Economic Characteristics of a Digital Token in a Cross-Border Payment Infrastructure Based on Distributed Ledger Technology

The subject of the study is a digital token in a cross–border payment infrastructure (hereinafter referred to as CBPI) based on distributed ledger technology (hereinafter referred to as DLT). The purpose of the work is to analyze and scientifically evaluate methodological approaches to the formation of CBPI. The relevance of the work is due to the atmosphere of uncertainty and growing risks of external impact on the cross-border payment infrastructure that the Russian Federation has faced in recent years, as well as the need to address the challenge of ensuring accessibility, continuity, sustainability and security of its operation. As a result of the research, using heterodox, systemic, structural-functional, cybernetic, pragmatic and institutional approaches, the economic characteristics of the payment token have been developed and presented, including the most significant ones for the smooth implementation of cross-border payment transactions. It is concluded that the existing approaches make it possible to determine the main economic characteristics of a digital token in a cross-border payment infrastructure based on DLT, including security, cost stability, liquidity, volatility, as well as auxiliary ones — interoperability, scalability, transactional neutrality, economic isolation.

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