Cryptocurrencies as a New Type of Money

Revolutionary development of digital technologies, including in monetary circulation, allows to build and structure differently payment and settlement operations, but also puts absolutely other philosophy in economic development. Fundamental difference of digital money from now in use is not their p...

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Bibliographic Details
Main Authors: S. Y. Glazyev, R. S. Glazyev
Format: Article
Language:English
Published: President of the Russian Federation, Russian Academy of National Economy and Public Administration, North-West Institute of Management 2019-06-01
Series:Евразийская интеграция: экономика, право, политика
Subjects:
Online Access:https://www.eijournal.ru/jour/article/view/132
Description
Summary:Revolutionary development of digital technologies, including in monetary circulation, allows to build and structure differently payment and settlement operations, but also puts absolutely other philosophy in economic development. Fundamental difference of digital money from now in use is not their paperless (electronic) form, and absence of banks as their issuers. Their address is provided not with banks, but computer network (now, as a rule, the Internet) by means of repeated fixing of all operations in the distributed register (blockchain). The new technology seizing minds and administrative structures around the world allows to avoid excessive costs in monetary conductings, to make public administration transparent and responsible.
ISSN:2073-2929