CITISE
ISSN 2409-7616
CITISE № 4(21) 2019
Economic sciences
Downloads

N. Nevskaya

CRYPTO-ASSETS STATUS IN THE MONETARY POLICY OF ECB AND BANK OF RUSSIA

DOI: http://doi.org/10.15350/24097616.2019.4.24

Natalia A. Nevskaya – Candidate of economics sciences, associate professor, leading researcher of the department of economic research Institute of Europe of RAS, Moscow, Russian Federation, SPIN-code: 3745-2541, ORCID: 0000-0002-2344-0549, E-mail: nnevskaya@gmail.com

Abstract. The subject and purpose of the article. The article reveals the transformation of the monetary policy of the central banks of the EU and Russia in the context of the transition to a digital economy. The purpose of the article is to consider the mechanisms of regulatory impact on cryptocurrencies based on EU legal acts to assess the conditions for applying positive experience in the market conditions of the digital economy of the Russian Federation. Methods and methodology. The work uses a systematic approach, methods of analysis and synthesis. In particular, the article presents an analysis of the dynamics of the cryptocurrency market (for example of Bitcoin), compares the growth and growth rates of the main cryptocurrencies with each other and with the main goods of the stock exchange, considers the main regulatory acts governing the use of cryptocurrencies. Results. The article discusses the dynamics of capitalization of the main cryptocurrencies, comparing the dynamics of the main cryptocurrencies with each other, as well as with oil and gold. A sharp change in the share of transactions denominated in fiat currencies after the introduction of prohibitions on operations with cryptocurrencies is shown. Based on the experience of the European Central Bank, the main risks and problems of cryptocurrency regulation were identified, the main directions of cryptocurrency monitoring were identified. The evolution of the regulatory regulation of cryptocurrencies in Russia is examined, contradictions of law enforcement in relation to the subjects of the cryptocurrency market are revealed. Based on the analysis of the dynamics of cryptocurrency capitalization, taking into account the high interest from large stock market players, using the results of modeling young markets, the formation of a pre-crisis situation in the next 2-3 years is justified. Application area. The paper considers the cryptocurrency market regulation system in the context of the dynamic digitalization of the global economy. The main problems of implementing the Digital Economy program related to blockchain technology in Russia are described. A particularly important aspect is the formation of the digital architecture of young stock markets. Findings. Distributed ledger technology jeopardizes central bank monopolies. The greater volatility of new cryptocurrency markets can contribute to the crisis and the subsequent sterilization of the money supply issued by central banks as part of a quantitative easing policy. In the work, the legislative role of the development of cryptocurrencies is highlighted. Within the framework of globalization, successful support experience can be applied in the realities of the domestic economy in shaping the architecture of the digital economy.

Keywords: Bitcoin, digital economy, stock exchange, digital economy, crisis, cryptocurrencies, digital assets, cryptocurrency value, European Central Bank, Bank of Russia.

 

References:

  1. Advice Initial Coin Offerings and Crypto-Assets. 9 January 2019. URL: https://www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf
  2. Borio C. On money, debt, trust and central banking. BIS Working Paper, №763, January 2019. URL: https://www.bis.org/publ/work763.htm.
  3. Committee on Payments and Market Infrastructures, Markets Committee, Central bank digital currencies, March 2018. URL: https://www.bis.org/cpmi/publ/d174.pdf
  4. Crypto-Assets: Implications for financial stability, monetary policy, and payments and market infrastructures. European Central Bank, Financial Stability Review, Frankfurt am Main, May 2018.
  5. European Central Bank, Financial Stability Review, Frankfurt am Main, May 2018. URL: https://www.ecb.europa.eu/pub/financial-stability/fsr/html/ecb.fsr201905~266e856634.en.html#toc1
  6. Financial Stability Board, Crypto-asset markets / Potential channels for future financial stability implications, October 2018.
  7. Kozyr N.S., Petrovskaya N.E., Zazimko V.L. Modern approaches assessing Global Competitiveness. European Research Studies Journal, 2018, no. 21. issue 4, pp. 1034-1041. (in Russian)
  8. Rauchs M, Blandin A., Klein K., Pieters G., Recanatini M., Zhang B. 2nd global cryptoasset benchmarking study. Cambridge Centre for Alternative Finance. University of Cambridge Judge Business School. Dec. 2018. https://www.jbs.cam.ac.uk/fileadmin/user_upload/research/centres/alternative-finance/ downloads/2019-06-ccaf-2nd-global-cryptoasset-benchmarking.pdf (дата обращения 19.09.2019)
  9. Report with advice for the European Commission on crypto-assets. EBA Report. 9 January 2019 – URL: https://eba.europa.eu/documents/10180/2545547/EBA+Report+on+crypto+assets.pdf
  10. Satis Group , “Crypto-asset market coverage initiation: network creation”, July 2018.
  11. Understanding the crypto-asset phenomenon, its risks and measurement issues // ECB Economic Bulletin, Issue 5. 2019. – https://www.ecb.europa.eu/pub/economic-bulletin/articles/2019/html/ecb.ebart201905_03~c83aeaa44c.en.html#toc1
  12. Glazyev S.Yu. On the unacceptability of the project “The main directions of the unified state monetary policy for 2019 and the period 2020 and 2021” of the Bank of Russia (special opinion of a member of the National Financial Council). Russian Economic Journal, 2018, no.6. (in Russian) URL: https://elibrary.ru/item.asp?id=36518104
  13. Evseev V.O., Osadchaya G.I., Seleznev I.A. The use of expert systems for assessing integration processes. CITISE, 2019 no. 2 (19), pp. 16. (in Russian) URL: https://elibrary.ru/item.asp?id=38505986
  14. The bill “On digital financial assets” – URL: https://sozd.duma.gov.ru/bill/419059-7 (Released September 19, 2019) (in Russian)
  15. Zaruk N.F., Tikhonova A.V., Sergeev A.V. Econometric modeling of indicators of the financial system as an instrument of macroeconomic planning. Finance and Credit, 2017, no. 23. no. 33 (753, pp. 1956-1967. (in Russian) URL: https://elibrary.ru/item.asp?id=30041916
  16. Kiselev A. Is there a future for digital currencies of central banks? Analytical note of the Central Bank of the Russian Federation. April 2019. URL: http://www.cbr.ru/Content/Document/File/71328/analytic_note_190418_dip.pdf (Released September 19, 2019) (in Russian)
  17. Kozyrev A.N. Digital Transformation of Market Institutions. Electronic Scientific Journal Digital Economy, 2018. no. 4 pp. 5-23. (in Russian)
  18. Kozyr N.S., Tolstov N.S. The relationship of monetary policy of the Russian Federation and the rate of economic growth. Economics and Entrepreneurship, 2015, 12-1 (65), pp. 84-90. (in Russian) URL:https://elibrary.ru/item.asp?id=25031403
  19. Nevskaya N.A. Digital security of the UK economy: regulatory experience and application efficiency. CITISE, 2019, no 1 (18), pp 28. URL: https://elibrary.ru/item.asp?id=37292601 (in Russian)
  20. On the use of private “virtual currencies” (cryptocurrencies). Central Bank of the Russian Federation (Bank of Russia). Press Service – URL: https://www.cbr.ru/press/pr/?file=04092017_183512if2017-09-04T18_31_05.htm (Released September 19, 2019) (in Russian)
  21. The exchange of traditional currencies for virtual currency “Bitcoin” is exempt from VAT. European Court Press Release no. 128/15 of October 22, 2015 (in Russian)
  22. Ovchinnikov A. I., Fathi V. I. Legal regulation of cryptocurrencies in Russia: current status and development prospects. Lawyer – Jurisprudence, 2018, no 4, pp.17-24 (in Russian) URL: https://elibrary.ru/item.asp?id=36914794
  23. Ostarkov N.A. Emission formation. Local money instead of a global monopoly on emissions. Digital Economy, 2019. (in Russian)
  24. Regulation of cryptocurrencies in Russia will be transferred to the fall. RBC. 07/09/2019. – URL: https://www.rbc.ru/crypto/news/5d24a89a9a794712ab561e92 (Released 09/19/2019) (in Russian)
  25. Torzhevsky K.A. The use of a modified model of M. Faber for forecasting the cryptocurrency market. Digital economy, 2019. (in Russian)
  26. Tretyakova S.N. Monetary regulation in the conditions of financial instability. Economics: theory and practice, 2016, no. 1 (41), pp. 57-63. (in Russian) URL https://elibrary.ru/item.asp?id=25741057

 

For citation:

Nevskaya N.A. Crypto-assets status in the monetary policy of ECB and bank of RUSSIA.  CITISE, 2019, no. 4, pp. 242-254. DOI: http://doi.org/10.15350/24097616.2019.4.24

ЦИТИСЭ © 2024
ЭЛ № ФС 77 - 59069 / ISSN 2409-7616