Cryptocurrency as it is: “economic bubble” or “digital gold”?

Краус, Катерина Миколаївна and Росохацька, Марина Олександрівна (2022) Cryptocurrency as it is: “economic bubble” or “digital gold”? Європейський науковий журнал Економічних та Фінансових інновацій, 1 (9). pp. 106-115. ISSN 2617-863X

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The article examines the functional features of the use of cryptocurrency in modern conditions of globalization, integration and widespread digitalization of economic processes, taking into account its historical origins and preconditions. However, authors attempted a retrospective analysis of the emergence and dynamic development of certain types of cryptocurrencies in terms of some countries. The potential of cryptocurrency “on an equal footing” with money to be used as a payment and financial instrument has been assessed. It is described which spheres of economic life of a person and a country can be “strengthened” using cryptocurrency, but, at the same time, the problematic aspects of its circulation are indicated. Scientific approaches to understanding the essence of the concept of “cryptocurrency” are considered, in particular, the most popular types of cryptocurrencies are characterized, their specific features are unified. The rating of the countries with the highest income from the use of cryptocurrencies was assessed, as a result of which it was found that the leaders are the United States and China, and Ukraine ranks 10th in 2020. At the current stage of digitalization of many economies, business processes and everyday life, cryptocurrencies are increasingly accelerating and making it cheaper and easier to use a variety of platforms and services that destroy time and space. The legal status of cryptocurrency was monitored in different countries of the world and it was found that more and more of them give this special currency the status of official and legal tender, comparing it with electronic money. The proliferation of different types of cryptocurrencies is transforming the supply of financial services and products. On the one hand, it facilitates access for them to a wider mass of people, and on the other hand, it creates a number of new risks, challenges and financial instability in these countries. Authors made a thorough comparison of the growing trends of cryptocurrency in the XXI century and gold in the XX century, pointing out the common and different features between these payment instruments, and explained whether cryptocurrency can be considered “digital gold” of today.

Item Type: Article
Uncontrolled Keywords: financial instruments; cryptocurrency; financial assets
Subjects: Статті у наукометричних базах > Index Copernicus
Divisions: Факультет економіки та управління > Кафедра управління
Depositing User: Катерина Миколаївна Краус
Date Deposited: 28 Jun 2022 12:22
Last Modified: 28 Jun 2022 12:22

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