Financial literacy of digital citizens in the metaverse: Reality or fiction?

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Abstract

The global trend of digitalization is giving rise to new institutions and rethinking established ones within the state and society. In this context, studying individual objects in their symbiosis is both effective and justified. Scholars are increasingly focusing on the potential existence of digital citizenship within the emerging metaverses with early examples found in South Korea. The authors of the paper believe that scientific thought may extend even further. One premise for creating metaverses involves the development of the economic component, reflected in the movement of cash flows within the virtual space. Today, the primary users of metaverse prototypes are Generation Z (Zet) and A (Alpha), who require special state protection from harmful financial content due to their naivety. Therefore, the purpose of this study is to conduct a comprehensive SWOT analysis of the necessity and potential for enhancing the financial literacy of digital citizens in metaverses, particularly within the Russian context. Methodology: The principal method used in this study is formal legal analysis, which reveals the normative basis for implementing digital citizenship, metaverses, citizenship, and financial literacy. The findings are based, inter alia, on an analysis of regulatory legislation. Using a systemic approach, the authors present the theoretical and regulatory frameworks as well as practical implementations of categories related to digital citizenship, metaverses, citizenship, and financial literacy as a complex system with various interrelated components. As a result of this study, a Russian model for increasing the financial literacy of digital citizens in the metaverse has been proposed and substantiated, alongside the identification of several legal risks in this area.

About the authors

Yuri A. Bokov

Volgograd State University

Author for correspondence.
Email: bokov@volsu.ru
ORCID iD: 0000-0001-6357-9599
SPIN-code: 7479-4298
ResearcherId: ABA-8033-2020

Candidate of Legal Sciences, Associate Professor, Department of Constitutional and Municipal Law

100 Universitetsky Ave., Volgograd, 400062, Russian Federation

Svetlana M. Mironova

Volgograd Institute of Management

Email: mironova-sm@ranepa.ru
ORCID iD: 0000-0001-5288-2568
SPIN-code: 5770-7809

Doctor of Legal Sciences, Full Professor, Department of Theory of Law and State and Legal Disciplines

8 Gagarin str., Volgograd, 400066, Russian Federation

Maxim S. Sitnikov

Volgograd State University; Volgograd Institute of Management

Email: sitnikov-ms@ranepa.ru
ORCID iD: 0000-0002-7769-0295
SPIN-code: 1858-3641
ResearcherId: JEZ-2565-2023

postgraduate student, Department of Constitutional and Municipal Law, Volgograd State University; assistant, Department of Theory of Law and State and Legal Disciplines, Volgograd Institute of Management, branch of the Russian Presidential Academy of National Economy and Public Administration

100 Universitetsky Ave., Volgograd, 400062, Russian Federation; 8 Gagarin str., Volgograd, 400066, Russian Federation

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Copyright (c) 2025 Bokov Y.A., Mironova S.M., Sitnikov M.S.

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