Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain
International financial organizations and development institutions agree that the implementation of blockchain technologies (DLT) in the process of cross-border payments will significantly contribute to the development of the global international payment system. In this regard, works devoted to the...
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| Format: | Article |
| Language: | Russian |
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Government of the Russian Federation, Financial University
2024-11-01
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| Series: | Финансы: теория и практика |
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| Online Access: | https://financetp.fa.ru/jour/article/view/3175 |
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| author | M. R. Safiullin L. A. Elshin R. T. Burganov |
| author_facet | M. R. Safiullin L. A. Elshin R. T. Burganov |
| author_sort | M. R. Safiullin |
| collection | DOAJ |
| description | International financial organizations and development institutions agree that the implementation of blockchain technologies (DLT) in the process of cross-border payments will significantly contribute to the development of the global international payment system. In this regard, works devoted to the prospects for the creation of specialized blockchain platforms and international transactions implemented on their basis in the framework of the use of digital currencies are of great interest today. This issue is of particular relevance today for the Russian economy, which is faced with unprecedented sanctions pressure, limiting, in particular, the access of the financial system to international clearing services. The purpose of this study is to develop and test methodological approaches to the empirical assessment of the potential GDP growth in Russia in the event of simulating the transition of cross-border payments to a blockchain ecosystem. The research consists of methods for systematizing macroeconomic externalities that are formed in the financial system of the national economy in the process of using blockchain in the system of international settlements, as well as correlation and regression analysis, which provides the opportunity to identify the impact of blockchain transactions on the prospects of economic dynamics. The results of the study consist in the identified potential for a possible increase in Russia’s GDP (+ 4.0 % per year) as part of the use of blockchain in the system for securing international payments. The assessments not only indicate the prospects of using blockchain in the implementation of transnational payments, but also determine the potential for their use in localizing the risks of increasing sanctions pressure, expressed, in particular, in restricting access to international clearing services, payment systems (SWIFT, etc.). |
| format | Article |
| id | doaj-art-ad6222ce2eaf4115bbde1b04803fe5cf |
| institution | DOAJ |
| issn | 2587-5671 2587-7089 |
| language | Russian |
| publishDate | 2024-11-01 |
| publisher | Government of the Russian Federation, Financial University |
| record_format | Article |
| series | Финансы: теория и практика |
| spelling | doaj-art-ad6222ce2eaf4115bbde1b04803fe5cf2025-08-20T03:00:41ZrusGovernment of the Russian Federation, Financial UniversityФинансы: теория и практика2587-56712587-70892024-11-01285314310.26794/2587-5671-2024-28-5-31-431191Economic Growth in Russia with the Integration of Cross-Border Payments into the BlockchainM. R. Safiullin0L. A. Elshin1R. T. Burganov2Kazan (Volga Region) Federal University; Center for Advanced Economic Research, Academy of Sciences of the Republic of TatarstanKazan (Volga Region) Federal University; Center for Advanced Economic Research, Academy of Sciences of the Republic of Tatarstan; TISBI University of ManagementVolga Region State University of Physical Culture, Sports and TourismInternational financial organizations and development institutions agree that the implementation of blockchain technologies (DLT) in the process of cross-border payments will significantly contribute to the development of the global international payment system. In this regard, works devoted to the prospects for the creation of specialized blockchain platforms and international transactions implemented on their basis in the framework of the use of digital currencies are of great interest today. This issue is of particular relevance today for the Russian economy, which is faced with unprecedented sanctions pressure, limiting, in particular, the access of the financial system to international clearing services. The purpose of this study is to develop and test methodological approaches to the empirical assessment of the potential GDP growth in Russia in the event of simulating the transition of cross-border payments to a blockchain ecosystem. The research consists of methods for systematizing macroeconomic externalities that are formed in the financial system of the national economy in the process of using blockchain in the system of international settlements, as well as correlation and regression analysis, which provides the opportunity to identify the impact of blockchain transactions on the prospects of economic dynamics. The results of the study consist in the identified potential for a possible increase in Russia’s GDP (+ 4.0 % per year) as part of the use of blockchain in the system for securing international payments. The assessments not only indicate the prospects of using blockchain in the implementation of transnational payments, but also determine the potential for their use in localizing the risks of increasing sanctions pressure, expressed, in particular, in restricting access to international clearing services, payment systems (SWIFT, etc.).https://financetp.fa.ru/jour/article/view/3175blockchaintransnational payment systemseconomic externalitiesmacroeconomic effectsgdp growtheconomic securitysanctions pressureinternational supply chainssustainability of the national economy |
| spellingShingle | M. R. Safiullin L. A. Elshin R. T. Burganov Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain Финансы: теория и практика blockchain transnational payment systems economic externalities macroeconomic effects gdp growth economic security sanctions pressure international supply chains sustainability of the national economy |
| title | Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain |
| title_full | Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain |
| title_fullStr | Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain |
| title_full_unstemmed | Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain |
| title_short | Economic Growth in Russia with the Integration of Cross-Border Payments into the Blockchain |
| title_sort | economic growth in russia with the integration of cross border payments into the blockchain |
| topic | blockchain transnational payment systems economic externalities macroeconomic effects gdp growth economic security sanctions pressure international supply chains sustainability of the national economy |
| url | https://financetp.fa.ru/jour/article/view/3175 |
| work_keys_str_mv | AT mrsafiullin economicgrowthinrussiawiththeintegrationofcrossborderpaymentsintotheblockchain AT laelshin economicgrowthinrussiawiththeintegrationofcrossborderpaymentsintotheblockchain AT rtburganov economicgrowthinrussiawiththeintegrationofcrossborderpaymentsintotheblockchain |