Assessment of the Investment Attractiveness of Digital Financial Assets

The purpose of this paper is to determine what factors affect the global CFA market and to put forward factors that can potentially affect the Russian market and thus assess its investment attractiveness. Main tasks: 1. Study the existing literature on digital financial assets and cryptocurrencies in the economy 2. Collect data from the cryptocurrency market and CFA and select a cryptocurrency for research. 3. Build an econometric model that would show the main factors influencing the investment attractiveness of the Central Bank in the world. 4. Based on the model, put forward the factors influencing the CFA in Russia. The focus of this article is on the investment attractiveness of CFA, while the object is the influence of various factors on the global and Russian CFA market and on the investment attractiveness of this instrument. As part of the work, the definition of the CFA and the division of this concept into the world order and the way of the Russian Federation were given. Cryptocurrencies and stablecoins were recognized as global CFAs, and Russian CFAs in accordance with Federal Law No. 259-FZ. Based on this, the main approaches for statistical and econometric analysis in the CFA market were studied. The main method in the work was the multiple regression method. The main cryptocurrency – bitcoin and the influence of various factors on the dynamics of its price-were taken for the study. The assumption was also made that the factors obtained as a result of the work can also be dynamic factors in the Russian CFA market, as the only analog of the CFA technology market in the Russian Federation. A multiple regression of the influence of key rate factors, inflation, the price of gold, major stablecoins and capitalization on the price of bitcoin was constructed. The results obtained were statistically significant, the hypotheses were confirmed, and based on this, factors that can influence the dynamics of the CFA market in the Russian Federation were identified. The main ones are the key rate, the dynamics of inflation, as well as the market capitalization in general and the main products in particular. And the presence of these factors assessed its investment attractiveness.