Cryptopace and problems of decentralization of the financial system: view from Russia-Reference-Cited by-同舟云学术

Cryptopace and problems of decentralization of the financial system: view from Russia

Published:2022-11-30 Issue:12 Volume: Page:893-901
ISSN:
Container-title:Mezhdunarodnaja jekonomika (The World Economics)
language:
Short-container-title:The World Economics

Author:

Klunko N. S.^ORCID,

Abstract

The article examines the problems of the formation of cryptospace in modern Russia, determines the objective prerequisites for the formation of a parallel fi nancial system, which is based on blockchain technology and the idea of cryptocurrency circulation. The author presents the characteristic features of centralized and decentralized financial systems, considering differences in the way to achieve goals, the functioning of regulatory norms of legislation, the degree of fi nancial independence and manufacturability. It is indicated that the very ideology of a free market economy and free circulation of information in the context of digitalization led to the emergence of these phenomena. The objectivity of these phenomena raises the question of the admissibility of their introduction into the fi nancial system of the Russian Federation. The author critically comprehends the provisions regarding the advantages and disadvantages of cryptocurrencies in the context of the development of the fi nancial system. It is indicated that this form of circulation of fi nance is new and promising, although it carries signifi cant risks for both the fi nancial system and users. At the same time, arguments are given in favor of the legalization of cryptocurrencies in Russia, a model for the circulation of cryptocurrencies is given that considers the interests of all participants in virtual monetary relations, and a promising direction for further research on cryptocurrencies and blockchain technology is identified.

Publisher

PANORAMA Publishing House

Subject

Dermatology,Dermatology,General Medicine,Dermatology,Surgery,Nature and Landscape Conservation,Urban Studies,Building and Construction,Architecture,Visual Arts and Performing Arts,Computer Graphics and Computer-Aided Design,Engineering (miscellaneous),Industrial and Manufacturing Engineering,Visual Arts and Performing Arts,Cultural Studies,Business and International Management,Marketing,Strategy and Management,Business and International Management,Tourism, Leisure and Hospitality Management,Geography, Planning and Development,Development,Geography, Planning and Development

Reference16 articles.

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