Open AccessABOUT THE ESSENCE, FEATURES AND LEGITIMITY OF CRYPTOCURRENCIES
Author(s) -
Arūnas Lapinskas
Publication year - 2021
Publication title -
èkonomičeskij vektor
Language(s) - English
Resource type - Journals
ISSN - 2411-7269
DOI - 10.36807/2411-7269-2021-2-25-105-110
Subject(s) - cryptocurrency , circulation (fluid dynamics) , economics , legitimacy , legislation , monetary system , monetary policy , business , monetary economics , commerce , computer science , law , political science , engineering , computer security , politics , aerospace engineering
The article discusses the main technological and economic aspects of the functioning of cryptocurrencies. Based on the analysis of monetary theories and the evolution of forms of money, it is shown that the technologies of mining and circulation of cryptocurrencies fully meet the requirements for "monetary material" and the trend in the development of monetary systems. It is concluded that the development of the form of money under the influence of scientific and technological progress has not changed their economic essence. The pros and cons of cryptocurrencies are shown. The problem of the legitimacy of cryptocurrencies is analyzed taking into account the new federal legislation.