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- Title
The Usage of Cryptocurrency as an Alternative Solution of Issues of the World Monetary System.
- Authors
Seitim Aiganym, Ye
- Abstract
Financial sector, as well as all other aspects of business, has not escaped the introduction of IT-technologies. Not only have these technologies accelerated all transactions, but also made them relatively cheap and instant. If earlier payments were primarily conducted only in traditional currencies by banks and other relevant entities, recently the Bitcoin and other similar cryptocurrencies took its place as a universal currency. This article is devoted to the topical matter of cryptocurrencies, their functions and mechanisms of emission. This topic is particularly relevant today, as the traditional common currency like the U.S. dollar, yen, etc., are not so stable as before. Especially a lot of claims are presented to the U.S. dollar. Among the main complaints -- the uncontrolled by the rest of the financial market emission of the U.S. currency. The cryptocurrency Bitcoin is devoid of this shortcoming. Being unrecognized as money, the cryptocurrency Bitcoin already has its own stock exchange, fund a large community of developers, users and carriers. Separate groups of states, such as the BRICS, the Bolivarian Alliance and other communities have long been working on the creation of their own currencies. The trend of reorganization of the world monetary system is becoming more and more distinct.
- Publication
Problems of Economy, 2014, Issue 2, p50
- ISSN
2222-0712
- Publication type
Academic Journal