UDC 314

Ader A.V.¹ (Orenburg, Russian Federation) – marta892010@mail.ru; Dudko A.V.² (Orenburg, Russian Federation) – dudko11111@mail.ru; Moryzhenkova N.V.³ (Moscow, Russian Federation) – snatalia@execmba.ru; Krivolapov V.G.¹ (Orenburg, Russian Federation) – viacheslavkrivolapov@gmail.com; Laneeva E.A.³ (Moscow, Russian Federation) – dudko0303@mail.ru

¹Samara State University of Railways

²Gubkin Russian State University of Oil and Gas Orenburg

³State University of Management

Abstract. The article reveals the features of the modern digital economy from the standpoint of science, presenting this economic market of digital currencies as a specific platform where users can carry out transactions with cryptocurrencies, including their purchase, sale and exchange for other assets such as cash equivalents or other cryptocurrencies. In the context of the legislation of the Russian Federation, a digital currency is defined as a set of electronic data presented in the form of a digital code or designation that can be used as a means of payment or investment. At the same time, the digital currency is not an official monetary unit of the Russian Federation, a foreign state, or an international monetary or settlement unit. According to the definition given in the Federal Law “On Digital Financial Assets, Digital Currency and on Amendments to Certain Legislative Acts of the Russian Federation”, digital currency is a set of electronic data that can be used as a means of payment or investment, and there is no person obligated to each owner of this data, except operator and information system nodes, which are only obliged to ensure that the procedure for the release of this data and the implementation of actions in relation to them to make changes to the information system comply with its rules. The digital currency market, including cryptocurrencies and other crypto assets, has grown significantly in recent years and continues to develop at a high rate. Crypto assets are digital tools created using distributed ledger technology and can perform various functions, from payments to investments. Cryptocurrencies such as bitcoin and Ethereum are the most well-known and widely used crypto assets. They are digital or virtual currencies that use cryptography to secure transactions and control the creation of new units. Cryptocurrencies are often used to make payments, although some of them, such as Ethereum, can also serve as a platform for creating smart contracts and decentralized applications (dApps). Other crypto assets such as stablecoins, tokenized assets and non-interchangeable tokens (NFTs) also play an important role in the market. Stablecoins, for example, are backed by real assets such as US dollars or gold, which makes them more stable compared to traditional cryptocurrencies. Tokenized assets are digital tokens that represent ownership of real assets such as real estate or works of art. NFTs, in turn, represent unique digital assets that can be bought, sold and collected. The development of the digital currency market is stimulated by many factors, including growing interest from investors and consumers, technological innovations and changes in legislation. However, the market also faces a number of challenges such as price volatility, regulatory risks and security concerns. In conclusion, the digital currency market is a dynamic and rapidly developing area that continues to attract the attention of both investors and users around the world. With the development of technology and the changing regulatory environment, it can be expected that this market will continue to grow and develop, offering new opportunities and solutions for various sectors of the economy.

Keywords: state, economy, cryptocurrency, crypto assets, digital currency, virtual currency.

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For citation: Ader A.V., Dudko A.V., Moryzhenkova N.V., Krivolapov V.G., Laneeva E.A. Features of the development and functioning of the cryptocurrency market in modern economic realities. CITISE, 2024, no. 4, pp. 290-304.