Abstract
The purpose of this paper is to provide an outline of key components of the financial infrastructure of the digital economy within the fuel and energy complex. It is established that the formation of global financial architecture, including in the context of development of elements of the digital economy within the fuel and energy complex, is currently accompanied by a sharp acceleration in global cash flows and considerable growth in the international market for electronic money and electronic currencies. The authors prove that, owing to the informatization of the fuel and energy sector and the emergence of new financial technologies, many investors today will find it easier to access international markets. It is also suggested that currently there is a positive trend in the pace of growth in digital services for financial infrastructure, which are attracting significant volumes of investment, with the trend projected to intensify in the near future. In the authors’ view, the key factors that will govern the effectiveness of components of the financial infrastructure of the digital economy within the fuel and energy complex are innovations, transparency, and accessibility.
Highlights
The digital economy is a relatively new concept with many littlestudied aspects, in terms of building its financial infrastructure
The idea of the digital economy represents a departure from concepts of the information economy, which is predicated on the theoretical basis of codifying information and implies using in nomenclature the terms ‘network society’ or ‘network economy’
Evidence from practice indicates that issues of the development of the network economy are best explored in economic discussions, which have helped identify the following key concepts of the digital economy: (1) relevant infrastructure; (2) electronic business; (3) electronic commerce
Summary
The digital economy is a relatively new concept with many littlestudied aspects, in terms of building its financial infrastructure. Most developed countries, including the US, Canada, Japan, and Germany regard the development of the digital economy in their society as a strategic objective for the few decades, laying a particular emphasis on its financial component. This adds relevance to identifying the key components of the financial infrastructure of the digital economy in the Russian Federation. The issue of development of elements of the financial infrastructure of the digital economy is especially relevant in the context of exacerbating recessionary trends within the global financial system. In the light of highly dynamic transformation processes, so characteristic of the digital economy, there remains insufficient focus on elements of its financial infrastructure within the fuel and energy complex, which necessitates additional research on the topic
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