RISKS AND NEW OPPORTUNITIES GENERATED BY THE CRYPTOASSETS IN THE RUSSIAN FEDERATION

Abstract

The article defines the essence of the concept of “cryptoassets” based on the study of approaches used in Russian legislation and in the regulatory legal acts of England and the European Union. The key risks and opportunities generated by the cryptoassets for the national economy are highlighted; legal, financial, technical, and other aspects of its development are also noted. First, we are talking about the creation of a new digital space located outside the national economy, which worsens the fiscal capacity of the state and leads to incomplete disclosure of the available opportunities to increase gross domestic product. In addition, the likely losses of consumers of financial services provided by crypto technologies are highlighted. Attention is drawn to the problems of scalability of cryptoassets, which can lead to the loss of investors’ funds. The destructive impact of the entrepreneurs moving from the national economic environment to the virtual one is also emphasized. The development of corruption ties is another risk that can have a negative impact on society due to the active use of cryptoassets for mutual settlements. At the same time, a number of opportunities formed by the development of the cryptoassets market in the context of preserving part of the export potential, as well as replenishing the state budget of Russia is outlined and proved. The value of such a tool in the conditions of the probable termination of the usual settlements between business entities from different countries is explained. The transfer of cryptoassets occurs freely, which allows minimizing the corresponding risk or creating an additional channel for the transfer of value.

Keywords: investment risks, cryptoassets, national economy, financial market, digital currencies, digital financial assets

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About the Author

Lidia V. Volkova – Associate Professor, Financial University under the Government of the Russian Federation, Saint-Petersburg Branch, Saint Petersburg, Russia. E-mail: LVVolkova@fa.ru. SPIN РИНЦ 1771-9335. ORCID 0009-0006-0989-1585

For citation: Volkova L.V. Risks and New Opportunities Generated by the Cryptoassets in the Russian Federation // BENEFICIUM. 2023. Vol. 1(46). Pp. 14-19. (In Russ.). DOI: 10.34680/BENEFICIUM.2023.1(46).14-19