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The Role Of Cryptocurrencies In Modern Banking

Author

Listed:
  • LUCHIAN, Ivan

    (Moldova State University, Chisinau, Republic of Moldova)

  • FILIP, Angela

    (Moldova State University, Chisinau, Republic of Moldova)

Abstract

Cryptocurrency is a digital currency that uses cryptography. Most cryptocurrencies are not issued and regulated by a central authority and use blockchain technology in the decentralized system. For the purpose of developing this article, existing statistics, reports of international institutions, and the opinions of experts were examined. Since 2009, the global cryptocurrency market has shown significant growth in terms of number and capitalization, with the main focus being on Bitcoin. International practice demonstrates the growing popularity of cryptocurrencies as a means of payment in e-commerce systems. All of the above created important opportunities for banking development by offering services for carrying out cryptocurrency transactions. The activity of crypto banks, cryptocurrency-friendly banks and neobanks is also remarkable. New related regulations have been approved for this in many countries. Banks must also take into account the need to manage security systems and related risks in the cryptocurrency market.

Suggested Citation

  • LUCHIAN, Ivan & FILIP, Angela, 2024. "The Role Of Cryptocurrencies In Modern Banking," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 12(1), pages 126-136, October.
    • Handle: RePEc:vls:rojfme:v:12:y:2024:i:1:p:126-136
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    More about this item

    Keywords

    cryptocurrency; blockchain; payment instrument; money laundering;
    All these keywords.

    JEL classification:

    • B17 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - International Trade and Finance
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • F31 - International Economics - - International Finance - - - Foreign Exchange

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