Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)

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Potential Threats of Using Digital Money to Legalize Shadow Income

Authors
Svetlana Gladkova, Inga Antsibor, Anzhelika Gulko
Corresponding Author
Svetlana Gladkova
Available Online 17 December 2020.
DOI
10.2991/aebmr.k.201215.034How to use a DOI?
Keywords
digital assets, digital money, cryptocurrency, token, crypto crimes, AML / CFT
Abstract

The article discusses the changes in legislation of the Russian Federation related to the regulation of the crypto-currency market. Irreversibility of performed operations (transactions), absence of centralized data storage on servers and, as a result, much lower data vulnerability, ability to sign and manage smart contracts directly between the parties without intermediaries, convenience of round-the-clock service of the system, low cost of transactions and shortened production (business) chain through elimination of intermediaries - all these factors are the grounds for increasing popularity of digital assets. Digital currencies do not act as a supplement to the existing financial infrastructure, they create a new one – transparent, reliable and seamless (independent from intermediaries). This is how the creator of Blockchain and Bitcoin envisioned the future of new digital technologies. As the crypto-currency consumer market expands, so does the number of legalization factors associated with its use. Despite the fact that shadow economy benefits from safety of cryptocurrency transactions in the dark web, the blockchain technology is still aimed at ordinary people and protecting their personal data from leaking to third parties.

Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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Volume Title
Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)
Series
Advances in Economics, Business and Management Research
Publication Date
17 December 2020
ISBN
10.2991/aebmr.k.201215.034
ISSN
2352-5428
DOI
10.2991/aebmr.k.201215.034How to use a DOI?
Copyright
© 2020, the Authors. Published by Atlantis Press.
Open Access
This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

Cite this article

risenwbib
TY  - CONF
AU  - Svetlana Gladkova
AU  - Inga Antsibor
AU  - Anzhelika Gulko
PY  - 2020
DA  - 2020/12/17
TI  - Potential Threats of Using Digital Money to Legalize Shadow Income
BT  - Proceedings of the 8th International Conference on Contemporary Problems in the Development of Economic, Financial and Credit Systems (DEFCS 2020)
PB  - Atlantis Press
SP  - 162
EP  - 165
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.201215.034
DO  - 10.2991/aebmr.k.201215.034
ID  - Gladkova2020
ER  -