the new Law introduces significant restrictions, but at the same time opens up certain opportunities for business development in operations with digital financial assets. It is seen that the terminology used in the Law does not always correspond to the concepts and standards established in international legal and business practice. Practical significance: Recommendations made in this article may be useful in practice for the exchange operator of digital financial assets, the operator of the information system, and other subjects working in the innovative infrastructure when planning activities in the field of regulation of the Law and in dealing directly with digital financial assets. To harmonize activities with digital financial assets, the legislator and the regulator, represented by the Bank of Russia, can also use the practice-oriented approaches described by the authors.
XVI International Symposium "Problems of Redundancy in Information and Control Systems" is the conference that covers a wide area of aspects of information and communication systems. The main goal of the Symposium foundation is the reinforcement of cooperation between the representatives of various scientific schools, a possibility for the participants to get awareness of the latest scientific and technical achievements and sharing their experience with colleagues. The covered topics include but not limited to information and coding theory, telecommunication protocols, internet of things systems, machine learning, data security, blockchain.
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.
This book constitutes the contributions presented at the Blockchain Forum and the Central and Eastern Europe Forum (CEE Forum) held at the 17th International Conference on Business Process Management, BPM 2019, which took place in Vienna, Austria, in September 2019.
The Blockchain Forum deals with the use of blockchain for collaborative information systems. Conceptual, technical and application-oriented contributions are pursued within the scope of this theme. The Blockchain Forum received a total of 31 submissions; 10 full and 1 short paper were accepted for publication in this book.
The objective of the CEE Forum is to foster discussion for BPM academics from Central and Eastern Europe to disseminate their research, compare results and share experiences. For the CEE Forum 16 submissions were received and 6 full and 2 short papers were accepted for publication.
The book also contains one invited talk in full-paper length and 6 poster papers from the CEE Forum.
The papers in this special issue focus on the emerging phenomenon of cryptocurrencies. Cryptocurrencies are digital financial assets, for which ownership and transfers of ownership are guaranteed by a cryptographic decentralized technology. The rise of cryptocurrencies’ value on the market and the growing popularity around the world open a number of challenges and concerns for business and industrial economics. Using the lenses of both neoclassical and behavioral theories, this introductory article discusses the main trends in the academic research related to cryptocurrencies and highlights the contributions of the selected works to the literature. A particular emphasis is on socio-economic, misconduct and sustainability issues. We posit that cryptocurrencies may perform some useful functions and add economic value, but there are reasons to favor the regulation of the market. While this would go against the original libertarian rationale behind cryptocurrencies, it appears a necessary step to improve social welfare.
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 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.