Abstract
The purpose of the research is to determine the key directions of international experience of state regulation of application of crypto currencies in digital economy.
The methodology of the research consists of the method of dynamic analysis – for determining the tendency of development of the international market of crypto currencies, and the method of comparative analysis – for determining common and different tendencies of state regulation of crypto currencies’ turnover in financial systems of various countries.
As a result of the research, certain conclusions are made. The essence and principles of functioning of ICO are determined. ICO and IPO are compared as financial tools of digital economy. Comparative analysis of experience of application of crypto currencies in various countries is performed. The main preconditions of expansion of the scale of using crypto currencies as a model financial tool of digital economy are formulated. The factors of quick growth of the RUB/crypto currencies rate are shown. They include: high demand from financial institutes, migration of stock market players, increase of positive image, creation of new variations of virtual currency on the basis of existing technologies; issue of futures on crypto currency.
Recommendations are developed for selecting directions for formation of the measures of control and monitoring of emission and turnover of crypto currencies at the legislative level in Russia in view of international experience in this sphere, which allows intensifying the development of state regulation of new virtual financial tools.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
References
Bacho, R.I.: State regulation of financial services markets in the conditions of functioning of virtual currencies (crypto currencies). Biznes Inform. 11(454), 294–298 (2015)
Information of the Bank of Russia dated. “Regarding conclusion of deals with ‘virtual currencies’, in particular Bitcoin”, 27 January 2014. http://www.consultant.ru/document/cons_doc_LAW_158121/#utm_campaign=fd&utm_source=consultant&utm_medium=email&utm_content=body
Knyazev, А.: Investments through Bitcoins: what is ICO and should one use it?. Online Journal “Forbes”, 21 February 2017. http://www.forbes.ru/finansy-i-investicii/339863-investicii-cherez-bitkoiny-chto-takoe-ico-i-stoit-li-im-vospolzovatsya/
The team of the Bancor project gathered more than $140 million over three hours. Online Journal “ForkLog”, 13 June 2017. https://forklog.com/komanda-proekta-bancor-sobrala-bolee-140-mln-menee-chem-za-tri-chasa/
The team of the Brave project gathered $35 million over less than 30 s. – Online Journal “ForkLog”, 31 May 2017. https://forklog.com/komanda-proekta-brave-sobrala-35-mln-menee-chem-za-30-sekund/
RUB/Ethereum exchange rate. https://www.calc.ru/grafik-Ethereum-k-rublyu-za-2017.html
Malikov, I.G.: Economic preconditions of emergence of crypto currencies: hybridization of the systems of gold standard and private denationalized money. Issues Econ. 5(63), 29 (2014)
Nikolaevа, Е.V.: Using crypto currencies in the world market. Modern tendencies of development of science and technologies, No. 10-10, 91–93 (2016)
Seytim, А.Е.: Using crypto currencies as an alternative solution to the problems of the global monetary system. Issues Econ. 2, 50–55 (2014)
Top-10 countries that acknowledged Bitcoin. Online Journal “proMining.su”. – октябрь 2017. http://promining.su/top-10-stran-priznavshih-bitcoin/#3
Trubinova, Е.I.: Right for competition as an object of unfair competition acts. Bulletin of Perm University Issue 2(28), 76–87 (2015)
Shabsis, А., Shabsis, D.: Crypto currencies – political and economic problems. Internet paper “Kontinent”, 1 September 2017. http://kontinentusa.com/kriptovaluta-i-ekomonicheskie-problemy/
Author information
Authors and Affiliations
Corresponding author
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 2019 Springer International Publishing AG, part of Springer Nature
About this paper
Cite this paper
Penkova, I.V., Korolev, V.A., Butenko, E.D., Glazkova, I.Y., Eldarov, S.K. (2019). Crypto Currencies as a Modern Financial Tool of Digital Economy: Global Experience of State Regulation. In: Popkova, E., Ostrovskaya, V. (eds) Perspectives on the Use of New Information and Communication Technology (ICT) in the Modern Economy. ISC 2017. Advances in Intelligent Systems and Computing, vol 726. Springer, Cham. https://doi.org/10.1007/978-3-319-90835-9_38
Download citation
DOI: https://doi.org/10.1007/978-3-319-90835-9_38
Published:
Publisher Name: Springer, Cham
Print ISBN: 978-3-319-90834-2
Online ISBN: 978-3-319-90835-9
eBook Packages: Intelligent Technologies and RoboticsIntelligent Technologies and Robotics (R0)