CC BY
274ЭКОНОМИКА И ПРЕДПРИНИМАТЕЛЬСТВО
Использование технологии блокчейн и гомеостатических принципов в монетарной политике государств
Дзятковский Антон Дмитриевич,
соискатель, Парижский колледж международного
образования
E-mail: [email protected]
Груневский Владимир Анатольевич,
руководитель контент-маркетинга, Platinum Software Development Company E-mail: [email protected]
В статье представлены основные тенденции применения технологии блокчейн и основных принципов гомеостатики в формировании денежно-кредитной политики: исследованы теоретические подходы и методологическая база для проведения исследования. В качестве инструментария для исследования использованы литературные и статистические данные. Проанализированные данные позволили сделать вывод, что распределенные бухгалтерские книги, использующие средства блокчейна, представляют собой модель, управляемую принципами гомеостатики. Они характеризуются схожей структурой (четыре слоя) и способны повысить прозрачность финансового рынка. Опираясь на законы гомеостатики, блокчейн упрощает процессы по сравнению с централизованными решениями и позволяет создавать гибкие модели расчетов. В аналитической части мы предположили, что внедрение цифровых валют на основе блокчейна может оказать серьезное краткосрочное и долгосрочное влияние на денежные системы и поставить под вопрос роль Центральных банков.
Ключевые слова: прикладные информационные технологии, технология распределенных реестров, блокчейн, финансово-экономическая сфера, денежно-кредитная политика, гомео-статика.
Introduction
The relevance of the research topic revolves around the fact that under the modern conditions in the financial market, digital information technologies are being actively integrated, with distributed ledgers (distributed ledger technology - DLT) being one of the most promising innovations.
Central banks (hereinafter referred to as 'CB's) of various countries use this technological solution for the following operations:
- issuing of digital currencies of the CB;
- development of cross-border payment systems;
- inter-bank settlements in the securities market;
- issue of bonds and management of their circulation.
Homeostatics is defined as the cybernetics of the XXI century, which have become an incentive for the growth of the information society and the use of cybernetics. This is because the focus of development has shifted from conventional to information-based systems, which is the key vector for the development of the modern world. Leveraged through the methodology and tools of homeostatics, blockchain is a consensus that allows you to agree on a given result and carry out the transaction process independently, consistently and without outside interference.
Integration and use of blockchain technology and homeostatic principles creates the conditions for the transformation of payment, clearing and settlement procedures in payment systems, making it possible to improve efficiency by reducing risks.
The implementation of monetary policies using the technology of distributed ledgers and blockchain, provides an opportunity for the issuance of CBs' digital currencies. The significance of this is determined not only by the modernization of the methodology but also by the need to create a fundamentally new monetary form [12].
The procedure for issuing digital currency and its inclusion in the existing monetary system is controversial, since it functions under the influence of the participants of the payment and monetary systems, as well as carrying financial and systemic risks.
The limiting factors of blockchain technologies in the framework of monetary policy include: the insufficient formation of digital currencies' properties; the lack of a definition for emission models; the advan-
ce о
CO £
m Р
СГ
от А
IE
Q.
e
OJ CO
tages and disadvantages of issuing digital currencies compared to monetary forms,; and the impact of the emission of digital currencies on the stability of the monetary systems of countries [18,19].
Materials and methods
The following research methods were used:
- research of theoretical literature, including consideration of various theoretical studies which form a general theoretical and methodological approach to the management of blockchain technology and the principles of homeostatics;
- analysis - this method was used to assess the application of blockchain technology and homeostatic principles;
- synthesis helps to systematize the indicators for utilization of blockchain technology and homeostat-ic principles;
- comparison provides research and evaluation of blockchain technology and homeostatic principles; The object of the research is the implementation of
monetary policy in modern conditions.
The subject of the research is the implementation of the monetary policies of states through the use of blockchain technology and the principles of homeo-statics.
Literature review
Being deeply rooted in cybernetics, homeostatics reveals the universal laws that govern systems and studies the properties and patterns of maintaining a stable, but non-equilibrium, state of systems. Homeostatics largely determines the dynamic growth of the information society and the application of cybernetics while causing a shift in focus from classical systems to the information sphere. This is in alignment with the basic vector of development [20].
Homeostatics ensures the functioning of the system through the use of an internal network of direct, reverse and cross connections between the following parties: a) the "leader" as the goal of training, b) the "performers" - content, methods, means and organizational forms, and c) the "controlled object" - the subject of the system. Functioning communication systems can be presented as neutral, allied, partnering, stabilizing, competitive or conflicting. They are implemented in various educational, project and social situations.
The adaptive scheme of interaction provides the possibility of self-development by resolving contradictions, both within the system and with the environment, being based on the "goal-result" feedback.
The mechanism of protection or self-preservation prevents the system from the emergence of crisis conditions or internal conflicts that threaten the achievement of the final goal. This ensures sustainable development and reliable functioning. The scheme redistributes the impact in the system to obtain a target indicator by changing the load on individual indicators and regulating the entire system as a whole.
Thus, homeostatics gives the system a margin of safety in relation to internal and external conflicts
caused by natural fluctuations in the parameters of the system and the environment, or uneven development of various components and force majeure circumstances.
Realized through the prism of homeostatics, block-chain is an agreement protocol that helps interconnected computers to agree on a specific outcome and execute a transactional process, consistently staying independent of external influences.
Blockchain technology is based on various reliable communication mechanisms such as the consensus algorithms described earlier. Accordingly, the decision-making process (validation) is collective, which eliminates the risk of wrong behavior, mistakes or failure [1].
Every time an unnecessary or malicious action is detected in the blockchain and a new consensus is required, the faulty node is removed from the network. The exchange of information, data or messages cannot be canceled or interrupted by a problem. When one or more nodes of the blockchain network change their behavior, the rest continue working as intended.
Thus, blockchain basically creates homeostasis -a system that can self-stabilize, protect itself against negative external and internal factors and, if necessary, adapt to new conditions, including its own mechanisms. Blockchain technologies correspond to the main secondary and protective circuits of the homeo-static structure.
The protection loop ensures system reliability by preventing or eliminating potential failures. It is designed to regulate and adjust the operation of the entire system and thus, to support its sustainable development. As a result, the blockchain network becomes conflict-free: participants follow the rules established by consensus. If a problem occurs, it will be resolved according to the accepted consensus algorithm [9].
The blockchain is a self-adapting and self-stabilizing mechanism, therefore, a system based on decentralized technology will continue functioning regardless of the impact of external and internal factors, including human influence.
The human factor can have a strong impact on the stability of the system (its homeostasis), both positive and negative, which must be taken into account when designing and managing any system, or even excluded, if possible. Blockchain works seamlessly without human intervention, which makes the technology an effective tool for integrating into a functioning system.
Trends in monetary policy demonstrate the need to differentiate functions when using financial instruments such as storage, settlement, clearing and other functions, when carrying out transactions in the financial and economic sphere [5].
Currently implemented trading platforms with a certain level of decentralization do not demonstrate a large trading volume compared to centralized solutions. They constitute less than 1% of the total trading volume, which may be the result of both instability and the high risk of manipulation, or the problem of member identification in a fully distributed open system architecture.
To ensure protection against risk, it is possible to use multi-signatures, including hardware key storage and software cryptographic solutions that prevent unauthorized access. The current level of development of distributed center technologies is not enough for ensuring complete protection, so it's too early to recommend existing cryptographic tools - they don't guarantee the required level of confidentiality [2,3].
To sustain confidentiality, access restrictions should be integrated into the blockchain network based on identical protocols with centralized and cloud solutions, on the type of role and connection channels and through the use of industry-proven cryptographic methods.
So far, a significant base for using the technology of distributed centers has been formed. It includes a practical application for work, taking into account the existing business processes in the Russian Federation.
The NSD blockchain laboratory is currently exploring opportunities for integrating various capabilities:
- stress testing of distributed centers' configuration;
- application of zero-knowledge evidence;
- use of various tokenization schemes.
To increase the level of blockchain tech security in monetary policy, it is necessary to ensure regulation and to minimize the level of risks for obtaining control over assets during storage and trading, based on the current regulatory framework and methodological provisions [11].
The main directions of using blockchain solutions for the implementation of monetary policy are presented in Figure 1.
Fig. 1. The basic principles of blockchain technologies used to implement monetary policy.
The use of blockchain technology and homeostat-ic principles will guarantee the implementation of requirements based on a dedicated blockchain network operator - a consortium of network or blockchain network participants the creation of which is initiated for creation and operation.
Results
The use of blockchain technology and the principles of homeostatics in the monetary policy of the state can be implemented by issuing a digital currency that can become an alternative to the current dollar settlement system.
Issuing digital currency minimizes the impact of sanctions and mitigates boycott threats, both at the national and corporate level. It can also facilitate integration into global currency markets and reduce political risks.
To use digital currency, one does not need to open a bank account - it is enough to pass KYC identification. The National Bank of China proposes to implement a monetary policy through the issuance of digital currency based on blockchain technology and homeo-static principles [13,15]. The proposed mechanism for the distribution of digital currency is shown in Figure 2.
Fig. 2. Levels of digital currency distribution proposed by the National Bank of China.
When developing a model for issuing a digital currency, the following advantages were declared:
• More accurate calculation of macroeconomic indicators;
• Expanding the ability to collect data in real time: creation, accounting and circulation of money. That provides policy makers with useful information;
• Prevention of money laundering, terrorist financing and tax evasion;
• Internationalization of the yuan (the national currency);
• Reduction of information asymmetry between financial institutions and regulators;
• Lower cost for issuing cash money supply: printing and minting.
Thus, by issuing digital currency, the People's Bank of China can gain control over the socio-economic sphere. In addition, the proposed scheme cannot be a direct competitor to existing cryptocurrencies, such as Bitcoin or Ethereum, because its emission is highly centralized.
The proposed aspects of the monetary policy of the Central Bank of China when issuing digital currency, call for addressing the following issues:
1. Determining the significance of digital currency for payment systems.
2. The impact of digital currency on the monetary system and monetary policy of the Central Bank.
3. The impact of digital currency on credit institutions [4].
What can incentivize people when issuing a CB digital currency is the introduction of a safe and universally accessible payment instrument, conditioned by a decrease in demand for cash.
While blockchain technologies have significantly improved the usability and efficiency of electronic instruments compared to cash in retail payments at the national level, this trend has not been observed at the cross-border level. Typically, cross-border payments are slower, less transparent and more expensive than domestic payments [7].
c o
CO £
m P o-
m
A
The transforming payment policy of the Central Bank of China determined the adoption of a strategy that determines the need to develop and ensure the introduction of new technologies [14]. Being under the control of a private issuer, most of the electronic money supply is moving away from traditional means of
payment; accordingly, the Central Bank would lose its ability to pursue a monetary and financial credit policy. In this regard, the use of digital currencies seems to be one of the most promising areas in monetary policy (Fig. 3).
Fig. 3. The main drivers of the issuance of the central bank digital currency in the monetary policy of China
As can be seen from Fig. 3, an important incentive for the issuance of the CB's digital currency is the ability to increase the stability of existing payment systems with its help.
Table 1. Central Bank Digital Currency Implementation Scenarios
In Table 1, we presented scenarios for the introduction of digital currencies by grouping them according to their ascending degree of influence on the regulatory role of the CB in the monetary sphere [16].
Method of digital currency implementation Description of integration scenario Advantages of digital currency Impact on the monetary system Impact on the monetary policy of the Central Bank
1. Substitution of cash (competition and substitution of cash in circulation) Moving from cash to the digital currency of the CB Ease of use and possible anonymity in payments Replacing a component in the MO unit Minor
2. Cash supplement (competition with payment systems) 2. Cash supplement (competition with payment systems) Ease of use when paying for goods and services, increased stability of payment systems Possible influence on the structure of components in the M1 unit Significant: the growing impact of the CB in the payment system market
3. Simultaneous handling of cash (competition with deposits in commercial banks) Outflow of funds from deposits in the digital currency oftheCB Ease of use when paying for goods and services, possible accrual of interest Possible influence on both structure and volume of aggregates M1 and М2 Significant: change in the liabilities of the CB and commercial banks
Q.
e
CM CO
The possibility of storing digital money directly with the CB can determine two main areas of influence on monetary and financial policy:
1. Strengthening the transmission mechanism of monetary policy.
2. Reducing the volume of lending provided by credit institutions [6].
As you can see from Table 1, the CB digital currency can either become a replacement for cash, it can supplement it or it can stay in parallel circulation with cash. Strengthening the transmission mechanism of monetary policy can be achieved through a direct impact on the value of money.
Generally accepted basic functions of traditional currency include: a medium of exchange, a unit of account and a value accumulator. To illustrate the impact of digital currency, it is important to discuss whether digital currency serves the same function as traditional money [8].
From the standpoint of an exchange medium, there is no doubt that digital currency can be freely exchanged as a method of payment.
Digital currency can be exchanged not just in transactions, it can also be exchanged for cash, which is the role of a medium of exchange.
There are various retail sectors willing to accept digital currencies, particularly online retail. However, not all commercial sectors accept digital currencies. It takes longer to be adopted in all markets when compared to generally recognized regular currencies.
Most digital currencies still rely on traditional currencies to assess their market value. Without intrinsic value, a high price of digital currency is a bubble. This approach proves that the risk of an independent digital currency is relatively high, so the question of whether a digital currency can be treated as a unit of account in the same way as a paper currency still remains open and requires further research [10,17].
Preservation of value means that a given asset has value and "can be stored and retrieved in the future," while the growing number of digital currency users proves that it can satisfy people's liquidity needs.
Once the demand for digital currency has been identified, the supply of digital currency will remain, but without official recognition. The value of digital currencies will rather depend on market preferences. Thus, the demand for digital currency remains uncertain.
While the three functions of a digital currency are clearly not comparable to those of the traditional money supply, there are undeniable similarities between them. In addition to similar functions in the properties of digital and traditional currency, the results of substituting digital currency with traditional should also be taken into account. The issuer of the digital currency determines the impact of the monetary policy.
Discussion
Saxo Bank economists predict that China may introduce the digital equivalent of the yuan for massive use in 2021. According to predictions, the new means of payment will simplify mutual settlements within the country and reduce the share of illegal transactions. Moreover, the launch of e-currency will give China the opportunity to fully open up its financial market to foreigners. As a result, the digital yuan can gain popularity in international trade and investment, as well as become an alternative to the dollar. In 2019, the share of non-cash payments in China reached 80%. In October 2020, a pilot test of the digital yuan was carried out.
Payment functions of the financial infrastructure should be implemented directly on the blockchain in the form of real-time gross settlements (RTGS) or other settlement models. This functionality requires the presence of funds within the blockchain and is classified within the ISSA working group, according to the method of their emission (Table 2).
Table 2. Tokenization of money
Method of emission Risk grade (from 1 to 5) Issuer Custodian Example
Central Bank Digital Currency (CBDC) 1 Central banks Central banks Digital currency in China, E-Krona in Sweden; Inthanon Project in Thailand; Eastern Caribbean Central Bank; Central Bank of Uruguay
Token backed by cash held in reserve accounts with the central bank and backed by the central bank 2 Central depositories and / or associations of commercial banks Central banks Digital Singapore dollar and the ability to use tokens issued by several CBs (Ubin project with the participation of the Bank of England and the Bank of Canada); Stella project of the European Central Bank and the Bank of Japan
A token issued for funds held in a general reserve account of the CB without warranties from the CB 3 Central depositories and / or associations of commercial banks Central banks Fnality project funded by 14 banks, (previously known as Utility Settlement Coin (USC)
Token issued based on cash deposits in a commercial bank 4 Commercial banks Commercial banks Signet Coin Signature; JPM Coin J.P Morgan bank
Token issued by organizations without a banking license 5 Cryptocurrency marketplace trust funds Commercial banks Gemini Dollar from Gemini cryptocurrency exchange platform; Paxos Standard (PAX) by Pax-os Company
Together with legal restrictions, the current model of risk distribution within the financial infrastructure excludes the possibility of working with tokens issued by
organizations without a banking license or native technology tokens. This solution forces market participants to face a limited set of jurisdictions.
Q.
e
OJ
oo
The use of tokens issued on the basis of cash deposits in a commercial bank is fully controlled by a specific legal entity and entails risks due to the lack of regulatory control. The first three models offer the lowest risks and stay controlled by the regulator, which makes them the most promising ones.
The digital currency issued by financial and non-financial institutions will affect monetary policy in different ways. As a result, the digital currency based on the electronic platform of commercial banks and obtained by financial institutions will gradually reduce the available funds in the market.
On the other hand, a digital currency issued by non-financial institutions that's independent from a CB, cannot be created with loans from commercial banks. It can alter the supply of unsecured currency and therefore affect monetary policy.
In a traditional monetary system, CBs tend to control the economy through monetary policy in order to adjust the supply of traditional money. At the same time, CBs stimulate the supply of money by setting interest rates at a level that will induce commercial banks to create bank loans to meet market needs.
As the supply of digital currency increases, CBs' assets and liabilities will shrink, leading to governance problems. In particular, the money reserve that CBs use to conduct monetary policy will be changed, so the digital currency can weaken the functions of monetary policy by affecting the speed of fund circulation.
Along with the decline in traditional cash, a potential threat could arise from an increase in the digital money supply without legal control. A significant effect from the promotion of digital currency will lead to the elimination of monetary policy.
Out of significant trends in economic development and digitalization, it is important to highlight the technology of distributed centers (blockchain) that will transform the existing structure of the economy and finance. According to the forecast by the Gartner agency, businesses based on blockchain technology could reach $10 billion.
When it comes to the trends of using distribution registry technology, it has not yet reached a stage of maturity. At the same time, scientists note that block-chain has a high potential for cutting expenses in the financial services industry. In addition, it can be used in any industry that needs transaction verification.
Security is the major aspect in the formation of economic and financial infrastructure, so technological support should ensure the highest level of protection for assets through the integration of mechanisms that prevent unauthorized access to data. In addition, it is relevant to resolve the issue of identifying a network participant.
The trends of financial infrastructure development demonstrate the need to differentiate the functionality when using financial instruments such as storage, settlement and clearing, from the functionality when performing transactions in the financial and economic sphere.
Based on the results of the study, we can outline the following key trends in the issuance of digital currency by the Central Bank of China:
1. The issue of digital currency that's based on the use of distribution ledger technology can stimulate the appearance of new forms of digital money that will be different from cash and traditional monetary balances in the settlement or reserve accounts of the Central Bank of China.
There's one specific point worth mentioning: an increased liquidity with a digital currency low risk level and the subsequent ease of use as part of decentralized virtual currency adoption for private issuers, which will ensure the main motivations for the issuance of digital currencies by the CBs.
2. Within the framework of existing trends, it should also be mentioned that digital currencies are a tool for both retail and wholesale payments. The emission of digital currency by a CB at the technical level can be implemented on the basis of token issuing or it can rely on the direct use of accounts in the CB.
At the same time, the properties of the digital currency regarding making retail payments based on tokens can duplicate the characteristics of cash, with one exception - complete anonymity of payments.
3. Key characteristics of a digital currency that may have an impact on the position of digital currencies in the existing monetary system are:
- emission technology in use;
- currency storage method;
- level of anonymity;
- mechanisms for the implementation of mutual settlements;
- ways of including currency in the monetary system;
- access level when paying in cash;
- rate of interest payments.
The technology of distributed ledgers is utilized for issuing digital currency in China, so funds are stored in the accounts of the CB or in users' accounts.
4. Integration of CB digital currency for different types of payments allows for the following conditions payment and clearing systems. When deciding on the creation of a digital currency, it is necessary to conduct a comparative analysis with existing and utilized settlement and payment options. In addition, it is necessary to take into account the impact of digital currencies on the competence of the Central Banking sphere for the implementation of monetary policy and the subsequent provision of stability.
The key advantages of issuing digital currency are the ability to create a universal and alternative means of payment and to implement cross-border payments based on speed, transparency and low cost. The most significant shortcomings of the CBs' digital currency issue are the following trends: violation of the financial stability of credit institutions, lower level of liquidity and the impact of cyber risks.
5. The impact of the CB digital currency on monetary policy is determined by the way it is integrated. When cash is replaced with digital currency, there is a minor effect on the monetary system and the CB.
The most significant effect can be achieved with the simultaneous use of cash and CB digital money, which will make it possible to store digital money with the CB, strengthen the transmission mechanism of monetary
policy and decrease the level of commercial lending. Respectively, it will lead to a structural transformation of credit institutions' liabilities. At the same time, these changes are not critical and can be minimized by adjusting monetary policy measures and using the bank deposit insurance system.
Conclusion
Blockchain is one of the promising technologies for implementing projects in the financial market, but it remains an alternative to data handling along with centralized and cloud solutions.
The use of distributed ledger technology for the implementation of financial infrastructure functions: a) makes it possible to simplify processes compared to several centralized solutions; b) increases the transparency of the financial market for the regulator and participants; c) provides conditions for flexible settlement models directly on the blockchain. As part of the new asset integration process, the use of this solution can be economically and logically justified, when compared to other implementation options.
The current state of privacy solutions requires traditional data approaches to sustain sufficient scalability and performance when working with distributed ledgers. The use of blockchain technology and the principles of homeostatics in the monetary policies of states can be implemented by issuing a digital currency that can become an alternative to the current dollar settlement system.
To ensure maximum efficiency, blockchain should be integrated in the entire set of business processes associated with a certain type of asset or service. To-kenized funds should be used in the blockchain infrastructure while the existing financial infrastructure should be optimized to work with new types of assets, using distributed ledger technology.
While it is too early to say whether digital currency will eventually replace traditional money, the velocity of money circulation will undeniably become more flexible. Widespread digital currency will have a significant impact on the Chinese market over time.
The impact of digital currency will be different in the short and long term, which will create problems for the implementation of monetary policy. Insufficient data and uncertain classifications affect the results - the threat of digital currency can cause a difficult situation for the Central Bank of China with regards to implementing a monetary policy, especially when the volume of digital currency is undervalued by the CB.
According to predictions, with the proliferation of digital currency, the independent role of China's CB will be under question, which could further constrain the transmission of monetary policy. The proposed recommendations for the formation of monetary policy assume that the Central Bank of China will standardize its monetary value and improve regulations as well as its control mechanisms; the purpose being to modernize the financial and economic system by optimizing monetary policy as a result of the introduction of a digital currency.
THE USE OF BLOCKCHAIN TECHNOLOGY AND HOMEOSTATIC PRINCIPLES IN THE MONETARY POLICIES OF STATES
Dziatkovskii A.D., Hruneuski V.A.
Paris College of International Education, Platinum Software Development Company
The article presents the main trends in the application of blockchain technology and the basic principles of homeostatics in the formation of monetary policy: theoretical approaches and a methodological basis for conducting the study are investigated. The tools used for the research include literature and statistics. Analyzed data allowed us to conclude that distributed ledgers leveraged by the means of blockchain represent a model ruled by the principles of homeostatics. They are characterized by a similar structure (four layers) and can increase the transparency of the financial market. Being supported by the laws of homeostatics, blockchain simplifies processes compared to centralized solutions and enables flexible settlement models. In the analytical part, we assumed that the implementation of blockchain-based digital currencies may have a serious short-and long-term impact on monetary systems and put the role of Central Banks under question.
Keywords: applied information technology, distributed ledger technology, blockchain, financial and economic sphere, monetary policy, homeostatics.
References
1. A First Look at Identity Management Schemes on the Block-chain URL: https://arxiv.org/ftp/arxiv/papers/1801/1801.03294. pdf
2. A Huge List of Cryptocurrency Thefts URL: https://hackernoon. com/a-huge-list-of-cryptocurrency-thefts-16d6bf246389
3. Al-Laham, M. Altarawneh, H. Abdallat, N. 2019. Development of Electronic Money and Its Impact on the Central Bank Role and Monetary Policy. Issues in Informing Science and Information Technology. 6. pp.340-349.
4. Amromin, G. and Chakravorti, S. 2018. Whither Loose Change? The Diminishing Demand for Small Denomination Currency. Norges Bank. URL: http://rn.norges-bank.no/Upload/Konferans-er/20108-11-14/Chakravorti_ paper.pdf
5. An Inside Look at China's Government Controlled Cryptocurrency Project [WWW Document], 2018. CCN. URL https:// www.ccn.com/an-inside-look-at-chinas-government-controlled-cryptocurrencyproject/
6. Barontini C., Holden H. Proceeding with caution - A survey on central bank digital currency. BIS Papers. 2019; (101). URL: https://www.bis.org/publ/bppdf/bispap101.pdf.
7. Barrdear J., Kumhof M. The macroeconomics of central bank issued digital currencies. Bank of England. Staff Working Paper. 2016; (605). URL: https://www.bankofengland.co.uk/-Zmedia/ boe/files/working-paper/2016/themacroeconomics-of-central-bank-issued-digital-currencie
8. Berch M., Garratt R. Central bank cryptocurrencies. BIS Quarterly Review. 2017; (Sept.):55-70. URL: https://www. bis.org/ publ/qtrpdf/r_qt1709f.pdf
9. Blockchain Quick Reference: A guide to exploring decentralized blockchain application development By Brenn Hill, Samanyu Chopra, Paul Valencourt https://books.google.ru/books?id=Rc-JoDwAAQBAJ&pg=PA36&lpg=PA36&dq=cr yptokitty+ethere-um + performance+references&source=bl&ots=ueYSfK-MGld&sig=ACfU3U3v87VnUb83Ney6SOnxBH6C-MfcNw& hl=en&sa=X&ved=2ahUKEwi7wqeQtsvkAhXriIsKHaHWDcY-4ChDoATAAegQICBAB#v=onepage&q=cryptokitty%20ethere-um%20 performance%20references&f=false
10. Casting Light on Central Bank Digital Currencies [WWW Document], n.d. IMF. URL https://www.imf.org/en/Publications/Staff-Discussion-Notes/Issues/2018/11/13/Casting-Light-onCentral-Bank-Digital-Currencies-46233
11. Central bank digital currencies. Committee on Payments and Market Infrastructures BIS Report. 2018. p. 2.
12. Central Banks and Distributed Ledger Technology: How Are Central Banks Exploring Blockchain Today? World Economic Forum's White Paper. 2019. p. 9
C3
o
CO £
m p
cr
OT A
IE
13. China,2018.China Financial Stability Report2018. URLhttp://www. pbc.gov.cn/english/130736/3729741/2018122816383065381. pdf
14. China Daily URL: http://www.chinadaily.com.cn/
15. China Economy Network. Yu'ebao: higher interest rate than commercial banks. URL. Available at: http://www.ce.cn/celt/wy-ry/201306/18/t20130618_24487125.shtml
16. Collier.I, Ward, O, Take the reins I The Actuary, the official magazine of the Institute and Faculty of Actuaries [WWW Document], 2018, URL http://www.theactuary.com/features/2018/12/ take-the-reins/
17. Crypto-Asset-Whitepaper-2019 URL: http://www.dtcc. com/~/media/Files/Downloads/WhitePapers/Crypto-Asset-Whitepaper-2019.pdf
18. First Look: China's Central Bank Digital Currency URL: https:// research.binance.com/analysis/china-cbdc
19. Frontrunning, Transaction Reordering, and Consensus Instability in Decentralized Exchanges URL: https://arxiv.org/ pdf/1904.05234.pdf
20. Gartner. Market guide for blockchain consulting and proof-of-concept development services. 2018. https://gtnr.it/2NB9Pp3
e
CM
oo
