THE SCIENTIFIC INTERPRETATION OF THE ECONOMIC

  • Nataliia Tkachenko
  • Olexander Lutskevych
Keywords: securities, securities properties, digital technologies, digital securities, digitized securities, blockchain tokens, undocumented securities

Abstract

Modern trends in the development of new technologies, especially digital ones, are characterized by systemic transformations in all spheres of business, society and politics. The rapid introduction of digital technologies is taking place in all areas of economic activity, including securities circulation. As a result, there is a need for an in-depth study of the economic nature of digital securities.
The purpose of the article is to carry out a critical analysis of the essence of the definition “securities”, to systematize their properties and to study the peculiarities of transformation of the content of the studied concept in view of the development of digital technologies, in particular the presentation of the author’s interpretation of digital securities.
The article examines the existing views of scientists in the context of the established approaches to the interpretation and substantive load of the essence of the definition of “securities”, namely: the particular form of capital existence, specific investment goods, financial instruments and the set of rights to resources. The advantages and disadvantages of the presented approaches are identified. The author systematizes the properties of securities: turnover, marketability, participation in public circulation, documentation, standardization, regulation and recognition by the state, liquidity, riskiness and profitability. It is substantiated that the development of digital technologies has led to the creation of digital securities. When submitting the definition of the latter, it is obligatory to take into account: 1) subjects of transactions with securities (issuers and investors); 2) the nature of the relationships that arise between the entities in the securities transactions (property or loan relationships); 3) appointment of securities.
Under the digital security we offer to understand the information shell – the token of financial and economic relations that arise between the issuer and the investor regarding the attraction or borrowing of funds under the terms of a smart contract. Unlike others, this definition takes into account current trends in the digitization of financial and economic relations in the sphere of securities circulation.

Published
2020-04-09