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The Change of the Monetary Paradigm: Financial Security and Cryptocurrency

Author

Listed:
  • Mihus Iryna

    (Scientific Center of Innovative Research, Estonia)

  • Marchenko Volodymyr

    (H.S. Skovoroda Kharkiv National Pedagogical University, Ukraine)

  • Dombrovska Alla

    (O.M. Beketov Kharkiv National University of Urban Economy, Ukraine)

  • Panchenko Oksana

    (Volodymyr Vinnichenko Central Ukrainian State University, Ukraine)

Abstract

This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate transactions involving cryptocurrencies and other virtual assets. To achieve this goal, a complex set of general scientific and specialized research methods was applied, including comparative legal analysis, system-structural examination, generalization method, as well as methods of analysis and synthesis, DFD to build a model of the influence of cryptocurrency on the financial security of the state. As a result, we delved into the economic essence of blockchain-based cryptocurrencies as an alternative to traditional fiat currencies based on the principle of decentralization. It has been established that Bitcoin has a unique "hardness", due to which this cryptocurrency is rightly called >. The article analyzed the dynamics of the development of the use of blockchain technologies for 2009-2022, the results of which indicated the continuation of their annual growth in use. The article presents the results of a study on the introduction of cryptocurrency in Ukraine, which made it possible to systematize the main risks associated with it. In further research, it is possible to continue studying the economic-legal mechanism of the introduction of the national cryptocurrency in Ukraine and the use of blockchain in other financial processes at the state level.

Suggested Citation

  • Mihus Iryna & Marchenko Volodymyr & Dombrovska Alla & Panchenko Oksana, 2024. "The Change of the Monetary Paradigm: Financial Security and Cryptocurrency," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 20(2), pages 89-101.
    • Handle: RePEc:vrs:finiqu:v:20:y:2024:i:2:p:89-101:n:1007
    DOI: 10.2478/fiqf-2024-0014
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    More about this item

    Keywords

    Financial Security; Bitcoin; Hard Money; Cryptocurrency; Virtual Assets; Monetary System; Financial System;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill

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