2023 (20), №3

Modernizing Investment Technology for Digital Financial Asset Issuance and Trading: An Empirical Study

For citation: 

Goncharova, M. V., & Goncharov, A. I. (2023). Modernizing Investment Technology for Digital Financial Asset Issuance and Trading: An Empirical Study. AlterEconomics, 20(3), 570–602. https://doi.org/10.31063/AlterEconomics/2023.20-3.5

Abstract:

The article analyzes Russian investment practices to demonstrate the possibilities for updating the functions of accounting and registration entities (depositories, registrars) and operational-investment firms (ope­rators of financial, investment platforms, information systems for issuing digital financial assets). The focus is made on modernizing technology for digital financial assets, which has stagnated for over two years. The article aims to offer recommendations for improving the issuance and trading of digital financial assets while complying with current Russian financial market regulations. The limitations posed by these regulations have hindered the development of financial support processes for businesses seeking external private investment sources. The research follows a materialistic positivist approach, using diverse scientific methods like statistics, structure analysis, comparisons, and empirical studies. Based on the analysis of operational data from Russian financial companies, the authors propose ways of optimizing their presence in the market. Additionally, the article proposes the establishment of a unified register of investment assets and a depository registration platform under the auspices of the Bank of Russia. It outlines the key components and functional objectives of digi­tal investment and accounting technology within the prudential investment blockchain of the Bank of Russia, which is recommended for use in conjunction with the aforementioned entities. The article proposes establishing an investment marketplace, Investuslugi.ru, within a regulatory sandbox framework and as a subsidiary joint-stock company linked to the Russian Direct Investment Fund, overseen by the Bank of Russia. This marketplace would offer open internet access to issuers and investors and facilitate automatic transactions involving existing and prospective digital investment assets in their best interests.

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Marina V. Goncharova — Dr. Sci. (Econ.), Associate Professor, Professor of the Department of Economics and Finance, Volgograd Branch of the Plekhanov Russian University of Economics; https://orcid.org/0000-0002-1480-4574 (11, Volgodonskaya St., Volgograd, 400066, Russian Federation; e-mail: m.v.goncharova@mail.ru).

Alexander I. Goncharov — Dr. Sci. (Econ.), Professor, Professor of the Department of Economics and Finance, Volgograd Branch of the Plekhanov Russian University of Economics; Doctor of Law, Professor, Professor Department of Civil and International Private Law, Volgograd State University (the basic Department of the Southern Scientific Centre of the Russian Academy of Sciences); https://orcid.org/0000-0001-6580-4104 (11, Volgodonskaya St., Volgograd, 400066, Russian Federation; 100, Universitetskiy Prospect, Volgograd, 400062, Russian Federation; e-mail: gai-alexandergoncharov@yandex.ru; e-mail: goncharov@volsu.ru).

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