Мариничев Дмитрий Николаевич

The article explores the possibility of using digital equivalents of national currencies in settlements between the BRICS countries as an alternative of direct de-dollarization through creation of unified common currency. It is shown that attempts to replace dollar with new supranational unit do not eliminate the structural problems of dependence on unified emission center and infrastructure. A different approach is proposed, in which each country retains monetary sovereignty, and settlement is carried out through online digital equivalents dnominated in national currencies and backed by their reserves. The analysis focuses on the RUBIT model, implemented on the basis of RUBIT International Consumer Cooperative and COMECON-СE system as a digital heir of the principles of transferable ruble. The article compares the suggested model with historical and modern examples of multilateral clearing, such as Asian Clearing Union and mBridge project, and with current discussions about BRICS collective currency and Euro-Asian integration line. It is concluded that digital equivalents in the format of cooperative settlement systems can become practical tool for reducing dollar dependence and developing fair energy and trade accounting between the participants, without destroying the basic mechanisms of the existing global financial system.

The article analyzes transformation of the US dollar in the context of the adoption of the federal law GENIUS Act, which regulates the issuance of payment stable coins. It is shown that the key result of the reform is not so much legalization of a separate class of digital assets, but rather a change in the very logic of issuing dollar liquidity. Dollar is switching to monetary service mode provided by licensed issuers and backed by short-term government obligations. The mechanism of formation of stable demand for treasury bills through the balance sheet of stable coin issuers, the impact of this process on the structure of bank liquidity and on the global financial system is considered. Special attention is paid to how GENIUS Act continues the line of open banking and transfers part of the trust from the level of individual institutions to the level of regulated network of providers and code. Figuratively, this new configuration is described as a confidence issue: maintaining the dollar's exchange rate and settlement function is based not only on the decisions of the central bank, but also on the mechanisms built into the law to generate demand for government debt. A conclusion is that the GENIUS Act sets the contours of competition between the service layers of money in the 21st century, when not only the face value of the currency is important, but also the quality of the infrastructure that ensures its use.

Technological transformation of financial sector is characterized by two counter trends that have a significant impact on the development of the existing financial system. They are massive spread of digital currencies and introduction of open banking technologies. The purpose of the study is to consider the options for the interaction of these two factors and predict what may happen as a result of their resonance. The author considered several possible scenarios for the future development of the global financial system and concluded that both factors have the potential for further growth and transformation of financial landscape, but the real state of the financial market in the future is determined by the ability of modern companies to adapt to changes, innovate and provide high-quality service. Competition, cooperation, and government intervention play the key role in choosing the optimal scenario for the development of the country's financial system.

The issue of creating corporate digital ecosystems at present becomes increasingly relevant, since it is this format that provides business with the necessary competitiveness in the context of digital transformation of the financial sector and the economy as a whole. Most of the researches focus on the experience of large banks and companies in information technology and telecommunications industries, as they are actively developing their digital ecosystems, leading in size and growth rates. The purpose of this article is to systematize theoretical approaches and existing practical experience in creating digital ecosystems by medium-sized companies from the banking sector and other industries. Digital ecosystems are still mostly created based on the materials of digital giant companies or other large business entities. At the same time, there is an urgent necessity to reformat business models of many medium-sized businesses into digital ecosystems, and many industries already have the similar experience. Observing this experience, understanding and searching for patterns will allow companies in different industries to form digital transformation strategy. It is necessary both to realize the advantages of creating digital corporate ecosystems and to understand the range of possible directions for further development for effective reformatting of the banking system.