Prospects for the use of cryptocurrency in public monetary circulation

Author:

Danilyants G. G.1ORCID,Volik M. V.1ORCID

Affiliation:

1. Financial University (Vladikavkaz branch)

Abstract

The modern world is changing rapidly. Digitalization is becoming more and more important and penetrates into all spheres of society. The digital transformation of financial and monetary processes and systems deserves special attention. It is important to determine the place and role of the state in the regulation of these processes. This paper examines the current state and prospects of using cryptocurrency as an element of monetary circulation. Analysis of the dynamics of the bitcoin rate showed that the use of cryptocurrencies is promising. However, it is necessary to improve the regulatory framework. The introduction and use of the national cryptocurrency in Russia will stabilize the state of the financial system in relation to the dollar, ensure the safety of economic development and reduce transaction costs. 

Publisher

State University of Management

Reference16 articles.

1. Federal Law No. 259-FZ of 31.07.2020 “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation” (as amended), Legal reference system “ConsultantPlus”. Available at: http://www.consultant.ru (accessed 15.04.2021).

2. Berdyshev A. V. Features of modern monetary policy of the Bank of Russia, Vestnik universiteta, 2019, no. 2, pp. 113–117. (In Russian).

3. Danilyants G. G., Gergiev I. E. Limitations in the use of electronic payment and transfer systems as a factor in strengthening the state’s struggle with the shadow economy in the financial sector, Actual problems of social stratification and transformation in modern conditions. collection of scientific articles based on the materials of the international scientific and practical conference of teachers, postgraduates, students and practitioners, Penza, October 16, 2020, Ed. by I. A. Yurasov, V. A. Yudina, E. V. Kuznetsova, M. A. Tanina, Penza, Penza State University, 2020, pp. 213–216. (In Russian).

4. Danilyants G. G., Pozmogov A. I. Factors of recovery of the Russian banking system, Journal of Economy and entrepreneurship, 2020, no. 6 (119), pp. 144–147. (In Russian).

5. Dorofeev M. L., Kosov M. E. The role and prospects of introducing cryptocurrencies into the modern world financial system, Finance and Credit, 2019, vol. 25, no. 2 (782), pp. 392–408. (In Russian).

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