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New cryptocurrencies in the world economy

Author

Listed:
  • Aleksander Nikolayevich Zelenuk

    (Moscow State Institute of International Relations (University) MFA Russia)

  • Galina Aleksandrovna Orlova

    (Russian Foreign Trade Academy, Moscow, Russia)

  • Evgenija Vadimovna Taranovskaja

    (Russian Foreign Trade Academy, Moscow, Russia)

Abstract

The authors consider the appearance and development of electronic currencies (cryptocurrency) in the world economy, in particular bitcoin, analyzing their essence and basic characteristics. They pay special attention to the consideration of the positive and negative aspects of electronic currencies, the possibilities of using them as payment and debt repayment instruments, the characteristic of the cryptocurrency is high as a high vulnerability to deflation. In conclusion, there are differences of opinion among leading American economists regarding the possibility of converting bitcoin into the world currency as a means of payment and debt repayment. The authors conclude that there are contradictions regarding the use of bitcoin as a world reserve currency.

Suggested Citation

  • Aleksander Nikolayevich Zelenuk & Galina Aleksandrovna Orlova & Evgenija Vadimovna Taranovskaja, 2017. "New cryptocurrencies in the world economy," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 8, pages 65-79, August.
    • Handle: RePEc:alq:rufejo:rfej_2017_08_65-79
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