Egor S. GNEDINMoscow State Institute of International Relations (University) of the Ministry of Foreign Affairs of the Russian Federation (MGIMO University), Moscow, Russian Federation egnedin06@gmail.com ORCID id: not available
Subject. This article discusses the analysis and consideration of positive and negative externalities in the development of an effective mechanism for regulating relations arising in the field of digital financial assets turnover. Objectives. The article aims to study and analyze foreign and Russian practices of regulating digital currencies, classifying the main approaches, and assessing the external effects of the introduction of digital currencies into the economy. Methods. For the study, I used a systems approach, critical analysis and statistical assessment. Results. Based on the analysis of foreign and domestic practices of regulating digital currencies, the article finds that regardless of the chosen approach to the legal mechanism, all national agencies first of all strive to protect investors from risks and reduce the likelihood of negative externalities. Conclusionsand Relevance. The most common approach to regulating digital currencies is the market-based one, which indicates the gradual adoption of cryptocurrencies by countries and the positive effects from their implementation. As for the states that create alternative instruments, namely central bank digital currencies, in this context, attention should be paid to the development of their own information technologies. The results of the study can be applied in the current work of public authorities, regulators and enterprises to build a system of settlements and payments based on innovative principles.
Keywords: financial assets, cryptocurrencies, regulation, digital currency, central bank
References:
Plotnikova T.V. [Cryptocurrency: the evolution of formation and development prospects]. Probely v rossiiskom zakonodatel'stve = Gaps in Russian Legislation, 2018, no. 4, pp. 50–54.(In Russ.)
Kochergin D.A. [Digital currencies of central banks: options for the introduction of the digital yuan and the development of the concept of the digital ruble]. Russian Journal of Economics and Law, 2022, vol. 16, no. 1, pp. 51–78.
Pertseva S.Yu. [Crypto industry and paid systems]. Economic Consultant, 2019, no. 2, pp. 58–63. (In Russ.) URL: Link
Pertseva S.Yu., Kopylov D.A. [Fundamentals of the FinTech industry and the implementation of its principles on the example of the segment of payments and transfers]. Problemy natsional'noi strategii = Problems of the National Strategy, 2018, no. 4, pp. 186–195. (In Russ.)
Malova T.A., Kozlova M.A., Safronchuk M.V. et al. Ratsional'nost' vs irratsional'nost': aktual'nye napravleniya ekonomicheskikh issledovanii: monografiya [Rationality versus irrationality: current directions of economic research: a monograph]. Moscow, MGIMO University Publ., 2022, 374 p.
Zaporozhan A.Ya. [Evolution of the financial market. Cryptocurrency]. Upravlencheskoe konsul'tirovanie = Management Consulting, 2018, no. 5, pp. 77–85. (In Russ.)
Egorova M.A., Efimova L.G. [The concept of cryptocurrencies in the context of improving Russian legislation]. Lex Russica, 2019, no. 7, pp. 130–140. (In Russ.) URL: Link
Korobeinikova O.M., Burkal'tseva D.D., Tyulin A.S. [The evolution of electronic money]. Nauchnyi vestnik: finansy, banki, investitsii = Scientific Bulletin: Finance, Banks, Investments, 2017, no. 2, pp. 73–79. (In Russ.) URL: Link
Vaipan V.A. [Fundamentals of legal regulation of the digital economy]. Pravo i ekonomika = Law and Economics, 2017, no. 11, pp. 5–18. (In Russ.)
Vershinina O.V., Labusheva Ya.G., Sultaniev I.S. [Analysis of the possibilities and risks of introducing digital currencies of central banks into circulation on the example of the digital ruble]. Vestnik Rossiiskogo novogo universiteta. Seriya: Chelovek i obshchestvo, 2021, no. 1, pp. 51–60. (In Russ.)
Ivanushchenko A.V., Plyusnina E.A., Yatsyk A.A. [Digitalization of the national currency: world and domestic experience]. Ekonomika. Pravo. Innovatsii, 2021, no. 2, pp. 4–11. (In Russ.)
Korobeinikova O.M., Korobeinikov D.A., Nazarbaev O. [Innovative payment instruments in payment systems]. Aktual'nye problemy gumanitarnykh i sotsial'no-ekonomicheskikh nauk = Actual Problems of Humanities and Socio-Economic Sciences, 2017, vol. 11, no. 5, pp. 102–104. (In Russ.)
Korobeinikova O.M. [Retail payment instruments: approaches, essence of interpretation and classification]. Trudy BGTU. Seriya 5: Ekonomika i upravlenie = Proceedings of BSTU. Series 5: Economics and Management, 2019, no. 2, pp. 55–60. (In Russ.) URL: Link
Fialkovskaya I.D. [Virtual currency: problems of state regulation and taxation]. Vestnik NNGU = Vestnik of Lobachevsky University of Nizhny Novgorod, 2019, no. 2, pp. 133–137. URL: Link (In Russ.)
Korobeinikova O.M. [The evolution of money functions in the context of the formation and development of payment systems]. Belorusskii ekonomicheskii zhurnal, 2019, no. 3, pp. 77–88. (In Russ.)
Fokin V.V. [Innovative payment instruments in the digital economy]. Gumanitarnye, sotsial'no-ekonomicheskie i obshchestvennye nauki, 2018, no. 10, pp. 257–260. (In Russ.) URL: Link
Soldatkin S.N., Sigov V.O. [Digital ruble: features of the Russian model of creation and functioning of the national digital currency]. Vestnik Khabarovskogo gosudarstvennogo universiteta ekonomiki i prava, 2021, no. 2, pp. 62–69. (In Russ.) URL: Link