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Securing the economic growth in Russia driven by digitization of registration and payment operations

Vol. 24, Iss. 11, NOVEMBER 2018

Received: 30 May 2018

Received in revised form: 26 July 2018

Accepted: 9 August 2018

Available online: 29 November 2018


JEL Classification: C82, G28, H11, J68, O43

Pages: 2578–2596

Skoblikov E.А. Fund for Financial Initiatives, Penza, Russian Federation

Subject The article addresses the digitalization of registration and payment operations and the Russian economy growth.
Objectives The purpose of the study is to prove the possibility of the Russian economy growth based on digitalization of registration and payment operations through the use of treasury blockchain technology, which is suggested as a new paradigm for digital economy development.
Methods The study rests on critical analysis of relevant literature, general scientific methods of systems approach, analogies, project method, scientific skepticism and cognition methods.
Results The paper offers to transfer all operations related to title and property registration from the banking system and payment processors to the Treasury. The latter will be reorganized into a budget-and-treasury bank and perform all registration and settlement operations; to reform the banking system based on bank specialization by type of operation, namely, saving banks for deposit operations, commercial banks for short-term lending, investment banks for investment activities, leasing and mortgage banks for leasing activities and mortgage lending, respectively. The Bank of Russia, being the main financial regulator, will regulate and supervise these banks.
Conclusions Digitalization of registration and payment operations will become a source of reliable information and a powerful tool of investment and control over money circulation, employee turnover, disinflation, eradication of corruption, revenues generated by shadow schemes, illegal business activities and crimes committed for financial gain. Thus, the treasury blockchain as a new paradigm of digital economy will contribute to economic growth of the country.

Keywords: digitalization, digital economy, statistics, blokchain, economic growth


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