voprecotestВопросы экономикиVoprosy Ekonomiki0042-8736Voprosy Ekonomiki, NP10.32609/0042-8736-2019-5-136-148voprecotest-2207Research ArticleНАУЧНЫЕ СООБЩЕНИЯRESEARCH NOTESК десятилетию рынка криптовалют: текущее состояние и перспективыThe 10th anniversary of the cryptocurrency market: Its current state and prospectshttps://orcid.org/0000-0002-2066-7633СтолбовМ. И.StolbovMikhail I.

Столбов Михаил Иосифович, д. э. н., завкафедрой прикладной экономики 

Москва

Moscow

stolbov_mi@mail.ruМосковский государственный институт международных отношений (Университет) МИД РоссииРоссияMoscow State Institute of International Relations (MGIMO-University)Russian Federation20190705201905136148Copyright © Voprosy Ekonomiki, NP, 20192019Voprosy Ekonomiki, NPVoprosy Ekonomiki, NPhttps://www.vopreco.ru/jour/about/submissions#copyrightNoticehttps://www.vopreco.ru/jour/article/view/2207

В статье предложена классификация исследовательских программ, связанных с рынком криптовалют. В рамках каждой из них выполнен обзор последних исследований. Показано, что, несмотря на сохраняющиеся несовершенства, эффективность данного рынка постепенно возрастает, что сближает его с рынками традиционных финансовых активов. В частности, криптовалюты уже могут рассматриваться как инструмент диверсификации инвестиционных портфелей. Вместе с тем их перспективы в конкуренции с фиатными деньгами призрачны. Опыт функционирования рынка криптовалют представляет интерес для центральных банков лишь в контексте разработки оптовых платежных систем нового поколения.

The article introduces a classification of research programs related to the cryptocurrency market. Each of them is surveyed, with the emphasis placed on the most recent studies. Despite the presence of market frictions, its informational efficiency tends to increase, thereby making it more comparable with the conventional financial markets. In particular, cryptocurrencies can be used for portfolio diversification. Yet, they can hardly compete with fiat money. Currently, central banks are only interested in examining and adopting some of the cryptocurrency features to create their own wholesale digital currencies.

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The authors declare that there are no conflicts of interest present.