Fetisov V.D.National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation Fetisov21@mail.ru ORCID id: not available
Fetisova T.V.National Research Lobachevsky State University of Nizhny Novgorod, Nizhny Novgorod, Russian Federation Fetisova.tatyana@mail.ru ORCID id: not available
Importance The article focuses on bitcoin and reviews the principal issues of using cryptocurrencies and their impact on Russia's economic security. Objectives We unravel reasons for using bitcoin and its economic substance in the market environment. The article constitutes a critical analysis of bitcoin and its impact on the national economic security. We search for ways of improving Russia's payment systems as a tool for economic security. Methodology The research draws upon fact-based materials on economic development and seven years' practices of integrating cryptocurrencies in Russia and abroad. The article involves empirical, system, analytical, economic and other methods of studying economic life of social actors. Results We unfold reasons for using bitcoin and its economic substance, determine practical difficulties in Russia. The article provides our interpretation of the financial aspect of bitcoin, its impact on the financial position of certain social layers. In the conclusion we express our proposals for modifying the national payment system as a crucial tool of Russia's economic security. Conclusions and Relevance Cryptocurrencies and bitcoin, first of all, constitute a tool to evade taxes, conceal criminal and informal income. They serve as a financial mechanism for reallocating values of the market actors in certain countries and worldwide. Russia spends a plenty of tangible, labor and financial resources, taking unjustifiable risks of net losses. Hence it is necessary to crucially enhance the financial literacy of the population and quality of personal financial management.
Keywords: bitcoin, user, security
References:
Narayanan A., Bonneau J., Felten E., Miller A., Goldfeder S. Bitcoin and Cryptocurrency Technologies: A Comprehensive Introduction. Princeton University Press, 2016, 335 p.
Swan M. Blokchein. Skhema novoi ekonomiki [Blockchain: Blueprint for a New Economy]. Moscow, Olimp-Biznes Publ., 2017, 230 p.
Tapscott D., Tapscott A. Blokchein Revolyutsiya – to, chto dvizhet finansovoi revolyutsiei segodnya [Blockchain Revolution: How the Technology Behind Bitcoin is Changing Money, Business, and the World]. Moscow, Olimp-Biznes Publ., 2017, 240 p.
Vigna P., Casey M. Epokha kriptovalyut. Kak bitkoin i blokchein menyayut mirovoi ekonomicheskii poryadok [The Age of Cryptocurrency: How Bitcoin and the Blockchain are Challenging the Global Economic Order]. Moscow, Mann, Ivanov i Ferber Publ., 2017, 432 p.
Popper N. Tsifrovoe zoloto. Neveroyatnaya istoriya Bitkoina, ili Kak idealisty i biznesmeny izobretayut den'gi [Digital Gold: Bitcoin and the Inside Story of the Misfits and Millionaires Trying to Reinvent Money]. Moscow, Dialektika Publ., 2017, 368 p.
Fork A. Bitcoin: Bol'she chem den'gi [Bitcoin: More Than Money]. Tver, Tverskaya oblastnaya tipografiya Publ., 2014, 290 p.
Peshcherov A.I. [The definition and the place of cryptocurrencies in the system of funds]. Yuridicheskaya mysl' = Legal Thought, 2016, vol. 95, no. 3, pp. 130–138. (In Russ.)
Katasonov V.Yu. Tsifrovye finansy. Kriptovalyuty i elektronnaya ekonomika [Digital finance. Cryptocurrency and digital economy]. Moscow, Knizhnyi Mir Publ., 2017, 320 p.
Jansen M.A. Bitcoin: The Political ‘Virtual’ of an Intangible Material Currency. International Journal of Community Currency Research, 2013, vol. 17, Section A, pp. 8–18. URL: Link
Collander D. et al. [The financial crisis and the systemic failure of academic economics]. VoprosyEkonomiki, 2010, no. 6, pp. 10–25. (In Russ.)
Arrow K. [Some development in economic theory since 1940: An eyewitness account]. Voprosy Ekonomiki, 2010, no. 4, pp. 4–23. (In Russ.)
Fetisov V.D., Fetisova T.V. [Informal finances in the market economy]. Vestnik Sankt-Peterburgskogo universiteta. Ser. 5. Ekonomika = St. Petersburg University Journal of Economic Studies, 2005, no. 1, pp. 92–100. URL: Link (In Russ.)
Konyavskii V.A., Lopatkin S.V. Komp'yuternaya prestupnost'. T. 1 [Cybercrimes. Vol. 1]. Мoscow, RFK-Imidzh Lab Publ., 2006, 560 p.
Rogovskii E.A. Kiber-Vashington: global'nye ambitsii [Cyber-Washington: Global ambitions]. Moscow, Mezhdunarodnye otnosheniya Publ., 2014, 848 p.
Ovchinskii V.S., Larina E.S. Kibervoiny XXI veka. O chem umolchal Edvard Snouden [Cyberwars of the 21st century. What was silenced by Edward Snowden?]. Moscow, Knizhnyi mir Publ., 2014, 352 p.
Jang-Jaccard J., Nepal S. A Survey of Emerging Threats in Cybersecurity. Journal of Computer and System Sciences, 2014, vol. 80, iss. 5, pp. 973–993. URL: Link