From tax havens to cryptocurrencies: secrecy-seeking capital in the global economy

Ylönen, Matti; Raudla, Ringa; Babić, Milan

doi:10.1080/09692290.2023.2232392

Cited by 9 publications

(4 citation statements)

References 71 publications

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“…На 2-м месте -российский рубль. Анализ данных сделок, а также ряд других исследований свидетельствуют о том, что они активно используются в условиях ограничений на трансграничное движение капитала [15].…”

Section: результаты исследования и обсуж дение: платежный потенциал к...unclassified

“…Расчеты между коммерческими банками осуществлялись без доступа к узлам (нодам) центральных банков, с валидацией транзакций участниками сделок без участия центральных банков. Проект показал, что единая трансграничная система с эмиссией различных цифровых валют технически жизнеспособна и подтвердил перспективность технологии DLT для внутренних и международных расчетов 15 .…”

Section: л в крыловаunclassified

“…• с участием основных торговых партнеров, прежде всего России и Китая (возможно, Индии), учитывая сходные представления о целесообразности использования ЦВЦБ и их дизайне, стро- 15 Options for access to and interoperability of CBDCs for crossborder payments. Report to the G20.…”

Section: л в крыловаunclassified

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Digital Currencies in Cross-Border Payments: Use under Sanctions

Krylova

2024

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The digital transformation of the world economy has updated the issues of using digital technologies in the system of cross-border payments. The key moment was the introduction of virtual currencies into monetary systems and payment turnover. The circulation of cryptocurrencies along with fiat money in the global economy has created paradoxical situations that require research both scientific, theoretical and applied context. The subject of the study is the payment functionality of digital currencies. The purpose of the study is to explore the possibility of using central bank cryptocurrencies and digital currencies for cross-border payments within the existing traditional financial system, both in the general context and with the application of sanctions restrictions that hamper international settlements in traditional methods. In the process of research, content analysis, retrospective analysis, methods of logical and comparative analysis were used. This study is one of the first to explore the possibility of using bitcoin in cross-border payments under sanctions restrictions. It is shown that the volatility of cryptocurrencies is the most important characteristic that limits their use as payment instruments, but this risk can be neutralized by using cryptocurrency as a transit instrument, as a temporary intermediary in the exchange of fiat currencies. The conclusion is made about the possibility of using cryptocurrencies as a transit instrument in the implementation of exports and imports settlements in toxic currencies of unfriendly countries, and to use the Central Bank Digital Currencies in cross-border settlements within the framework of integration and non-integration interstate associations with the participation of Russia.

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Section: результаты исследования и обсуж дение: платежный потенциал к...unclassified

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Digital Currencies in Cross-Border Payments: Use under Sanctions

Krylova

2024

jour

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“…Implement specific regulations: States can strengthen their regulatory framework for cryptocurrencies by establishing clear and specific regulations addressing the taxation of transactions with these digital assets (Garcia and Garcia 2019;Marian 2021;Ylönen et al 2023). These regulations could include precise definitions on how to tax capital gains, exchange transactions and other aspects related to cryptocurrencies.…”

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Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence

Hernández Sánchez,

Sastre-Hernández,

Jorge-Vazquez

et al. 2024

Economies

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This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level of knowledge and compliance with tax obligations related to cryptocurrencies. The survey, in which 103 people participated, reveals the confusion and errors that prevail in perceptions of the tax obligations for cryptocurrencies, particularly in transactions such as swapping and staking in personal income tax. This results in almost half of the respondents (49.5%) not declaring any of their operations with cryptocurrencies. The reasons for this include the fact that the majority of respondents (66%) find the regulation of cryptocurrencies in Spain confusing and difficult to understand. Additionally, 87.4% believe that tax agencies should provide more information and resources on the taxation of cryptocurrencies and digital assets, and that there should be clearer and more comprehensive regulation. However, it should be noted that 41.7% also consider that tax regulation discourages investment in cryptocurrencies.

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