Issue №1, 2021

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Directions for improving the development of digital financial assets in the Republic of Belarus

 

DOI: 10.34130/2070-4992-2021-1-1-88

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Milosh D.V. — PhD student, Belarusian state Economic University, Minsk, Republic of Belarus, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

The current trends and directions of development of digital financial assets (hereinafter — DFA) in the Republic of Belarus are discussed in the article. The purpose of the study is to assess the state and develop recommendations for improving the DFA market on the example of cryptocurrencies. The methods of analysis and synthesis, generalization, systematization, comparison, the method of tabular interpretation and others were used in the research process. To achieve this goal the author's definition of the definition of «cryptocurrency» is proposed, the expediency of analyzing the cryptomarket in the Republic of Belarus on the basis of identifying global trends in its development is justified, the dynamics and features of the development of the cryptomarket at the national level are assessed which allowed to develop measures aimed at the development of digital financial assets, in particular cryptocurrencies, in the Republic of Belarus. Implementation of the proposed measures, namely, encouraging the population to actively use the opportunities of cryptocurrencies by increasing their financial and digital literacy, improving cryptocurrency protocols to increase scalability, placing tokens in order to implement real projects, improving the national cryptocurrency taxation system through the implementation of foreign experience, creating a decentralized infrastructure in which a specific organization will be responsible for monitoring and functioning of the system, creating a national cryptocurrency, the active involvement of specialists and experts in the study of cryptocurrencies will help overcome the main problems of using cryptocurrencies and strengthen their position in the economy. The results of the research have a scientific novelty — the theoretical foundations of the cryptomarket are developed and the directions of its development in the Republic of Belarus are proposed. The practical and socio-economic significance of the research results lies in the possibility of its use in the field of state policy for the choice of development directions of the digital financial assets market.

Keywords: digital financial assets, crypto market, cryptocurrency, ICO, development trends, development directions.

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For citation: Milosh D. V. Directions for improving the development of digital financial assets in the Republic of Belarus // Corporate Governance and Innovative Economic Development of the North: Bulletin of the Research Center of Corporate Law, Management and Venture Investment of Syktyvkar State University. 2021. Vol. 1., issue 1. Р. 88—95. DOI: 10.34130/2070-4992-2021-1-1-88.