Issue №1, 2021

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Digital financial instruments: from definition to practical use

 

DOI: 10.34130/2070-4992-2021-1-1-96

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Nikolaevsky V. V. — PhD in Economics, Associate Professor of the Department of Finance, 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.

Sherstneva D. S. — PhD student of the Department of Finance, 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 widespread use of information and communication technologies in the world practice of production and sale of goods and services has been called the “digital economy”. However, to date, there is no single agreed definition of this concept in the world practice. The existing definitions look at the digital economy from different angles, with an emphasis on the technical side of this phenomenon. In this regard, the authors of the study set the goal not only to identify the main global trends in the use of digital technologies in the financial and banking sector, but also to form a certain conceptual apparatus of the concepts of the digital economy. Using the methodology of the systematic approach, we focus on the economic side when considering financial technologies, tools and mechanisms — financial relations. The definitions of digital economy, financial digital technologies, tools, and mechanisms as ways of regulating financial relations are given. It is shown that the financial mechanism is a set of financial instruments, and financial technology is a way of organizing the provision of financial services. The lack of a legal framework that establishes the concepts of digital tools and mechanisms in the legislation is a barrier to the widespread use of these tools in international practice. A number of positive and negative factors of the widespread use of digital financial tools have been identified. The directions of further research on the presented topic, which require early development, are outlined. The results obtained can be used for inclusion in the lecture and practical material in the preparation of specialists in the relevant economic specialties, as well as the formulated author’s definitions of the concepts of “digital financial instrument”, “digital financial mechanism” are applicable to improve the country’s legislative framework in the field of regulation of financial relations in conditions digital transformation.

Keywords: digital economy; digital financial instruments; digital financial mechanisms; financial model; financial relations, settlement of financial relations.

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For citation: Nikolaevsky V. V., Sherstneva D. S. Digital financial instruments: from definition to practical use // 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. 96—103. DOI: 10.34130/2070-4992-2021-1-1-96.