CRYPTO-ASSETS STATUS IN THE MONETARY POLICY OF ECB AND BANK OF RUSSIA
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: email@example.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.
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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