Digitalization of International Settlements: Tradecoin vs US Dollar

The unipolar global monetary and financial system (GMFS), formed after the collapse of the USSR, contrary to the expectations of the collective West, was unable to ensure financial stability and crisis-free development, since it does not consider the multipolar nature of the modern world economy and the strengthening of the positions of developing countries as regional monetary and financial centers. Intensifying confrontation between developed and developing countries is a real threat to continued existence of the current world order. The article proposes a gradual transformation and describes the future configuration of the existing GMFS, in which, along with traditional institutions, new ones will function, established on the initiative of the currently most influential group of countries represented by the G20, the composition of which should be expanded with new participants. The new configuration of the GMFS can be considered as a transitional structure that will allow participants in the world community to coordinate their positions, redistribute roles and master new tools of interaction. The world has entered an era of irreversible transformation, which should ultimately move it to a qualitatively new stage of development. There is an urgent need to formulate general rules for a new world order, which will be based on the principles of justice and multipolarity. However, humanity has a difficult road ahead until relevant agreements are reached. The sooner members of the world community accept the new reality, learn to listen and hear each other and begin a constructive dialogue, the faster and less painful this transition will be.

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The New Paradigm of Russia’s International Financial Relations

Balyuk,

Balyuk

2024

Mir novoj jekonomiki

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The objective of this study is to explore the fundamental features of the emerging international ﬁnancial framework in Russia, to pinpoint potential risks and central issues in its development. The distinctive characteristics of Russian companies’ international trade activities are explored through a comparative and economic-statistical analysis. The identiﬁcation of risks was done by creating checklists using logical and analytical methods to organize information about the research topic. The risk analysis was based on the Ishikawa method (“ﬁsh bone”). The framework of Russia’s international ﬁnancial interactions from 1991 to 2014 was centred on the goal of swiftly integrating the country into the global monetary and ﬁnancial framework, fully embracing the standards set by the global power, while also acknowledging the increasing reliance on the collective West, which could potentially compromise national interests. The New Paradigm envisions a balanced integration of diverse subsystems and individual components — nations and groups of nations — within a cohesive geographical context. This framework envisions the enhancement of mutually beneﬁcial international collaboration with allied nations and the development of novel settlement and payment systems, which are based on the utilization of national currencies and/or cutting-edge digital instruments.

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Digitalization of International Settlements: Tradecoin vs US Dollar

Cited by 3 publications

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Literature Review: The Digital Currencies in the New Global World Order

Literature Review: The Digital Currencies in the New Global World Order

Bretton Woods 2.0: Towards a New Global Financial Architecture

The New Paradigm of Russia’s International Financial Relations

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