Cryptocurrencies in the Global Financial System: Problems and Ways to Overcome them

DOI

10.2991/aebmr.k.200730.077How to use a DOI?

Keywords

money system, digital economy, cryptocurrency, mining, digital money, cryptography

Abstract

The subject of the study is cryptocurrencies from the perspective of the possibility of using them as a means of payment in the context of economy digitalization. The aim of the work is to assess the possible consequences of the further spread of cryptocurrency in the global financial system and to find ways to overcome them. The article analyzes the history of the emergence and development of money circulation systems from the gold standard to modern conditions for the emergence of cryptocurrencies, and also discusses the possibilities of using cryptocurrencies in fraudulent schemes. As a result of the study, the following tasks were solved: a historical analysis of money circulation systems was carried out; modern trends in the development of modern payment systems were revealed; the possibilities of using electronic and virtual money in modern conditions of digital economy development were analyzed; digital fraud opportunities were evaluated; the ways of regulating cryptographic money turnover were revealed. A historical analysis of monetary systems development enables to identify the objective reasons for the emergence of cryptocurrencies and the need to develop a legal and economic mechanism for their regulation in the digital economy development. Description of cryptocurrency fraud schemes enables to identify possible ways to stop them. The problem of organizational development of the settlement of relations in the field of cryptocurrency exchange, which will prepare the Russian financial system, reduce potential risks and learn how to use the benefits arising from the cryptocurrency turnover, is being solved.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - A.G. Luchkin
AU  - O.L. Lukasheva
AU  - N.E. Novikova
AU  - V.A. Melnikov
AU  - A.V. Zyatkova
AU  - E.V. Yarotskaya
PY  - 2020
DA  - 2020/08/01
TI  - Cryptocurrencies in the Global Financial System: Problems and Ways to Overcome them
BT  - Proceedings of the Russian Conference on Digital Economy and Knowledge Management (RuDEcK 2020)
PB  - Atlantis Press
SP  - 423
EP  - 430
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200730.077
DO  - 10.2991/aebmr.k.200730.077
ID  - Luchkin2020
ER  -