2023 96 97 98 99 100  
2022 90 91 92 93 94 95
2021 84 85 86 87 88 89
2020 78 79 80 81 82 83
2019 72 73 74 75 76 77
2018 66 67 68 69 70 71
2017 60 61 62 63 64 65
2016 54 55 56 57 58 59
2015 48 49 50 51 52 53
2014 42 43 44 45 46 47
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Issue № 74. June 2019

Cryptocurrencies as a Vector of the World Monetary System Digitalization: Risks and Trends

Natalia G. Shchegoleva, Radima G. Malsagova

Natalia G. Shchegoleva — DSc (Economics), Professor, Head of Department of International Economics and Management of Foreign Economic Activity, School of Public Administration, Lomonosov Moscow State University, Moscow, Russian Federation.

Radima G. Malsagova — PhD, Associate Professor, Department of Financial Market and Currency Relations, School of Economics, Synergy University, Moscow, Russian Federation.

The article is devoted to the vectors of the cryptocurrency market development. Currently, both in national and foreign publications there is No. clear answer to the question about the objective possibilities and consequences of the transition to the dominant (single) cryptocurrency for the world markets; the very mechanism of cryptocurrency circulation, associated with the multiplication of risks for the traditional currency system deserves a thorough research.

The purpose of the article is to determine cryptocurrency movement trends, as well as risks, connected with its influence on the world monetary system architecture. The objectives of the article include cryptocurrency market retrospective analysis, identifying the potential of Bitcoin as the main cryptocurrency, as well as the dynamics forecast of cryptocurrency users number growth until 2021. The study was made on the basis of data from cryptocurrency exchanges and cryptocurrency systems with the use of logarithmic analysis methods.

The authors have come to the conclusion that one of the obstacles to the further multiplication of the cryptocurrency circulation as a mainstream world currency is the blockchain technology specificity, which currently doesn’t provide required infrastructural conditions. First, all transactions with cryptocurrencies are irrevocable, because there are No. financial intermediaries or centralized counterparties that could force the recipient to return the amount of money received, for example, by mistake. Secondly, with the use of cryptocurrencies, the procedure for assessing the legitimacy of transactions and identifying the identity of participants in transaction activity is much more complicated. Finally, the most significant drawback of BTC, on the basis of which the cryptocurrency market is built, in our opinion, is the technological weakness of the protocols. In particular, the Protocol that ensures the functioning of blockchain financial mechanism does not allow establishing or formalizing the rules of transaction verification.


Cryptocurrency, blockchain, Bitcoin, Ethereum, cryptocurrency exchange, crowdfunding, Initial Coin Offering (ICO), world monetary system.

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