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A financial model for virtual entrepreneurship development in Russia

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

Journal: Finance and Credit, #26, 2016

Importance The article overviews the virtual enterprise that is to operate electronically via the Internet, without being limited with physical boundaries and thus providing for the virtual communication between the seller and buyer and the deferred nature of transactions.
Objectives As I hypothesize, financial infrastructure is crucial for the development of virtual entrepreneurship. The research verifies the hypothesis and determines how financial difficulties of the virtual entrepreneurship evolution may be tackled in modern Russia.
Methods The methodological framework draws upon the method of problem, systems, structural, functional, comparative, regression and correlation analysis, and economic modeling. I also resort to methods of synthesis, induction, deduction, formalization, etc.
Results I determined the conceptual basis for virtual entrepreneurship as an economic category, substantiated that this type of entrepreneurship should be advanced in Russia, proved financial barriers to exist in this area in Russia, and devised a financial model to bolster virtual entrepreneurship and subsequently overcome the above barriers.
Conclusions and Relevance Currently, human factor plays a key role in the development of virtual business in Russia, since people are reluctant to make electronic payments, being an integral part of virtual entrepreneurship, and use them actively. The proposed financial tools allow changing the situation so to please both consumers and virtual enterprises, thus creating favorable conditions for their operations.


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

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

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

Journal: Financial Analytics: Science and Experience, #3, 2019

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.


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