JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT JOURNAL OF MONETARY ECONOMICS AND MANAGEMENT 2782-4586 2949-1851 98364 10.26118/2782-4586.2025.81.59.079 Научные статьи SCIENTIFIC ARTICLES Научные статьи Opportunities and threats of decentralized financing development for traditional financial institutions Возможности и угрозы развития децентрализованного финансирования для традиционных финансовых институтов https://orcid.org/0009-0003-0096-2306 Погосян А. А. Pogosyan A. A. Академия труда и социальных отношений Academy of Labour and Social Relations 09 06 2025 09 06 2025 2 195 203 03 05 2025 https://jomeam.ru/en/nauka/article/98364/view

Децентрализованное финансирование уже в обозримой перспективе может стать действенным инструментом развития финансовых рынков в Российской Федерации, однако его легитимация сопряжена с рядом угроз и происходит в условиях неопределенности. При этом откладывание решений в развитии финансовой политики государства может привести к еще большим издержкам, связанным с уходом перспективного сегмента нового финансового рынка в тень. В работе рассмотрены возможности и угрозы развития децентрализованного финансирования для традиционных финансовых институтов в Российской Федерации. Исследование подготовлено подготовлена с применением методов концептуального, сравнительного анализа, финансово-экономического форсайта. Результаты: уточнено понятие децентрализованного финансирования, рассмотрены отличия децентрализованного финансирования и цифровых финансовых активов, ранее легализованных в России. Представлен международный опыт выхода компаний – традиционных финансовых посредников в децентрализованное финансирование, который носит преимущественно характер тестовой апробации возможностей. По материалам международной статистики показан рост доли традиционных финансовых компаний в объемах децентрализованных заимствований. Описано многообразие возможностей развития на рынке децентрализованного финансирования для таких классических финансовых посредников, как коммерческие банки. Предложены решения по развитию финансовой политики в Российской Федерации, аргументирована необходимость легализации и скорейшего построения суверенной инфраструктуры децентрализованного финансирования с безопасным вовлечением традиционных финансовых институтов.

Decentralized financing may become an effective tool for developing financial markets in the Russian Federation in the foreseeable future, but its legitimization is associated with a number of threats and occurs in conditions of uncertainty. At the same time, postponing decisions in the development of the state's financial policy may lead to even greater costs associated with the departure of a promising segment of the new financial market into the shadows. The paper considers the opportunities and threats of decentralized financing development for traditional financial institutions in the Russian Federation. The study was prepared using the methods of conceptual, comparative analysis, financial and economic foresight. Results: the concept of decentralized financing is clarified, the differences between decentralized financing and digital financial assets previously legalized in Russia are considered. International experience of companies - traditional financial intermediaries - entering decentralized financing is presented, which is mainly in the nature of a test approbation of possibilities. Based on international statistics, an increase in the share of traditional financial companies in the volume of decentralized borrowings is shown. The article describes the diversity of development opportunities in the decentralized finance market for such classic financial intermediaries as commercial banks. Solutions for the development of financial policy in the Russian Federation are proposed, the need for legalization and the fastest possible construction of a sovereign infrastructure of decentralized finance with the safe involvement of traditional financial institutions is argued.

 цифровизация финансов децентрализованное финансирование традиционные финансовые институты риски финтеха современные финансовые технологии смарт-контракты централизованное финансирование digitalization of finance decentralized finance traditional financial institutions fintech risks modern financial technologies smart contracts centralized financing

Digi Financing Comprehensive Review. – L.: McKinsey, 2024. – 89p. Digi Financing Comprehensive Review. – L.: McKinsey, 2024. – 89p. Fintechs: A new paradigm of growth. – NY: McKinsey, 2023. – 17 p. Fintechs: A new paradigm of growth. – NY: McKinsey, 2023. – 17 p. Pulse of Fintech H2’23. Global analysis of fintech funding. February 2024. – Amsterdam: KPMG, 2024. – 59 p. Pulse of Fintech H2’23. Global analysis of fintech funding. February 2024. – Amsterdam: KPMG, 2024. – 59 p. Gramlich V. et al. A multivocal literature review of decentralized finance: Current knowledge and future research avenues //Electronic Markets. – 2023. – Vol. 33. – No. 1. – P. 11. DOI: https://doi.org/10.1007/s12525-023-00637-4 Gramlich V. et al. A multivocal literature review of decentralized finance: Current knowledge and future research avenues //Electronic Markets. – 2023. – Vol. 33. – No. 1. – P. 11. DOI: https://doi.org/10.1007/s12525-023-00637-4 Pedersen N. Financial technology: case studies in Fintech innovation. – Kogan Page Publishers, 2020. Pedersen N. Financial technology: case studies in Fintech innovation. – Kogan Page Publishers, 2020. Zetzsche D. A., Arner D. W., Buckley R. P. Decentralized finance (defi) //Journal of Financial Regulation. – 2020. – Vol. 6. – P. 172-203. DOI: https://doi.org/10.1093/jfr/fjaa010 Zetzsche D. A., Arner D. W., Buckley R. P. Decentralized finance (defi) //Journal of Financial Regulation. – 2020. – Vol. 6. – P. 172-203. DOI: https://doi.org/10.1093/jfr/fjaa010 Криптобиржа Binance запретила россиянам p2p-операции с любыми иностранными валютами [Электронный ресурс]. URL: https://www.moscowtimes.io/2023/08/26/kriptobirzha-binance-zapretila-rossiyanam-operatsii-cherez-p2p-servis-s-lyubimi-inostrannimi-valyutami-a53096 (дата обращения 25.10.2024). Kriptobirzha Binance zapretila rossiyanam p2p-operacii s lyubymi inostrannymi valyutami [Elektronnyy resurs]. URL: https://www.moscowtimes.io/2023/08/26/kriptobirzha-binance-zapretila-rossiyanam-operatsii-cherez-p2p-servis-s-lyubimi-inostrannimi-valyutami-a53096 (data obrascheniya 25.10.2024). Яньлян С. Децентрализованные финансы (defi): современные тенденции и проблемы развития //Инновации и инвестиции. – 2023. – №. 8. – С. 229–231. Yan'lyan S. Decentralizovannye finansy (defi): sovremennye tendencii i problemy razvitiya //Innovacii i investicii. – 2023. – №. 8. – S. 229–231. Makarov I. et al. Cryptocurrencies and Decentralized Finance. – Bank for International Settlements, 2022. – No 1061. Handle: RePEc:bis:biswps:1061 Makarov I. et al. Cryptocurrencies and Decentralized Finance. – Bank for International Settlements, 2022. – No 1061. Handle: RePEc:bis:biswps:1061 Nadler M., Bekemeier F., Schär F. DeFi risk transfer: Towards a fully decentralized insurance protocol //2023 IEEE international conference on blockchain and cryptocurrency (ICBC). – IEEE, 2023. – Р. 1-9. DOI: https://doi.org/10.1109/ICBC56567.2023.10174937 Nadler M., Bekemeier F., Schär F. DeFi risk transfer: Towards a fully decentralized insurance protocol //2023 IEEE international conference on blockchain and cryptocurrency (ICBC). – IEEE, 2023. – R. 1-9. DOI: https://doi.org/10.1109/ICBC56567.2023.10174937 Aquilina M., Frost J., Schrimpf A. Decentralized finance (DeFi): A functional approach //Journal of Financial Regulation. – 2024. – Vol. 10. – No. 1. – P. 1-27. DOI: https://doi.org/10.1093/jfr/fjad013 Aquilina M., Frost J., Schrimpf A. Decentralized finance (DeFi): A functional approach //Journal of Financial Regulation. – 2024. – Vol. 10. – No. 1. – P. 1-27. DOI: https://doi.org/10.1093/jfr/fjad013 Alt R., Fridgen G., Chang Y. The future of fintech—Towards ubiquitous financial services //Electronic Markets. – 2024. – Vol. 34. – No. 1. – P. 3. DOI: https://doi.org/10.1007/s12525-023-00687-8 Alt R., Fridgen G., Chang Y. The future of fintech—Towards ubiquitous financial services //Electronic Markets. – 2024. – Vol. 34. – No. 1. – P. 3. DOI: https://doi.org/10.1007/s12525-023-00687-8 Katsamakas E., Sánchez-Cartas J. M. A Computational Model of the Effects of Borrower Default on the Stability of P2P Lending Platforms //Available at SSRN 4803046. – 2024. DOI: https://doi.org/10.1007/s40822-024-00280-0 Katsamakas E., Sánchez-Cartas J. M. A Computational Model of the Effects of Borrower Default on the Stability of P2P Lending Platforms //Available at SSRN 4803046. – 2024. DOI: https://doi.org/10.1007/s40822-024-00280-0 Liang S. The future of finance: fintech and digital transformation //Highlights in Business, Economics and Management. – 2023. – Vol. 15. – P. 20-26. DOI: https://doi.org/10.54097/hbem.v15i.9222 Liang S. The future of finance: fintech and digital transformation //Highlights in Business, Economics and Management. – 2023. – Vol. 15. – P. 20-26. DOI: https://doi.org/10.54097/hbem.v15i.9222 Mehta P. et al. Unravelling FinTech Lending: Risks, Transparency and Sustainable Growth in Modern India //2023 IEEE International Conference on Technology Management, Operations and Decisions (ICTMOD). – IEEE, 2023. – P. 1-7. DOI: https://doi.org/10.1109/ICTMOD59086.2023.10438141 Mehta P. et al. Unravelling FinTech Lending: Risks, Transparency and Sustainable Growth in Modern India //2023 IEEE International Conference on Technology Management, Operations and Decisions (ICTMOD). – IEEE, 2023. – P. 1-7. DOI: https://doi.org/10.1109/ICTMOD59086.2023.10438141 Qian M. et al. Alternative financial institutions in China //Research Handbook on Alternative Finance. – 2024. – P. 213-249. DOI: https://doi.org/10.4337/9781800370494.00019 Qian M. et al. Alternative financial institutions in China //Research Handbook on Alternative Finance. – 2024. – P. 213-249. DOI: https://doi.org/10.4337/9781800370494.00019 Xu J., Vadgama N. From banks to defi: the evolution of the lending market //Enabling the Internet of Value: How Blockchain Connects Global Businesses. – 2022. – P. 53-66. DOI: https://doi.org/10.1007/978-3-030-78184-2_6 Xu J., Vadgama N. From banks to defi: the evolution of the lending market //Enabling the Internet of Value: How Blockchain Connects Global Businesses. – 2022. – P. 53-66. DOI: https://doi.org/10.1007/978-3-030-78184-2_6 Yin W. et al. Stacking ensemble method for personal credit risk assessment in Peer-to-Peer lending //Applied Soft Computing. – 2023. – Vol. 142. – P. 110302. DOI: https://doi.org/10.1016/j.asoc.2023.110302 Yin W. et al. Stacking ensemble method for personal credit risk assessment in Peer-to-Peer lending //Applied Soft Computing. – 2023. – Vol. 142. – P. 110302. DOI: https://doi.org/10.1016/j.asoc.2023.110302 6 predictions for fintech in 2024 // deVere Group [E-Source]. URL: https://www.devere-group.com/6-predictions-for-fintech-in-2024 (дата обращения 01.10.2024). 6 predictions for fintech in 2024 // deVere Group [E-Source]. URL: https://www.devere-group.com/6-predictions-for-fintech-in-2024 (data obrascheniya 01.10.2024).