UDC 336.74
DOI: 10.36871/ek.up.p.r.2024.04.03.014
Authors
Mikhail V. Kudryavtsev,
St. Petersburg University of Management Technologies and Economics,
St. Petersburg, Russia
Abstract
The presented research is devoted to the history of the emergence of cryptocurrencies as a decentralized
digital currency, their development and evolution. During its course, the peculiarities of the functioning of
the financial system were revealed, which periodically caused financial crises and, as a result, marked the beginning of the creation of cryptocurrencies. The possibilities of making the cryptocurrency market stable using new
tools have been explored. An analysis of changes in the financial system and the reasons for the emergence of
cryptocurrencies allowed us to say that they were created in order to abolish the state's monopoly on money, as
well as to form a system of currency competition, which is likely to lead to a new competitive and market-oriented
monetary system.
The conducted research showed the most important directions for the development of the cryptocurrency
market, taking into account the ideas for creating decentralized funds that would form the basis of a new monetary
system oriented towards the consumer and his preferences, and also allowed us to identify one of the most important
subclasses of cryptocurrencies – stablecoins, which provide stability and security to their users, which makes
their use more extensive.
Keywords
money, financial system, money denationalization, cryptocurrency, blockchain, cryptocurrency market, stablecoins, digital currency
