Анализ перспектив и последствий развития рынка криптовалют (Analysis of the Prospects and Consequences of the Development of the Cryptocurrency Market)

50 Pages Posted: 23 Jul 2020

See all articles by Elena Sinelnikova-Muryleva

Elena Sinelnikova-Muryleva

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics

Andrey Zubarev

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research; Gaidar Institute for Economic Policy

N. Makeeva

Russian Presidential Academy of National Economy and Puvlic Administration

Kirill Shilov

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research

Darina Shebzukhova

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA)

Date Written: April 8, 2020

Abstract

Russian Abstract: Перспективы цифровых валют продолжают широко обсуждаться как бизнесом, так и научным сообществом. В данной работе делается попытка систематизировать основные функции криптовалют и составить их классификацию. Также рассматриваются свойства криптовалют как финансового актива и анализируется их место на современном финансовом рынке. С учетом роста популярности проектов по созданию криптовалют центральных банков в работе обсуждаются различные их виды, как уже реализованные, так и находящиеся в стадии разработки. Отдельное внимание уделено потенциальным рискам и выгодам, связанным с эмиссией КВЦБ, а также последствиям эмиссии КВЦБ для банковской сферы и денежно-кредитной политики.

English Abstract: The outlook for digital currencies continues to be widely debated by both the business and the scientific community. This paper makes an attempt to systematize the main functions of cryptocurrencies and compile their classification. The properties of cryptocurrencies as a financial asset are also considered and their place in the modern financial market is analyzed. Given the growing popularity of central bank cryptocurrency projects, the paper discusses their various types, both already implemented and under development. Special attention is paid to the potential risks and benefits associated with the emission of CBCCs, as well as the consequences of CBCCs emission for the banking sector and monetary policy.

Note: Downloadable document is in Russian.

Suggested Citation

Sinelnikova-Muryleva, Elena and Zubarev, Andrey and Makeeva, N. and Shilov, Kirill and Shebzukhova, Darina, Анализ перспектив и последствий развития рынка криптовалют (Analysis of the Prospects and Consequences of the Development of the Cryptocurrency Market) (April 8, 2020). Available at SSRN: https://ssrn.com/abstract=3639230 or http://dx.doi.org/10.2139/ssrn.3639230

Elena Sinelnikova-Muryleva (Contact Author)

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Department of Economics ( email )

Russia

Andrey Zubarev

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Gaidar Institute for Economic Policy ( email )

3-5 Gazetny Lane
Moscow, 125009
Russia

N. Makeeva

Russian Presidential Academy of National Economy and Puvlic Administration ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

Kirill Shilov

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Institute of Applied Economic Research ( email )

Russia

Darina Shebzukhova

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) ( email )

Vernadskogo Prospect 82
Sredny av. V.O., 57/43
Moscow, St. Petersburg 119571
Russia

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