Abstract

The cryptocurrency market is currently continuing its growth and development, which is evidenced by the number of new projects on specialized resources, as well as the emergence of new ways of placing projects and raising funds. The aim of the study is to analyze the impact of the emergence of cryptocurrencies on traditional ways of attracting funding. The study is relevant because, as has been repeatedly noted in the existing literature, a significant part of cryptocurrency projects is similar to crowdfunding aimed at raising funds for startups. In this regard, cryptocurrencies can compete with traditional sources of financing, such as venture funding. The authors are not aware of any other work that studies this aspect of cryptocurrencies, which makes this topic relevant in terms of understanding the possibilities of aspiring entrepreneurs to attract initial funding. Using the methods of econometric analysis and data on initial coin offerings, IPOs and deals with venture capital companies, the authors studied the relationship between the emergence of cryptocurrencies and the conditions of traditional methods of raising funds. As a result, it was shown that the growth in the number of ICOs has a positive effect on improving the conditions for providing funds during IPOs and deals with venture capital companies

Abstract

More than 12 years have passed since the debut of Bitcoin, the first cryptocurrency, but there is still no clear understanding of the essence of cryptocurrencies. At the same time, in recent years, interest in cryptocurrencies has continued to grow, and this financial instrument is becoming more and more attractive to individuals. Therefore, an issue of essence of cryptocurrencies is relevant. The main subject of the study is the profitability of cryptocurrencies. The main aim of this work is to identify the determinants of cryptocurrency returns. To achieve this goal, such tasks as the creation of factors reflecting the characteristics of the cryptocurrency market and the use of multifactor Fama-French models for the analysis of cryptocurrency returns were performed. Based on the collected daily data on capitalization, trading volumes and the price of more than 5,000 cryptocurrencies for the period from 01.04.2014 to 21.06.2021, standard factors based on capitalization indicators, trading volumes and the third momentum were built. The main estimation method is econometric modeling using the least squares method. The obtained results of an empirical study indicate a positive relationship between the profitability of groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies according to the third moment. The difference in the yields of the lower and upper 30% of cryptocurrencies by market capitalization has a negative impact on the profitability of groups of cryptocurrencies. The main conclusion of the study is that before the beginning of high volatility period, cryptocurrencies could be considered as an asset for the diversification of market risk, but subsequently the cryptocurrency market began to move co-directionally to the stock market. The scientific novelty of the work stems from presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies over certain periods of time. The study recommends to conduct further analysis of the profitability factors of cryptocurrencies on more homogeneous samples.

Abstract

The object of the research is the interconnections arising in the process of operation of Russian and foreign payment systems. The goal of the study is to conduct a comprehensive assessment of the risks faced by the settlement and payment systems operating in the context of the global recession, mounting sanctions against Russia, as well as the expected economic recovery and growth and the reorientation of production to new energy sources. Research methodology. In the course of the study, methods of scientific abstraction, economic and statistical analysis, functional and structural analysis, a systematic approach, a comparison method, graphical and tabular visualization techniques for statistical and other data, generalization and formalization were used. The project was carried out as part of the research work carried out by the Laboratory for Structural Research of the Institute of Applied Economic Research of the Russian Presidential Academy of National Economy and Public Administration in 2021. Research results:

Description of the mechanisms of influence of organizational and technical factors on the state of the payment system and the implementation of cashless payments by commercial banks,

Building a system of dependencies between the introduction of the latest payment systems and the development level of the financial market, as well as the main macroeconomic indicators,

Analyzing traditional methods of risk assessment and management, proposing approaches to their improvement,

Development of a methodology for backing up system-wide risk.

Abstract

There is still no common understanding of whether cryptocurrencies should be classified as financial assets or as currencies. The ambiguity and versatility of the definition of the nature and functions of cryptocurrencies give rise to a variety of views on the methods of modeling their returns. Therefore, the issue of essence of cryptocurrencies is topical. The main subject of the study is the return of cryptocurrencies. The main aim of this work is to identify the determinants of return of homogeneous groups of cryptocurrencies. To achieve this goal, such tasks as the formation of various groups of cryptocurrencies, modeling of factors that take into account the peculiarities of the cryptocurrency market, and the evaluation of multifactor models of the Fama-French type for the analysis of cryptocurrency returns have been performed. Based on the collected daily data on capitalization, trading volumes and the price of cryptocurrencies for the period from 01.04.2014 to 29.05.2022, standard factors for cryptocurrencies based on market capitalization, trading volumes and the first momentum, as well as factors reflecting the return of the cryptocurrency market as a whole and the return of the stock market (S&P500) were constructed. The main method of estimating regressions is econometric modeling using the least squares method. The results of an empirical study indicate a positive relationship between the return of homogeneous groups of cryptocurrencies and the difference in the yields of the upper and lower 30% of cryptocurrencies in terms of market capitalization. Weighted return of the cryptocurrency market based on market capitalization (analogous to the S&P500) has a positive impact on the return of homogeneous groups of cryptocurrencies. The main conclusion of the study is that the transition to empirical analysis based on homogeneous groups of cryptocurrencies allowed us to obtain stable results indicating the absence of a relationship between the return of financial assets and the return of cryptocurrencies that are in a single homogeneous group. The scientific novelty of the work consists in presenting an assessment of the impact of modeled factors on various groups (portfolios) of cryptocurrencies in certain periods of time. This study recommends conducting a search for the determinants of cryptocurrency returns and subsequent analysis of their impact.

Abstract

Deepening digitalization leads to increasing involvement of people in pastimes and activities on various platforms, and, accordingly, a significant increase in the income of individuals from YouTube (YouTube), VK, and other similar sources of income through subscriptions, donations, advertising, etc. The changes that began in Russia in the spring of 2022, changes in the composition of digital income sources (change in the number of foreign sources, reorientation to Asian platforms, and the growth in the number of popular Russian platforms), do not change the essence of the situation with the need to control digital income. The coronavirus pandemic has changed many areas of life and the activities of individuals, companies, and countries. It should be noted that the coronavirus pandemic, in which people were in self-isolation, and some people lost their jobs, also contributed to a significant increase in income from the respective platforms. Another modern trend is the widespread use of self-employed regimes in the economy, the work of people outside labor contracts. The use of these regimes not only simplifies the involvement of individuals in legal business activities but also provides additional opportunities for tax evasion. The most striking example is the Uber case in the UK. The expansion of the use of cryptocurrencies and the beginning of the actual taxation of income from cryptocurrencies is also another modern trend. All the above trends indicate the relevance of the work and require detailed analysis, based on the results of which it is advisable to adjust the tax legislation of Russia. The subject of the study is the income of individuals received from sources that exist in digital form. The main goal of the study is to modernize some aspects of the current system of taxation of individuals to ensure the rights of citizens of the Russian Federation and the fiscal interests of the state. The main tasks to be solved within the framework of the study: an overview of the main modern changes in the world and Russia that affect or may affect the taxation of individuals; identification and analysis of modern trends in the taxation of individuals in the world; identification and analysis of additional modern trends in the taxation of individuals, characteristic of Russia; preparation of proposals for improving the taxation of individuals in Russia. Research methods - a set of general scientific and special methods of cognition, namely, system analysis, the method of analogy, and the general logical method of generalization, comparative legal, structural, and functional analysis. The sources of information in the study are research materials of Russian and foreign scientists, legislative bases, websites of tax authorities of the countries of the world, the information presented on the digital platforms themselves, the media, and other sources. The scientific novelty of the study is primarily due to the novelty of the very issue of obtaining significant income for individuals from sources that exist in digital form. In addition, the scientific novelty of the study is due to 7 the analysis of the latest scientific research on this issue, as well as the latest changes in tax legislation and initiatives of the tax authorities of foreign countries on the topic of the study. It should be noted that regulation in the field of cryptocurrencies is only being formed in the world. The result of the work will be the preparation of proposals for improving the legislative framework for taxation and administration of income of individuals in Russia received from sources that exist in digital form. As a result of the analysis of foreign experience, the following conclusions were drawn both at the country level and the OECD level, there is a tendency to involve platforms in the fulfillment of tax obligations by taxpayers when they receive income in digital form. However, the level of platform engagement varies. This is how Youtube withholds tax on the income of individuals at the source, and for example, Twitch and Patreon accumulate information about the income received by individuals and share it with taxpayers and the tax service, leaving the obligation to pay tax for individuals. In terms of advertising, it can be said that there are several options for the interaction of creators with advertising companies, in some cases, such interaction can be qualified as labor activity. Accordingly, the taxation of income received may vary. We point out that from September 1, 2022, amendments to the law on advertising came into force in Russia, which can fill with practical meaning the theoretical possibility of various taxation of income from the interaction of creators with advertising companies. Also interesting is the experience in terms of dividing a person's activities into hobbies and entrepreneurship and, accordingly, the difference in taxation. In terms of cryptocurrencies, the initiatives of Asian countries are primarily interesting. As recommendations, it seems appropriate to consider foreign experience in terms of the taxation of such individuals as bloggers and streamers, and the involvement of digital platforms in the fulfillment by individuals of their tax obligations. In the future, this work can become the basis for work to improve the taxation of the entire system for obtaining relevant income, including not only individuals but also companies.

Abstract

The field of cryptocurrencies has been in existence and dynamically developing for over 14 years. Each year sees the advent of new cryptocurrencies, with their total count now exceeding 8,500, and it is evident that these differ from one another in some respects. However, there currently exists no exhaustive categorization of cryptocurrencies that could comprehensively describe the landscape of the cryptocurrency market. This situation underpins the relevance of the present study. The object of this study is cryptocurrencies. The aim of the research is to create a taxonomy of cryptocurrencies based on their primary characteristics and functions. The main method of research is a retrospective analysis of the development of the cryptocurrency sector from the creation of Bitcoin to the present day. Over the course of the industry's evolution, new projects emerged, substantially different in their properties from anything that had come before, thus forming entirely new categories and niches in the cryptocurrency space. Furthermore, the advent of certain types of cryptocurrencies could lead to changes in the existing classification. The outcome of this study is a hierarchical categorization (taxonomy) of interchangeable cryptocurrencies/tokens. The proposed taxonomy is supplemented by an in-depth examination of cryptocurrencies belonging to each category, as well as a consideration of the largest cryptocurrencies in terms of capitalization through its prism. The scientific novelty of this research lies in the absence of similar studies that look at the issue of categorizing cryptocurrencies through a historical lens.