IV Российский экономический конгресс «РЭК-2020». Том II. Тематическая конференция «Методология, история экономической мысли и экономическая история» (сборник материалов)
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.
High rates of growth of the ICO market and its excess returns stipulate a significant interest of investors to projects which use initial token allocation (ICO) for attracting investments. This work takes into account the fact that even a potentially profitable project may fail to collect the required amount of money and to start placing tokens on the stock exchange. We are speaking about success of an ICO-campaign for fund raising. In order to estimate the influence of factors and check the suggested research hypotheses, logistic regression was used. The selection included 672 projects. As a dependent variable, the proportion of the amount collected in the ICO process from the required value is selected. Depending on the tested hypothesis the influencing variables took into account the presence of a pre-sale stage and the bounty program and also the price of the token, the upper limit of fund raising, the duration of the ICO-campaign and the number of team members. The work results allow token emitters to substantiate managing the success of the ICO-campaign of the project and the investors to see whether it deserves their attention. Besides, the obtained materials can be useful for specialists in forming the legal framework of token transactions.
The articleconsider the development of the sphere of labor relations in the context of ongoing Fourth Industrial Revolution and, in particular, in the conditions of emergence and development of Blockchain technology. Blokchain is one of the main technologies that have become the driving force of new scientific and technological revolution. Because ofthe interest and the informational support of the media it causes cross-industrial promotion of technology, and it leads to the coverage of new mar-kets. Blockchain continues the trend of decentralization and automation of business processes and document circulation; it opens an opportunity to avoid intermediaries involvement, which significant-ly affects the labor market and the existence of a number of professions.
The paper analyzes legal issues associated with Smart contracts, i.e. agreements existing in the form of software code implemented on the Blockchain platform, which ensures autonomy and self-executive nature of Smart contract terms based on predetermined set of factors. Based on cryptocurrency Bitcoin example, the paper outlines peculiarities of Blockchain technology, which is the core of Smart contracts. Then the tensions between classic contract law and Smart contracts are outlined (inapplicability of concepts of “obligation”, “responsibility”, “non-performance or improper performance”, etc.) and certain possible consequences of wide-scale use of Smart contracts in legal practice
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 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.