Introducing cryptocurrencies as a new form of money into the contemporary financial system: challenges and opportunities

Abstract

The emergence of cryptocurrencies has opened up new opportunities, primarily related to providing access to financial resources and payment systems in the digital economy that were previously unavailable. At the same time, cryptocurrencies as a new form of money also pose new threats to governments and the global economy as a whole, the main of which is the formation of parallel financial system. As the study shoewed, cryptocurrencies are currently part of the financial system. But they still play a secondary role in the process of digital transformation of the global financial system. Moreover, in the future, there will probably be a combination of fiat and digital money, taking into account their advantages and  disadvantages, resulting in a completely new financial system.