аннотация Наблюдаемая за последние 20 с лишним лет активная цифровизация жизни современного общества привела к реальным изменениям в экономике. Финансовый сектор находится в центре цифровой трансформации, авангардом которой стал финтех, формирующий в настоящее время новый сегмент современных финансовых рынков. При этом наиболее общеизвестными объектами финтеха являются криптовалюта и токен. Криптовалюты, вне зависимости от отношения регулирующих органов к ним, стали виртуальной реальностью финансового сектора и активно используются для оплаты товаров и услуг. Особенностью криптовалют является их анонимность и неподконтрольность со стороны государства, что определяет целый спектр рисков для общества и государства. Однако криптовалюты наряду с рисками дают и возможности -от развития инновационных технологий до создания новых рабочих мест и пополнения национального бюджета. Проникновение финтеха в сегменты финансового рынка, традиционно занимаемые банками, породило дискуссию об их будущем. Вместе с тем, вероятно, будет иметь место не вытеснение банков, а их финтех-трансформация. Примером тому может служить платежная индустрия, ставшая одним из основных потребителей новейших финансовых технологий и предоставляющая широчайшие возможности финтех-компаниям для развития. Важным элементом финтеха является RegTech (Regulatory Technology), которая позволяет компаниям обходить торговые барьеры и помогает выстроить конструктивный консультативный диалог с регуляторами. В свою очередь, SupTech (Supervision Technology) используется для целей анализа и прогнозирования. В завершение статьи на основе анализа зарубежного опыта сформулированы основные подходы, реализация которых позволяет государствам стимулировать внедрение и развитие новых финансовых технологий, а также проанализирован опыт межгосударственной координации сотрудничества в сфере финансовых технологий в ЕС и ЕАЭС. ABSTRACTThe active digitalization of the life of modern society observed over the past 20 years has led to real changes in the economy. The financial sector is at the heart of a digital transformation that has been spearheaded by FinTech, which is now shaping a new segment of modern financial markets. At the same time, the most wellknown objects of FinTech are cryptocurrency and token. Cryptocurrencies, regardless of the attitude of regulatory authorities to them, have become a virtual reality of the financial sector and are actively used to pay for goods and services. The peculiarity of cryptocurrencies is its anonymity and unaccountability of the state that defines a range of risks to society and the state. However, cryptocurrencies, along with risks, create opportunitiesfrom the development of innovative technologies to the creation of new jobs and replenishment of the national budget. The penetration of FinTech into the financial market segments traditionally occupied by banks gave rise to a discussion about their future. However, it will probably not be the displacement of the banks but their FinTech transformation. An example of this is the payment ind...

The relevance of the analysis of the draft guidelines for the development of the Russian financial market in 2019–2021 set forth in the draft program document issued by the Bank of Russia comes from the fact that in the current situation of the macroeconomic and financial instability Russia’s entry into the top five leading world economies is impossible unless business entities have access to internal sources of financing, primarily to debt and equity financing instruments, as well as to risk insurance tools.The subject of the research is the plans of the Bank of Russia for the development of the Russian financial market in 2019–2021 set out in the draft program document of the Bank of Russia to be approved in the summer of 2019. The purpose of the paper was to assess the above guidelines in terms of whether they can achieve the goal of boosting the growth and efficiency of the economy. Proposals are made to harmonize issues related to the development of the financial market with monetary and fiscal policy issues.The paper concludes that it is necessary to seek a balance between financial stability and stimulation of business activities of banks in the cooperation between the Bank of Russia and business corporations. It is noted that the program of the financial market development does not include issues related to the development of certain segments of the financial market (foreign exchange and precious metals markets).

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Topic. The aggravation of geopolitical, environmental and social risks creates new uncertainty in international economic relations. The challenges of the fourth industrial revolution reinforced the monetary, financial and commercial-industrial confrontation between the old and new leaders of the global economy in an effort to maximize individual access to global financial, informational, natural, intellectual and technological resources. In the course of toughening global competition, the USA, as the issuer of the key reserve currency, continues to use the “exorbitant privilege” — extracting investment and financial rent from the global turnover of goods and services. The need to ensure economic security and maintain financial sovereignty in the context of ongoing economic sanctions encourages Russia to actively participate in the creation of a payment and settlement infrastructure independent of the US dollar.Purpose. The article aims to summarise the experience of managing the economy based on the two-contour monetary system; secondly, to justify its use in creating an independent system of mutual settlements in the EAEU countries in the context of de-globalization and sanctions.Methodology. In the study, we applied a dialectical approach. In conducting the study, we used general scientific methods of analysis, synthesis, generalization, as well as methods of systemic, historical-logical and comparative analysis. Results. The functioning of a two-contour monetary system as a whole yielded positive and in some cases outstanding results of socio-economic construction and the creation of a new type of economy, such as, for example, the European model of the social market economy, the CMEA industrialization model, the Soviet economic model. A non-standard approach to the organization of financing of new industrialization in the Eurasian economic space was proposed based on the use of a two-contour monetary system. Conclusions. The implementation of the project of cross-border settlements between the EAEU countries using the experience of a two-contour monetary system is a promising direction for the development of cooperation between Eurasian countries on a new economic basis.

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