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ИД «Финансы и кредит»






Economic Analysis: Theory and Practice

Potential opportunities of using the ICO mechanism to promote investments and ensure macroeconomic stability

Vol. 22, Iss. 2, FEBRUARY 2023

Received: 31 October 2022

Received in revised form: 20 November 2022

Accepted: 13 January 2023

Available online: 28 February 2023


JEL Classification: E42, E44, F21, G15

Pages: 365–381


Elizaveta S. USHAKOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article addresses the actively developing business of the cryptocurrency market and Initial Coin Offering (ICO), and the negative dynamics observed in the investment markets, especially in the direct investment markets.
Objectives. The aim is to explore the nature of investments made through ICOs involving coins traded on cryptocurrency exchanges, in the absence of guarantees for investors and the possibility of ensuring the macroeconomic stability of the recipient States of investments, with the participation of government regulation.
Methods. The study draws on statistical methods, comparative analysis, expert assessments, generalization, and the systems approach.
Results. It is assumed that when the national digital currency is issued, the structure of financial markets will be changed. This will lead to a reduction in the volume of commercial lending to avoid significant credit risks. Companies will be forced to increase the volume of securities issuance. Thus, the role of the Central Bank as an agent in the financial market will increase. If the issue of the national digital currency does not affect the demand for money supply, the regulator's demand for market securities may increase. Consequently, the issue of any digital currencies will influence the monetary policy of the State and the macroeconomic situation as a whole.
Conclusions. The development of ICO as a venture financing tool necessitated the improvement of institutional environment of innovation activities to mitigate investor risk. The possibility of introducing digital currencies controlled by the State will contribute to the national economy stability and reproductive economic processes intensification.

Keywords: cryptocurrency, ICO, direct investment, digital currency, macroeconomic stability


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ISSN 2311-8725 (Online)
ISSN 2073-039X (Print)

Journal current issue

Vol. 22, Iss. 2
February 2023