GLOBAL CRYPTOCURRENCY AS PROSPECTS FOR WORLD MONETARY SYSTEM
DOI:
https://doi.org/10.35774/jee2018.01.116Keywords:
Bitcoin, cryptocurrency, de-stuffation, electronic money, global currency.Abstract
The cryptocurrency is a phenomenon of a modern payment system, however it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin («mining»), and all subsequent ones - on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the «bill of exchange», which is accompanied by a number of «transfer inscriptions» - «endorsements.» Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.
JEL: E40, 42, 58.
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