On the economic essence of digital financial assets and the prospects for their use in the financial market and in international settlements

Subject. This article examines the economic essence of the digitalization of financial assets, as well as the impact of the spread of digital financial assets in the financial market and in international settlements. Objectives. The article aims to study the features of the provision of digital financial assets, the taxonomy of issuance and market turnover, and draw conclusions about the consequences of their involvement in the functioning of the financial market and determine the ways to overcome obstacles to their involvement in international settlements. Methods. For the study, I used the general scientific methods. Results. The article proposes a systems approach based on the study of the classification of digital financial assets, the features of their collateral, the taxonomy of issuance and market turnover. Conclusions. Based on the formed characteristics of digital financial assets in comparison with basic financial assets, the article concludes about their predominantly fictitious political and economic nature, which distances them from reproduction processes and is derivative in relation to basic financial assets. Despite the existing risks of digitalization of financial assets, difficulties in legal recognition on global platforms, their involvement in operations in the financial market and in servicing foreign trade turnover increases the degree of stability of the national financial system, the reliability of international settlements, accelerates the turnover of financial capital and reduces the costs of market participants.