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39Prospects of electronic money development in Russia Dyudikova E. (Russian Federation) Перспективы развития электронных денег в России Дюдикова Е. И. (Российская Федерация)
Дюдикова Екатерина Ивановна /Dyudikova Ekaterina - аспирант, кафедра национальной безопасности, факультет бизнеса и экономики, Федеральное государственное бюджетное образовательное учреждение высшего профессионального образования Астраханский государственный университет, г. Астрахань
Abstract: now the attention of the progressive society is attracted by electronic money. It is a new means of cashless payments the main feature of which is possibility of existence in centralized as well as in decentralized systems. Special social value of electronic money demands application of the most effective approach to regulation of this high-tech segment of monetary circulation. The organization of common use of the centralized and decentralized electronic payment systems with the improved mechanism of regulation is the actual direction of expansion of the sphere of electronic money use in Russia. Аннотация: в настоящее время внимание прогрессивной общественности привлечено к электронным деньгам - новому средству безналичных расчетов, особенностью которого является возможность существования как в централизованных, так и в децентрализованных системах. Особое общественное значение электронных денег требует применения наиболее эффективного подхода к регулированию этого высокотехнологического сегмента денежного обращения. Организация совместного использования централизованных и децентрализованных систем электронных денег с усовершенствованным механизмом регулирования - актуальное направление расширения сферы использования электронных денег в России.
Keywords: decentralized system, cryptocurrency, regulation, centralized system, electronic money.
Ключевые слова: децентрализованная система, криптовалюта, регулирование, централизованная система, электронные деньги.
Successful development and effective functioning of the states depends on three largest interconnected and interdependent systems — economic, legal and informational. The state is a difficult socioeconomic structure. The fundamental role in it is played by economy as the main basis on which the political superstructure including interconnected legal, informational and other systems is based. Today presence of possibility of use in the sphere of finance of technical and technological innovations with simultaneous absence (defect) of legal base is an obstacle in economic development of the country. Therefore it is necessary to approach development of electronic money in a complex on the basis of synthesis of knowledge in the field of finance, the right and information technologies. This approach will allow finding optimum solutions.
In modern economic and political conditions new means of calculations - electronic money - becomes popular. Special social value of electronic money which undoubted advantages are acceleration of calculations and payments and minimization of temporary and cost obstacles in a way to economic growth respectively demands on the one hand use of the most effective approach to regulation of this high-tech segment of monetary circulation and on the other hand improvement of the organization of storage and transfer ways of financial information.
In modern conditions for expansion and development of the sphere of electronic money use in Russia the organization of joint functioning of the centralized and decentralized
electronic payment systems with the advanced mechanism of the regulation is necessary. Such mechanism demands introduction of the following amendments to the Federal law on national payment system1 [3]:
• To specify concept of the electronic money representing the full-fledged tool of cashless payments. Electronic money is the pre-paid financial product which does not have any links with the personified bank account. It gives the owner the right to demands from an electronic payment system operator the execution of the money obligation by return of the previously provided money (acting as a covering) which account is kept without opening of individual bank accounts [1]. Electronic money exists only in an electronic form. It is recognized as a means of exchanging in electronic payment systems by a certain circle of people who do not belong to this electronic payment system.
• To prevent an identification of electronic money with a lawful instrument of payment it is necessary to fix at the legislative level the fact of that electronic money is not an instrument of payment, and acts as the instrument (means) of calculations, and also to replace the name "electronic monetary funds with "electronic money".
• To assign to the adjustable cryptocurrency which is a kind of electronic money the status of the lawful tool (means) of cashless payments legislatively and to organize licensing of the organizations having the right of work with it. To forbid use in the territory of the country of private cryptocurrencies as the last ones are not regulated by the law and can be therefore used in illegal activity.
• To oblige operators of electronic payment systems (cryptosystem) to appropriate names to electronic money which will reflect specifics of the new tool of cashless payments most fully (for example, e-ruble and cryptoruble). It will give the chance to users of electronic settlement and payment systems to understand clearly with what they work as today it is very difficult, and in certain cases it is impossible to define if the account is opened in an electronic payment system or in system of remote bank service.
• To carry out an exchange of traditional money on electronic and in the return sequence in the ratio 1:1. To forbid issue of electronic money, including cryptocurrencies, with discount that will limit possibility of operators of electronic payment systems (cryptosystems) to create large amounts of money. Otherwise they will have a possibility of granting electronic money in the form of a bonus (for example, to new clients or clients who make operations for the large sums).
• To fix for electronic payment systems operators guidelines for liquidity level (the relation of the sum of liquid assets with a date of performance in the next 30 calendar days to the sum of electronic money obligations should be settled not less than 100%) and the size of own means (the relation of own means to the sum of electronic money obligations should be settled not less than 15%).
• The money acting as a covering of electronic money has to be deposited on the special account of the Central bank according to the accounting of obligatory reserves of providing electronic money, either completely, or partially, but not less than 50%. At realization of the second option the rest part has to be invested at the discretion of the financial organizations in absolutely liquid and low-risk assets with zero credit risk (deposits of the credit organizations with high degree of reliability, or liquid debt tools with the recognized reliability).
• To set restrictions on the sum of the rest, transference and outlet of cryptocurrency from system (day/month).
• The operator of an electronic payment system (cryptosystem) has to receive obligatory from the owner of the electronic account (purse) its confirmation of awareness on rules of electronic money use, restrictions of system, on possibility of public access to tariffs system, and also on risks of work with electronic money.
1 In the offered amendments the cryptocurrency is a kind of electronic money
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• Information on commission charges for registration in an electronic payment system (cryptosystem), for input and output of money from system, and also for carrying out calculations in it must be provided in the tariffs collection and be available publicly.
• The money liability must be fulfilled by the operator of an electronic payment system (cryptosystem) on the first demand of the electronic money holder by cash disbursement or transfer to the bank account of traditional money after carrying out procedure of authenticity check of the provided financial product.
• The operator of electronic money (cryptosystem) must have the right to refuse the money liability execution in case of not granting of electronic money by the owner of the electronic account (purse) because of its loss by owner fault, or presentation of the sum less than 10 rubles.
• Registration of the user in cryptocurrency system must be made in the official representative (agent) office or by means of united system of identification and authentication.
• In cryptocurrency system only registration of the personified electronic purses must be possible.
Now in national payment system the electronic money functioning only in the centralized systems is used in calculations. It is very difficult and expensive to ensure absolute safety of such systems even with the use of different ways and methods of protection of such systems against purposeful attacks of cybercriminal community ("Anonymous declared war to the Central Banks of the world, and began from Greece".). The decentralized systems are deprived of many shortcomings inherent to the centralized systems. Despite this the use of the decentralized systems technology for modernization of the existing centralized systems without use of cryptographic ways of information security will not lead to essential increase in information security as it will not be able to provide protection against attacks of "double payment", transference process falsifications, etc.
The main directions of development of the centralized electronic payment systems must be:
1. Use of cryptographic means of protection for confirmation of the movement of electronic money (transactions for the sum more than 100 000 rub).
2. Introduction of the united register of operations on the basis of technology blockchain for reflection of the electronic money movement
3. Realization of interfaces for interaction of the centralized system with the decentralized cryptocurrency system.
The features of modern cryptocurrency systems functioning do not allow to apply them for creation of the legitimate decentralized system due to the lack of regulation, control and providing. Therefore use of the decentralized cryptocurrency systems as it stands is unsafe [2]. Thus it should be noted that refusing of block chain technology use in the sphere of calculations and payments is inexpedient as "the ban of a turn of cryptocurrency can slow down development of the Block chain and technologically throw away Russia for years ago" ("Experts agreed in opinion that it is necessary to fix the status of cryptocurrency legislatively").
For the further operation of similar systems the realization of a complex of actions and the introduction of software and hardware solutions are required, such as:
• Preliminary issue of cryptocurrency must be carried out before an exchange of traditional money for the electronic. Cryptocurrency being the tool of cashless payments must be provided with traditional money completely.
• It is necessary to organize procedure of rewarding of search of threats in the decentralized cryptocurrency system.
• Interaction between servers of the decentralized network must be carried out by the protected communication channels for the purpose of an exception of possibility of unauthorized servers' connection to a network.
• The user needs to provide access only to an electronic purse with the simplified check (the block chain base is not placed on the user's device, interaction happens to several servers).
• Storage of the closed keys should be organized on the protected replaceable device.
• The number of blocks for confirmation of transaction needs to be reduced to 1 that will allow reducing transaction confirmation time approximately to 10 minutes. And as processing is carried out by the authorized devices this scheme will not lead to decrease in safety of transactions.
• The priority of inclusion of transactions in the block, i.e. performance and confirmation of operations, must be counted off on the basis of the commission established for transaction and waiting time of processing (a time tag in turn).
• It is required to introduce temporary restrictions between performance of microtransactions (the unit of time is counted off on the basis of load of a network).
• It is necessary to create the new decentralized infrastructure in which the concrete organization will be responsible for control and functioning of system that will allow to address any controversial issues and claims to the official representative.
Development and widening of the sphere of electronic money use in Russia is an integral part of development of Internet economy, a priority problem of economic policy and one of the main directions of development strategy of national payment system consisting in broad introduction of innovative payment technologies and expansion of electronic means payment scope.
References
1. Djudikova E. I., Tanjushheva N. Yu. Klassifikacija jelektronnyh deneg // Aktual'nye voprosy sovremennoj jekonomicheskoj nauki: materialy VI Mezhdunarodnoj nauchnoj konferencii, 2016. C. 139-145.
2. Tanjushheva N. Yu., Djudikova E. I. Centralizovannyj i decentralizovannyj podhody k organizacii sistem jelektronnyh deneg: nastojashhee i budushhee // Finansy i kredit, 2016. № 29 (701). C. 11-27.
3. Federal'nyj zakon ot 27.06.2011 № 161-FZ (red. ot 29.12.2014) «O nacional'noj platezhnoj sisteme» (s izm. i dop., vstup. v silu s 01.03.2015). [Jelektronnyj resurs]. URL: http://www.consultant.ru/document/cons_doc_LAW_115625/ (data obrashhenija: 10.08.2016).
Formation of investment portfolio through method of fractal
diversification 1 2 Tetyushin A. , Farkhutdinov D. (Russian Federation)
Формирование портфеля инвестиций методом фрактальной
диверсификации
Тетюшин А. В.1, Фархутдинов Д. А.2 (Российская Федерация)
1Тетюшин Алексей Викторович / Tetyushin Alexey - студент; 2Фархутдинов Дарвин Артурович /Farkhutdinov Darvin - студент, факультет международных финансов, Финансовый университет при Правительстве Российской Федерации, г. Москва
Аннотация: в статье рассказывается о методе диверсификации путем его разделения на пропорции, которые сохраняются от уровня к уровню. Abstract: the article tells about diversification method, when proportion among portfolios is the same for all levels.
Ключевые слова: фрактал, диверсификация, индекс, RTS, S&P 500, ETF, фрактализация, облигации, акции, биткоин, золото.
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