Cryptocurrency as a full participant of the country's payment system: reality or illusion
Journal Title: Економіка. Фінанси. Право - Year 2019, Vol 7, Issue
Abstract
The article investigates the prospects of using cryptocurrency as a participant of the country's payment system. On the one hand, the possibility of building a modern economy on the new revolutionary principles of using a fundamentally different monetary system, which will not have the traditional disadvantages of fiat (fiduciary) money, and on the other hand - the convergence of cryptocurrency and traditional money. In the context of this, we consider the properties of traditional money and the advantages, which, according to the enthusiasts of cryptocurrency, favorably distinguish digital money from traditional money. Today, under the influence of active investment activity of the leading countries of the world and the aggressive policies of the largest IT companies, the global digital space is developing dynamically. At the capital market there are structural changes: increase of investments in global projects on the basis of forming of consortia and integration groupments; global investment flows are directed both in the technology of «mass demand» (Internet games, e-commerce), and in the technology of storage of arrays of databases. However, for Ukraine, a world digital economy remains an area of undiscovered potential. It is no secret to anyone that the world paper-money system is in a crisis, and therefore it is necessary to come new structured financial products instead. In world financial and payment systems, such products have become cryptocurrency. The purpose of the paper is to find the answer to the question – is it possible in today's world of cryptocurrency to become a full member of the payment system of the country? In order to build a modern economy on the basis of new revolutionary principles of the use of a fundamentally different monetary system that will not have the traditional disadvantages of fiat (fiduciary) money and, in the first place, will not provoke inflation, it is necessary, as we think, to go some convergence of cryptocurrency and traditional money. At the same time, it is very important to make sure that cryptocurrency does not lose its advantages over traditional money. To talk about the prospects and possibilities of using cryptocurrency as a member of the payment system is necessary, but with care, studying all its possibilities. In addition, the fact of appearance of cryptocurrency testifies to the permanent search of scientific thought that in the future must provide the ponderable levers of counteraction to the negative phenomena in an economy.
Authors and Affiliations
Larysa Leonidivna Ostroverkh, Vadym Valentynovych Narohan
Keywords
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