Practical Aspects of Government Regulation of Blockchain Technologies Application and its Improvement on the Basis of Foreign Experience

Abstract

The subject of the researchis current state and approaches to government regulation of blockchain technologies in Russia. Thepurposeof the article is to summarize the best foreign practices of government regulation of blockchain technologies adaptation, to recognize the basic models of government blockchain technologies regulation formed currently in different countries, and on basis of foreign experience analysis to formulate propositions how to improve the approaches to government regulation of blockchain technologies application in the Russian Federation. The authors advocate the necessity to reinforce and develop government regulation of blockchain technologies, especially the system of such regulating and regulatory documents of the Russian Federation. The authors exemplify the work by introducing blockchain technologies into different spheres of economy, including public administration and services. The foreign experience analysis, first of all Chinese the USA, demonstrates that systems approach to blockchain government regulation allows to guarantee the effectiveness of its application. At the same time, the current state of blockchain technologies rightful principles in Russia is at the initial state of development, which testifies to advisability to choose the systemic government blockchain technologies regulating. It isconcludedthat the slowness of public authorities in this sphere is an inhibitive factor for the economy development.