Blockchain as a Promising Technology for International Settlements (on the Example of the Russian Economy)




Blockchain, Transnational Payment Systems, Macroeconomic Effects, GDP Growth


Purpose: Development and testing of methodological approaches to the empirical assessment of a possible increase in GDP in the case of simulating the transition of cross-border payments to the blockchain environment using the example of the national economy of the Russian Federation.


Theoretical framework: In modern scientific literature, much attention is paid to questions about the prospects for the transition of financial transactions to the blockchain (Adrian T. et al., 2018; Allen D. et al., 2019; Boar C. et al., 2020; Kochergin D., 2021; Nazarenko Y., 2018 and others.). However, it should be argued that the methodological base justifying the macroeconomic efficiency of such decisions has not been formed in a holistic way. In this regard, this study is an attempt to develop theoretical and methodological tools that substantiate the feasibility of creating blockchain platforms for transnational payments.


Design/Methodology/Approach: Using the national economy of Russia as an example, we conducted an empirical assessment of the potential increase in gross domestic product (GDP) by simulating transitioning cross-border payments into a blockchain ecosystem.


Findings: It was determined that the potential cumulative macroeconomic effect (i.e., GDP growth) may reach 4.0% per year, corresponding to 6.05 trillion rubles ($75.6 billion US dollars).


Research, Practical & Social implications: We propose a future research agenda and highlight the contribution of blockchain to FinTech development.


Originality/Value: Estimates demonstrate the prospects of blockchain application in transnational payments and highlight their potential use for mitigating risks associated with increasing sanction pressure, including restrictions on access to international clearing services and payment systems (SWIFT, etc.).


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How to Cite

Safiullin, M., Elshin, L., & Burganov, R. (2023). Blockchain as a Promising Technology for International Settlements (on the Example of the Russian Economy). International Journal of Professional Business Review, 8(9), e03218.