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Developing the infrastructure of virtual entrepreneurship in modern Russia through the mechanism of cryptocurrency payments

Vol. 12, Iss. 3, SEPTEMBER 2019

Received: 5 March 2019

Received in revised form: 26 March 2019

Accepted: 16 April 2019

Available online: 30 August 2019

Subject Heading: FINANCIAL INSTRUMENTS

JEL Classification: E42, H54, L26, O31, O32

Pages: 299–308

https://doi.org/10.24891/fa.12.3.299

Morozova I.A. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
morozovaira@list.ru

ORCID id: not available

Smetanina A.I. Volgograd State Technical University (VSTU), Volgograd, Russian Federation
luxury_economy@mail.ru

ORCID id: not available

Subject The research discusses the infrastructure for virtual entrepreneurship in Russia today and its future development through cryptocurrency payments.
Objectives The study determines how the cryptocurrency payment mechanism may influence the development of virtual entrepreneurship in modern Russia. The article provides our recommendations for expanding the infrastructure of virtual entrepreneurship in Russia by implementing the cryptocurrency payment mechanism.
Methods We conduct the regression and correlation analysis to determine how the cryptocurrency payment mechanism influences the virtual entrepreneurship development. Based on the method, we built a regression curve showing the dependency of online sales on the number of bitcoin transactions in Russia in 2011–2019.
Results We analyzed trends in cryptocurrency payments and the virtual entrepreneurship development in Russia in 2011–2019. Based on the regression and correlation analysis, the implementation of cryptocurrency payments was proved to have a stable positive effect on virtual entrepreneurship. The article outlines the future of cryptocurrency payments as a tool to unfold the infrastructure of virtual entrepreneurship in Russia today.
Conclusions and Relevance The use of cryptocurrency payments in virtual entrepreneurship was found to streamline the diversification of growth drivers and development of the modern Russian business, and leverage business processes. Cryptocurrency payment systems should help the virtual entrepreneurship infrastructure thrive in modern Russia, being implemented through the national payment system Mir.

Keywords: digital economy, cryptocurrency payment, cryptocurrency payment system, virtual entrepreneurship

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