Cryptocurrencies as a New Form of Money: Prospects for Use and Impact on the Financial System in the Future
DOI:
https://doi.org/10.57125/FEL.2023.09.25.03Keywords:
blockchain technologies, financial monitoring, legal regulation of cryptocurrencies, prospects for implementation, virtual assetsAbstract
In today's environment, modern economic technologies are rapidly developing. This process and its impact on the financial system require all the details of practical consideration. Given that cryptocurrencies are highly dynamic, the article proposes prospects for further use of the new currency. Accordingly, the purpose of the research was to provide a comprehensive analysis of cryptocurrencies as digital currencies in the Ukrainian economic market, as well as trends and prospects for their introduction. This study employed a qualitative approach consisting of a literature review. Academic publications were searched using Google Scholar, Scopus, Web of Science, JSTOR, and ResearchGate databases. The search engines revealed 74 relevant works on the issue of cryptocurrencies. During the study, 28 in-depth studies from 2013 to 2023 were selected. The results provided a strategy for the impact and transformation of cryptocurrencies on the general reform of the economic sector. It has been established that introducing cryptocurrency into the Ukrainian economy will facilitate its digitalisation. Based on the analysis of market denominations, crypto exchanges and cryptocurrencies worldwide are aimed at people, management, savings, and services. The research analysed the concept of the content of “cryptocurrency”, its features, advantages and disadvantages, and its relationship with the economic world. The international cryptocurrency market, the general state, development factors, and dynamics of adaptation in Ukraine were studied. The main conclusions were reflected in a comprehensive study of cryptocurrencies and their rapid growth as major technological innovations in the global and Ukrainian economy.
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