Prospects for the use of digital financial assets in the Russian Federation

Abstract

Aim. The study of the prospects for the use of digital financial assets in the Russian Federation, as well as the justification of their advantages and disadvantages.Tasks. Determination of the essence and types of digital financial assets, the study of foreign experience of their use by different states; justification of the legal status of the digital ruble, analysis of it as a new form of national currency, including the history of its development; identification of problems, prospects for digital financial assets and description of proposed models for the implementation of the digital ruble.Methods. The study uses systematic and logical approaches, general scientific methods with the use of methods of comparative, economic and financial analysis.Results. The trends in the use of digital assets in the financial system of the Russian Federation, as well as the step-by-step process of their introduction in the payment turnover of the economies of different countries are considered. The typology of financial assets by issuers, forms, availability and technology is given. The growth of the market capitalization of cryptocurrencies in 2015-2023 is shown. The prospects for the use of digital financial assets in Russia are determined. As part of the concept of digital ruble in its implementation, the process of using different models is described.Conclusions. Digital financial assets based on blockchain technology can be used to bypass traditional financial systems and banking institutions. Therefore, a fundamentally new approach can be taken in the field of monetary circulation when introducing cryptocurrencies. Due to the fact that cryptocurrency, having significant advantages over traditional payment solutions, is gaining popularity every year, exponential growth in the market capitalization of cryptocurrencies in 2015-2023 is shown. The establishment of prospects for the use of cryptocurrencies in Russia allowed us to determine that one of the main advantages of the digital ruble is the ability to accelerate and simplify the payment process. The introduction of digital ruble can lead to increased transparency, security of financial transactions and generally become a significant step in the development of the economy of the Russian Federation. However, according to the author’s position, all aspects and risks associated with this process should be carefully considered. There should be broad public support and openness. The digital ruble is intended to be a substitute for paper money, which cannot be traced in the “gray zone” of the economy. Unlike conventional cryptocurrencies, which are not tied to a company or a country, national cryptocurrencies have a clear framework of circulation: only within the country in which they are created. At the same time, the formation of a legal framework will make the process of implementation of digital financial assets more transparent and accessible for understanding and further use.