Development of the circulation of digital financial assets in the world in the context of digital transformation

Abstract

Aim. To study and describe the main trends in the development of the world market of digital financial assets in the conditions of digital transformation. Objectives. To disclose the essence and role of digital transformation at the present stage; to consider the emergence of digital financial assets and the possibilities of their application against the background of high growth rates of the cryptoasset market; to analyze the main indicators of digital currencies as of February 2024; to identify the key characteristics of the use of cryptocurrencies by different countries; to rank countries according to the index of cryptocurrency ownership for 2023; to describe the development trends of the circulation of digital financial assets in the world in the conditions of digital transformation.Methods. The study uses complex and logical approaches, general scientific methods (analysis, synthesis), methods of comparative and economic analysis, analytical processing and graphical presentation of information.Results. The leading trends in the development of the global market of digital financial assets in the conditions of digital transformation have been considered. The indicators of the top 10 largest digital currencies by market capitalization are highlighted. Based on the results of the study, the ranking of countries by the index of cryptocurrency ownership for 2023 was compiled. The main indicators of digital currencies for February 2024 were analyzed. The key characteristics of cryptocurrency use by different countries in the context of high rate of digital transformation were described.Conclusions. The results of the conducted research allowed us to conclude that the current transformation of the global economy, associated with the active development of breakthrough technologies, including distributed ledger technologies (DLT) and blockchain, has become a trigger for the emergence of digital financial assets and expanded the possibilities of their application in the context of high growth rate of the cryptoasset market. The analysis of the current state and development of the circulation of digital financial assets in the world under the conditions of digital transformation shows the growing interest in the use of cryptocurrencies and the introduction of blockchain technologies in the financial systems of various countries, as well as the growing use of cryptocurrencies by companies and individuals. Taking into account the review of global trends, development of fintech technologies, the conclusion is made about the inevitability of the processes of digitalization of financial assets, the emergence of new forms of digital assets, which dictate the need for advanced development of their legal regulation. In the future, the development of digital assets will give them the official status of a means of payment and expand their use in the system of financial relations in the conditions of digital transformation both in Russia and abroad.