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On the issue of crypto‑currency economic nature
https://doi.org/10.32609/0042-8736-2018-9-132-142
Abstract
The article deals with the analysis of the economic nature of cryptocurrency, risks that arise from its use for economic turnover servicing, and consequences of different options of its probable legalization. Crypto-currency is deemed a money surrogate, a new kind of fiduciary money, having essentially no ground for trust, and an instrument of national wealth redistribution. The major way of crypto-currency existence is Ponzi scheme. Proposals are provided for limiting negative economic and social costs of crypto-currency use.
About the Author
A. Yu. Simanovskiy
The Central Bank of the Russian Federation.
Russian Federation
Moscow.
Russian Federation
Moscow.
References
1. Vigna P., Casey M. (2018). Cryptocurrency: How bitcoin and digital money are challenging the global economic order. Moscow: Mann, Ivanov and Ferber. (In Russian).
2. Marx C. (2017). Capital: Critique of the political economy, Vol. I. Moscow: Eksmo. (In Russian).
3. Sarycheva M. (2018). To make money has become too difficult. Kommersant, July 3. (In Russian).
4. Hayek F. (1996). Denationalization of money. Moscow: The Institute of Economic Affairs. (In Russian).
5. Banque de France (2018). The emergence of bitcoin and other crypto-assets: Challenges, risks and outlook. Focus, No. 16, March 5.
Review
For citations:
Simanovskiy A.Yu. On the issue of crypto‑currency economic nature. Voprosy Ekonomiki. 2018;(9):132-142. (In Russ.) https://doi.org/10.32609/0042-8736-2018-9-132-142
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