Goncharov A.I., Goncharova M.V. Digital Tokens in the Tools of Modern Foreign Trade Activities by Economic Entities of the BRICS Jurisdictions
DOI: https://doi.org/10.15688/lc.jvolsu.2019.3.5
Alexander I. Goncharov, Doctor of Sciences (Jurisprudence), Doctor of Sciences (Economics), Professor, Department of Civil and Private International Law (Base Department of the Southern Scientific Centre of the Russian Academy of Sciences), Volgograd State University, Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , This email address is being protected from spambots. You need JavaScript enabled to view it. , https://orcid.org/0000-0001-6580-4104
Marina V. Goncharova, Doctor of Sciences (Economics), Professor, Department of Economics, Plekhanov Russian University of Economics (Volgograd Branch), Volgodonskaya St., 11, 400131 Volgograd, Russian Federation, This email address is being protected from spambots. You need JavaScript enabled to view it. , This email address is being protected from spambots. You need JavaScript enabled to view it. ,https://orcid.org/0000-0002-1480-4574
Introduction: computer algorithmization of production, transport, communication and other processes, which is actively distributed across the countries of all the continents, has received a special name – digitalization of the economy. The speed and independence from distance, in particular, the interworking algorithms for attracting investments are perceived by entrepreneurs with great hope for success. According to the authors of the paper, by 2022 the financial digital technologies can replace up to 28 % of traditional banking and payment transactions, up to 22 % of insurance and foreign trade financing transactions. In the short term, the relevance of introducing the legal regulation of digital investment tokens will be duly evaluated, so long-term foreign trade projects for long-term supply of goods, in particular, by the economic entities of the BRICS jurisdictions, will receive increasing financial support. In the scientific paper, the authors studied the activities of the Russian legislators on forming the legal regulation of the digital economy for the purpose of identifying their mistakes and shortcomings, as well as substantiating recommendations for the consolidation in the legislation of the viable legal structures which can be used by the economic entities of the BRICS jurisdictions in long-term foreign trade transactions that require large financial resources for a period of 1 year or more. Relying entirely on the materialistic worldview and the general method of historical materialism the authors used the general scientific and specific scientific (comparative law, normative-dogmatic, statistical, hermeneutic) methods for the study. As a result, the authors proved that the development of ICO investments would continue rapidly. The growing popularity of ICO will promote the technical “base” of the token market and strengthen the crypto protection of smart contracts and transactions within their performance. Tokens, as digital crypto records on the Internet resources, used by the participants of foreign trade transactions of the BRICS jurisdictions – the organizers of investments, by 2022 will become the usual investment instruments, such as bonds or shares. The conclusions and recommendations on the correction of the Russian bills are formulated; the proposals for improving the infrastructure of remote investments in the Internet space of modern Russia are given. On the basis of a critical analysis of the scientific works of the economists and lawyers, the authors formulate the definitions of the studied tools of remote digital interaction of investors and organizers of investment of long-term foreign trade transactions, which can be carried out including the economic entities of the BRICS jurisdictions.
Key words: digital space, civil law, bills, ICO-investments, crypto-records, foreign trade transactions, BRICS countries.
Citation. Goncharov A.I., Goncharova M.V. Digital Tokens in the Tools of Modern Foreign Trade Activities by Economic Entities of the BRICS Jurisdictions. Legal Concept, 2019, vol. 18, no. 3, pp. 31-42. DOI: https://doi.org/10.15688/lc.jvolsu.2019.3.5
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