<?xml version="1.0" encoding="UTF-8"?>
<!DOCTYPE article PUBLIC "-//NLM//DTD JATS (Z39.96) Journal Publishing DTD v1.3 20210610//EN" "JATS-journalpublishing1-3.dtd">
<article article-type="research-article" dtd-version="1.3" xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xml:lang="ru"><front><journal-meta><journal-id journal-id-type="publisher-id">voprecotest</journal-id><journal-title-group><journal-title xml:lang="ru">Вопросы экономики</journal-title><trans-title-group xml:lang="en"><trans-title>Voprosy Ekonomiki</trans-title></trans-title-group></journal-title-group><issn pub-type="ppub">0042-8736</issn><publisher><publisher-name>Voprosy Ekonomiki, NP</publisher-name></publisher></journal-meta><article-meta><article-id pub-id-type="doi">10.32609/0042-8736-2018-6-133-145</article-id><article-id custom-type="elpub" pub-id-type="custom">voprecotest-415</article-id><article-categories><subj-group subj-group-type="heading"><subject>Research Article</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="ru"><subject>НАУЧНЫЕ СООБЩЕНИЯ</subject></subj-group><subj-group subj-group-type="section-heading" xml:lang="en"><subject>RESEARCH NOTES</subject></subj-group></article-categories><title-group><article-title>О некоторых последствиях внедрения блокчейна в финансах</article-title><trans-title-group xml:lang="en"><trans-title>On some implications of blockchain for financial sector</trans-title></trans-title-group></title-group><contrib-group><contrib contrib-type="author" corresp="yes"><name-alternatives><name name-style="eastern" xml:lang="ru"><surname>Столбов</surname><given-names>М. И.</given-names></name><name name-style="western" xml:lang="en"><surname>Stolbov</surname><given-names>M. I.</given-names></name></name-alternatives><bio xml:lang="ru"><p>д. э. н., завкафедрой прикладной экономики МГИМО МИД России (Москва)</p></bio><email xlink:type="simple">stolbov_mi@mail.ru</email><xref ref-type="aff" rid="aff-1"/></contrib></contrib-group><aff-alternatives id="aff-1"><aff xml:lang="ru"><institution>МГИМО МИД России</institution><country>Россия</country></aff><aff xml:lang="en"><institution>Moscow State Institute of International Relations (MGIMO-University)</institution><country>Russian Federation</country></aff></aff-alternatives><pub-date pub-type="collection"><year>2018</year></pub-date><pub-date pub-type="epub"><day>20</day><month>06</month><year>2018</year></pub-date><volume>0</volume><issue>6</issue><fpage>133</fpage><lpage>145</lpage><permissions><copyright-statement>Copyright &amp;#x00A9; Voprosy Ekonomiki, NP, 2018</copyright-statement><copyright-year>2018</copyright-year><copyright-holder xml:lang="ru">Voprosy Ekonomiki, NP</copyright-holder><copyright-holder xml:lang="en">Voprosy Ekonomiki, NP</copyright-holder><license xlink:href="https://www.vopreco.ru/jour/about/submissions#copyrightNotice" xlink:type="simple"><license-p>https://www.vopreco.ru/jour/about/submissions#copyrightNotice</license-p></license></permissions><self-uri xlink:href="https://www.vopreco.ru/jour/article/view/415">https://www.vopreco.ru/jour/article/view/415</self-uri><abstract><p>В статье рассматриваются проблемы и перспективы внедрения блокчейна как технологии широкого применения в финансовом секторе. Анализируется механизм функционирования блокчейна. Приведены примеры его фактического и потенциального использования в различных сегментах финансового сектора, а также в области корпоративного управления. Обсуждаются проблемы определения статуса, курсообразования и регулирования, связанные с криптовалютами.</p></abstract><trans-abstract xml:lang="en"><p>The article deals with the problems and prospects of blockchain implementation as a general purpose technology in the financial sector. The underlying mechanism of this technology is described, practical cases of its adoption in various segments of the financial sector and in the field of corporate governance are provided. Cryptocurrencies’ status, issuance and regulation are also discussed.</p></trans-abstract><kwd-group xml:lang="ru"><kwd>биткоин</kwd><kwd>блокчейн</kwd><kwd>корпоративное управление</kwd><kwd>крипто-валюта</kwd><kwd>майнер</kwd><kwd>финансы</kwd></kwd-group><kwd-group xml:lang="en"><kwd>bitcoin</kwd><kwd>blockchain</kwd><kwd>corporate governance</kwd><kwd>cryptocurrency</kwd><kwd>miner</kwd><kwd>finance</kwd></kwd-group></article-meta></front><back><ref-list><title>References</title><ref id="cit1"><label>1</label><citation-alternatives><mixed-citation xml:lang="ru">Хайек Ф. А. (1996). Частные деньги. М.: Институт национальной модели экономики</mixed-citation><mixed-citation xml:lang="en">Hayek F. (1996). The denationalization of money. Moscow: Institute of the National Economic Model. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit2"><label>2</label><citation-alternatives><mixed-citation xml:lang="ru">Шваб К. (2016). Четвертая промышленная революция. М.: ЭКСМО</mixed-citation><mixed-citation xml:lang="en">Schwab K. (2016). Fourth industrial revolution. Moscow: EKSMO. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit3"><label>3</label><citation-alternatives><mixed-citation xml:lang="ru">Полтерович В. (2009). Гипотеза об инновационной паузе и стратегия модернизации // Вопросы экономики. № 6. С. 4-22</mixed-citation><mixed-citation xml:lang="en">Polterovich V. (2009). The innovation pause hypothesis and modernization strategy. Voprosy Ekonomiki, No. 6, pp. 4—22. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit4"><label>4</label><citation-alternatives><mixed-citation xml:lang="ru">Фантаццини Д., Нигматуллин Э. М., Сухановская В. Н., Ивлиев С. В. (2017). Все, что вы хотели знать о моделировании биткоина, но боялись спросить. Часть 2 // Прикладная эконометрика. Т. 45. С. 5-28</mixed-citation><mixed-citation xml:lang="en">Fantazzini D., Nigmatullin E. M., Sukhanovskaya V. N., Ivliev S. V. (2017). Everything you always wanted to know about bitcoin modelling but were afraid to ask. Part 2. Applied Econometrics, Vol. 45, pp. 5—28. (In Russian).</mixed-citation></citation-alternatives></ref><ref id="cit5"><label>5</label><citation-alternatives><mixed-citation xml:lang="ru">Bariviera A. (2017). The inefficiency of bitcoin revisited: A dynamic approach. Economics Letters, Vol. 161, No. C, pp. 1-4.</mixed-citation><mixed-citation xml:lang="en">Bariviera A. (2017). The inefficiency of bitcoin revisited: A dynamic approach. Economics Letters, Vol. 161, No. C, pp. 1-4.</mixed-citation></citation-alternatives></ref><ref id="cit6"><label>6</label><citation-alternatives><mixed-citation xml:lang="ru">Bazot G. (2017). Financial consumption and the cost of finance: Measuring financial efficiency in Europe (1950-2007). Journal of the European Economic Association, jvx008, https://doi.org/10.1093/jeea/jvx008</mixed-citation><mixed-citation xml:lang="en">Bazot G. (2017). Financial consumption and the cost of finance: Measuring financial efficiency in Europe (1950-2007). Journal of the European Economic Association, jvx008, https://doi.org/10.1093/jeea/jvx008</mixed-citation></citation-alternatives></ref><ref id="cit7"><label>7</label><citation-alternatives><mixed-citation xml:lang="ru">Bech M. L., Garratt R. (2017). Central bank cryptocurrencies. BIS Quarterly Review, September, pp. 55-70.</mixed-citation><mixed-citation xml:lang="en">Bech M. L., Garratt R. (2017). Central bank cryptocurrencies. BIS Quarterly Review, September, pp. 55-70.</mixed-citation></citation-alternatives></ref><ref id="cit8"><label>8</label><citation-alternatives><mixed-citation xml:lang="ru">Byström H. (2016). Blockchains, real-time accounting and the future of credit risk modeling. Lund University Department of Economics Working Paper, No. 2016:4.</mixed-citation><mixed-citation xml:lang="en">Byström H. (2016). Blockchains, real-time accounting and the future of credit risk modeling. Lund University Department of Economics Working Paper, No. 2016:4.</mixed-citation></citation-alternatives></ref><ref id="cit9"><label>9</label><citation-alternatives><mixed-citation xml:lang="ru">Catalini C., Gans J. (2016). Some simple economics of the blockchain. NBER Working Paper, No. 22952.</mixed-citation><mixed-citation xml:lang="en">Catalini C., Gans J. (2016). Some simple economics of the blockchain. NBER Working Paper, No. 22952.</mixed-citation></citation-alternatives></ref><ref id="cit10"><label>10</label><citation-alternatives><mixed-citation xml:lang="ru">Cong L. W., He Z. (2017). Blockchain disruption and smart contracts. Available at SSRN: https://ssrn.com/abstract=2985764</mixed-citation><mixed-citation xml:lang="en">Cong L. W., He Z. (2017). Blockchain disruption and smart contracts. Available at SSRN: https://ssrn.com/abstract=2985764</mixed-citation></citation-alternatives></ref><ref id="cit11"><label>11</label><citation-alternatives><mixed-citation xml:lang="ru">Chapman J., Garratt R., Hendry S., McCormack A., McMahon W. (2017). Project Jasper: Are distributed wholesale payment systems feasible yet? Financial System Review, Vol. 59, June, pp. 1-11.</mixed-citation><mixed-citation xml:lang="en">Chapman J., Garratt R., Hendry S., McCormack A., McMahon W. (2017). Project Jasper: Are distributed wholesale payment systems feasible yet? Financial System Review, Vol. 59, June, pp. 1-11.</mixed-citation></citation-alternatives></ref><ref id="cit12"><label>12</label><citation-alternatives><mixed-citation xml:lang="ru">FATF (2015). Guidance for a risk-based approach. Virtual currencies. Paris.</mixed-citation><mixed-citation xml:lang="en">FATF (2015). Guidance for a risk-based approach. Virtual currencies. Paris.</mixed-citation></citation-alternatives></ref><ref id="cit13"><label>13</label><citation-alternatives><mixed-citation xml:lang="ru">Haber S., Stornetta S. (1991). How to time stamp digital document. Journal of Cryptology, Vol. 3, No. 2, pp. 99-111.</mixed-citation><mixed-citation xml:lang="en">Haber S., Stornetta S. (1991). How to time stamp digital document. Journal of Cryptology, Vol. 3, No. 2, pp. 99-111.</mixed-citation></citation-alternatives></ref><ref id="cit14"><label>14</label><citation-alternatives><mixed-citation xml:lang="ru">He D., Leskow R., Haksar V., Mancini Griffoli T., Jenkinson N., Kashima M., Khiaonarong T., Rochon C., Tourpe H. (2017). Fintech and financial services: Initial considerations. IMF Staff Discussion Note, No. 17/05.</mixed-citation><mixed-citation xml:lang="en">He D., Leskow R., Haksar V., Mancini Griffoli T., Jenkinson N., Kashima M., Khiaonarong T., Rochon C., Tourpe H. (2017). Fintech and financial services: Initial considerations. IMF Staff Discussion Note, No. 17/05.</mixed-citation></citation-alternatives></ref><ref id="cit15"><label>15</label><citation-alternatives><mixed-citation xml:lang="ru">Jordá O., Schularick M., Taylor A. M. (2015). Leveraged bubbles. Journal of Monetary Economics, Vol. 76, No. S, pp. S1-S20.</mixed-citation><mixed-citation xml:lang="en">Jordá O., Schularick M., Taylor A. M. (2015). Leveraged bubbles. Journal of Monetary Economics, Vol. 76, No. S, pp. S1-S20.</mixed-citation></citation-alternatives></ref><ref id="cit16"><label>16</label><citation-alternatives><mixed-citation xml:lang="ru">Kumar Tiwari A., Jana R. K., Das D., Roubaud D. (2018). Informational efficiency of bitcoin - an extension. Economics Letters, Vol. 163, pp. 106-109.</mixed-citation><mixed-citation xml:lang="en">Kumar Tiwari A., Jana R. K., Das D., Roubaud D. (2018). Informational efficiency of bitcoin - an extension. Economics Letters, Vol. 163, pp. 106-109.</mixed-citation></citation-alternatives></ref><ref id="cit17"><label>17</label><citation-alternatives><mixed-citation xml:lang="ru">Luther W., Salter A. W. (2017). Bitcoin and the bailout. Quarterly Review of Economics and Finance, Vol. 66, No. 4, pp. 50-56.</mixed-citation><mixed-citation xml:lang="en">Luther W., Salter A. W. (2017). Bitcoin and the bailout. Quarterly Review of Economics and Finance, Vol. 66, No. 4, pp. 50-56.</mixed-citation></citation-alternatives></ref><ref id="cit18"><label>18</label><citation-alternatives><mixed-citation xml:lang="ru">Makrichoriti P., Moratis G. (2016). Bitcoin’s roller coaster: Systemic risk and market sentiment. Available at SSRN: https://ssrn.com/abstract=2808096</mixed-citation><mixed-citation xml:lang="en">Makrichoriti P., Moratis G. (2016). Bitcoin’s roller coaster: Systemic risk and market sentiment. Available at SSRN: https://ssrn.com/abstract=2808096</mixed-citation></citation-alternatives></ref><ref id="cit19"><label>19</label><citation-alternatives><mixed-citation xml:lang="ru">Mbiti I., Weil D. (2011). Mobile banking: The impact of M-Pesa in Kenya. NBER Working Paper, No. 17129.</mixed-citation><mixed-citation xml:lang="en">Mbiti I., Weil D. (2011). Mobile banking: The impact of M-Pesa in Kenya. NBER Working Paper, No. 17129.</mixed-citation></citation-alternatives></ref><ref id="cit20"><label>20</label><citation-alternatives><mixed-citation xml:lang="ru">Nakamoto S. (2008). Bitcoin: A peer-to-peer electronic cash system. Unpublished manuscript. https://bitcoin.org/bitcoin.pdf</mixed-citation><mixed-citation xml:lang="en">Nakamoto S. (2008). Bitcoin: A peer-to-peer electronic cash system. Unpublished manuscript. https://bitcoin.org/bitcoin.pdf</mixed-citation></citation-alternatives></ref><ref id="cit21"><label>21</label><citation-alternatives><mixed-citation xml:lang="ru">Narayan A., Bonneau J., Felten E., Miller A., Coldfeder S. (2016). Bitcoin and crypto-currency technologies: A comprehensive introduction. Princeton, NJ: Princeton University Press.</mixed-citation><mixed-citation xml:lang="en">Narayan A., Bonneau J., Felten E., Miller A., Coldfeder S. (2016). Bitcoin and crypto-currency technologies: A comprehensive introduction. Princeton, NJ: Princeton University Press.</mixed-citation></citation-alternatives></ref><ref id="cit22"><label>22</label><citation-alternatives><mixed-citation xml:lang="ru">Osah O., Kyobe M. (2017). Predicting user continuance intention towards M-Pesa in Kenya. African Journal of Economic and Management Studies, Vol. 8, No. 1, pp. 36-50.</mixed-citation><mixed-citation xml:lang="en">Osah O., Kyobe M. (2017). Predicting user continuance intention towards M-Pesa in Kenya. African Journal of Economic and Management Studies, Vol. 8, No. 1, pp. 36-50.</mixed-citation></citation-alternatives></ref><ref id="cit23"><label>23</label><citation-alternatives><mixed-citation xml:lang="ru">Philippon T. (2016). The fintech opportunity. NBER Working Paper, No. 22476.</mixed-citation><mixed-citation xml:lang="en">Philippon T. (2016). The fintech opportunity. NBER Working Paper, No. 22476.</mixed-citation></citation-alternatives></ref><ref id="cit24"><label>24</label><citation-alternatives><mixed-citation xml:lang="ru">Raskin M., Yermack D. (2016). Digital currencies, decentralized ledgers, and the future of central banking. NBER Working Paper, No. 22238.</mixed-citation><mixed-citation xml:lang="en">Raskin M., Yermack D. (2016). Digital currencies, decentralized ledgers, and the future of central banking. NBER Working Paper, No. 22238.</mixed-citation></citation-alternatives></ref><ref id="cit25"><label>25</label><citation-alternatives><mixed-citation xml:lang="ru">Urquhart A. (2016). The inefficiency of bitcoin. Economics Letters, Vol. 148, No. C, pp. 80-82.</mixed-citation><mixed-citation xml:lang="en">Urquhart A. (2016). The inefficiency of bitcoin. Economics Letters, Vol. 148, No. C, pp. 80-82.</mixed-citation></citation-alternatives></ref><ref id="cit26"><label>26</label><citation-alternatives><mixed-citation xml:lang="ru">WTO (2016). Trade finance and SMEs: Bridging the gaps in provision. Geneva: World Trade Organization.</mixed-citation><mixed-citation xml:lang="en">WTO (2016). Trade finance and SMEs: Bridging the gaps in provision. Geneva: World Trade Organization.</mixed-citation></citation-alternatives></ref><ref id="cit27"><label>27</label><citation-alternatives><mixed-citation xml:lang="ru">Yermack D. (2017). Corporate governance and blockchains. Review of Finance, Vol. 21, No. 1, pp. 7-31.</mixed-citation><mixed-citation xml:lang="en">Yermack D. (2017). Corporate governance and blockchains. Review of Finance, Vol. 21, No. 1, pp. 7-31.</mixed-citation></citation-alternatives></ref></ref-list><fn-group><fn fn-type="conflict"><p>The authors declare that there are no conflicts of interest present.</p></fn></fn-group></back></article>
