Digital Currencies: From the First Attempts to Create Alternative Value to Classification by Type and Features
https://doi.org/10.26794/2408-9303-2025-12-5-22-32
Abstract
The purpose of this article is to develop proposals for the systematization of terminology for the formulation of correct definitions of various types of digital currencies and their possible classifications based on the identification of stages of development of digital currencies. The relevance of the topic is that today digital currencies play an extremely important role in the world of finance. As the principal methods to achieve these goals, the authors used logical analysis, synthesis, the method of abstract logical judgments and a systematic approach. The information basis for this study was the work of domestic and foreign authors. As a results of the research, the classification was suggested which was based primarily on the division of digital currency into centralised and decentralised. The research presents conclusions, that the concept of “digital currency” is regarded as a generalised category, and that the history of development of digital currencies began long before the advent of Bitcoin.
About the Authors
O. V. Solovyeva
Moscow State University after M.V. Lomonosov
Russian Federation
Russian Federation
Olga V. Solovieva — Dr. Sci. (Econ.), Prof. of the Department of Accounting, Analysis and Audit.
Moscow
M. V. Nam
Moscow State University after M.V. Lomonosov
Russian Federation
Russian Federation
Maria V. Nam — engineer at the International Financial Reporting Laboratory.
Moscow
References
1. Brekhov G.S. Crypto-Anarchism: The ideology of blockchain technologies. Vestnik Rossijskogo universiteta druzhby narodov. Seriya: Politologiya = RUDN journal of political science. 2022;24(3):393–407. (In Russ.). DOI: 10.22363/2313– 1438–2022–24–3–393–407
2. Yakovleva S.A., Averina Е. А. Digital currency is a subject of the interconnection of criminal law and criminal procedure. Vestnik Marijskogo gosudarstvennogo universiteta. Seriya: Istoricheskie nauki. Yuridicheskie nauki = Vestnik of the Mari state university. Chapter: History. Law. 2022;8(1):91–102. DOI: 10.30914/2411-35222022-8-1-91-102
3. Plotnikova T.V., Harin V.V. Crypto currency: The evolution of formation and the prospect of development. Probely v rossiyskom zakonodatelstve = Gaps in Russian legislation. 2018;(4):50–54. (In Russ.).
4. Rozhdestvenskaya T. E., Guznov A. G. Digital currency: Features of regulation in the Russian Federation. Pravoprimenenie = Law enforcement review. 2021;5(1):58–67. (In Russ.). DOI: 10.52468/2542–1514.2021.5(1).58–67
5. Chaum D. Blind signatures for untraceable payments. Advances in cryptology proceedings of crypto. 1983;(3):199–203. DOI: 10.1007/978–1–4757–0602–4_18
6. Magomedov K.A. History of creation of cryptocurrency. Molodoi ucheniy = Young scientist. 2022;(16):360–362. (In Russ.).
7. Eremin R. I., Chernova O. Bitcoin: The history of its appearance and its value for the economy. Delovoi vestnik predprinimatelya = Business bulletin of the entrepreneur. 2022;(7):59–65. (In Russ.). DOI: 10.24412/2687–0991–2022– 1–7–59–65
8. Zatti, F., Barresi R.G. Digital assets and the low: Fiat money in the era of digital currency. Abigdon, Oxon; New York, NY: Routledge; 2024. 400 p.
9. Sidorenko E.L. Digital currency of central banks economic scenarios and forecasts. Mezhdunarodnye protsessy = International trends. 2021;19(2):151–165. (In Russ.). DOI: 10.17994/IT.2021.19.2.65.8
10. Eremenko Y.M., Kozlova N. Sh. Stablecoin as a stable cryptocurrency. Student i nauka = Student and science. 2019;11(4):17–21. (In Russ.).
11. Sheard P. The power of money: How governments and banks create money and help us all prosper. Dallas, TX: Matt Holt Books; 2023. 288 p.
12. Alekseenko A.P. Regulation of ICO and crypto currency’s transactions in the PRC and Macao. Baltic humanitarian journal. 2019;3(28):209–212. (In Russ.). DOI: 10.26140/bgz3–2019–0803–0053
13. Semeko G.V. Central banks digital currency: Principles, potential and challenges. Social innovations and social sciences = Social novelties and social sciences. 2022;(1):86–100. (In Russ.). DOI: 10.31249/snsn/2022.01.07
14. Koziuk V. Confidence in digital money: Are central banks more trusted than age is matter? Investment management and financial innovations. 2021;18(1):17–23. DOI:10.21511/imfi.18(1).2021.02
15. Wang Y., Lucey M. B., Vigne S.A., Yarovaya L. The effects of Central Bank Digital Currencies news on financial markets. Technological forecasting and social change. 2022;(180):1–39. DOI: 10.1016/j.techfore.2022.121715
16. Butenko A.I., Matveevsky S.S. Wholesale digital currencies of central banks: world experience and directions of development. Finansovye rynki i banki = Financial markets and banks. 2021;(5):78–83. (In Russ.).
17. Nikitin D.V. Types of digital currencies and specificity of their legal regime. Obrazovanie i parvo = Education and law. 2022;(11):168–173. (In Russ.). DOI: 10.24412/2076–1503–2022–11–168–173
18. Kostrykin A. N., Kulin A. A. Digital currency in the financial system of the Russian Federaion. Ekonomika i biznes: teoriya i praktika = Economy and Business: Theory and Practice. 2024;10–1(116):216–220. (In Russ.). DOI:10.24412/2411–0450–2024–10–1–216–220
19. Vasil’ev D.N., Nikolaev P.D. Obzor problem regulirovaniya virtual’nyh cennostej. Ekonomika i socium = Economy and society. 2012;3(8):135–137. (In Russ.).
20. Masterova E. S., Minazova D.F. Electronic money: The essence, functions and role in the economy. Ekonomika i biznes: teoriya i praktika = Economy and Business: Theory and practice. 2023;5–2(99):127–132. (In Russ). DOI:10.24412/2411–0450–2023–5–2–127–132
21. Korennaya A.A., Tydykova N.V. Crypto currency as an object and instrument of committing crimes. Vserossijskij kriminologicheskij zhurnal = Russian journal of criminology. 2019;13(3):408–415. (In Russ.). DOI: 10.17150/2500– 4255.2019.13(3).408–415
22. Solovyeva O.V., Chechina M. V. Approaches to interpretation and accounting treatment of digital currency (cryptocurrency): International experience. Audit = Audit. 2021;(6):19–28. (In Russ.).
23. Sokolova E. Yu. About some aspects of digital currencies issue. Innovacii i investicii = Innovation & Investment. 2021;(5):130–133. (In Russ.)
24. Kochergin D.A., Andryushin, S.A. Digital assets, crypto-assets and digitаl currencies: Economic content and potential of convergence. Vestnik Sankt-Peterburgskogo universiteta. Seriya: Ekonomika = St. Petersburg University Journal of Economic Studies. 2023;39(4):496–533. (In Russ.). DOI: 10.21638/spbu05.2023.403
Review
For citations:
Solovyeva O.V., Nam M.V. Digital Currencies: From the First Attempts to Create Alternative Value to Classification by Type and Features. Accounting. Analysis. Auditing. 2025;12(5):22-32. (In Russ.) https://doi.org/10.26794/2408-9303-2025-12-5-22-32
Views:
6
.png)
.png)
Email this article 
