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National Interests: Priorities and Security
 

Issues of bitcoin use and economic security

Vol. 14, Iss. 3, MARCH 2018

PDF  Article PDF Version

Received: 9 January 2018

Received in revised form: 29 January 2018

Accepted: 16 February 2018

Available online: 15 March 2018

Subject Heading: ECONOMIC SECURITY

JEL Classification: D14, E30, F52, G20, H56

Pages: 452–464

https://doi.org/10.24891/ni.14.3.452

Fetisov V.D. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
Fetisov21@mail.ru

ORCID id: not available

Fetisova T.V. National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation
Fetisova.tatyana@mail.ru

ORCID id: not available

Importance The article focuses on bitcoin and reviews the principal issues of using cryptocurrencies and their impact on Russia's economic security.
Objectives We unravel reasons for using bitcoin and its economic substance in the market environment. The article constitutes a critical analysis of bitcoin and its impact on the national economic security. We search for ways of improving Russia's payment systems as a tool for economic security.
Methodology The research draws upon fact-based materials on economic development and seven years' practices of integrating cryptocurrencies in Russia and abroad. The article involves empirical, system, analytical, economic and other methods of studying economic life of social actors.
Results We unfold reasons for using bitcoin and its economic substance, determine practical difficulties in Russia. The article provides our interpretation of the financial aspect of bitcoin, its impact on the financial position of certain social layers. In the conclusion we express our proposals for modifying the national payment system as a crucial tool of Russia's economic security.
Conclusions and Relevance Cryptocurrencies and bitcoin, first of all, constitute a tool to evade taxes, conceal criminal and informal income. They serve as a financial mechanism for reallocating values of the market actors in certain countries and worldwide. Russia spends a plenty of tangible, labor and financial resources, taking unjustifiable risks of net losses. Hence it is necessary to crucially enhance the financial literacy of the population and quality of personal financial management.

Keywords: bitcoin, user, security

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