Open AccessBitcoin and political implications of the crypto-currencies
Author(s) -
Łukasz Cymbaluk
Publication year - 2021
Publication title -
wrocławskie studia politologiczne
Language(s) - English
Resource type - Journals
ISSN - 1643-0328
DOI - 10.19195/1643-0328.29.5
Subject(s) - cryptocurrency , sanctions , politics , state (computer science) , payment , context (archaeology) , value (mathematics) , virtual currency , store of value , currency , business , law and economics , economics , political science , computer security , law , computer science , monetary economics , geography , finance , archaeology , algorithm , machine learning
The article focuses on analyzing Bitcoin, its crucial features and applications of crypto-currencies in the context of political consequences. These kinds of instruments have value and their role as a means of payment has been constantly increasing. The attempts to use crypto-currencies by countries that actively try to take advantage of their specific functions and mechanisms is noticed. One of the particular areas of activity aims to bypass economic sanctions. In this situation, the following actors, such as Venezuela, Iran, North Korea, and Russia may be pointed out. As an addition to activities directed at avoiding sanctions, there are also projects of creating crypto-currencies by the state. In essence, these actions are supposed to improve the economic situation of particular actors. Crypto-currencies also bring challenges which are related to the processes of functioning of the state. Law and security are the main areas in this regard.