Cryptocurrencies: a new phenomenon of digital economy development

Abstract

The global financial and economic crisis (2007-2009) demonstrated all the imperfections of the existing financial system. It was during this period that a new type of money appeared – cryptocurrencies that are not controlled by the state, which have developed rapidly and pose a threat to the global financial system. The main risks include incompatibility with the existing financial system; the contradiction between the financial architecture and the global currency; capital outflow; high volatility of the cryptoexchange; even implementation of cryptocurrencies as cryptopyramids; the inability to  withdraw funds in case of a cryptocrisis.