Risks of using cryptocurrencies as the newest form of money in the digital economy

Abstract

The article is devoted to the risks of using cryptocurrency as a new form of money in the field of the financial system functioning. Three main risk groups were identified: legal, economic, and technical. The author proves that the poor integration of cryptocurrencies into the modern international financial system leads to significant risks from the use of cryptocurrencies at this stage. Nevertheless, the pace of development of the crypto market is so rapid and dynamic that in the medium run cryptocurrencies will be able to claim the role of one of the world's currencies, which will lead to the need to build a new global financial architecture. However, this might become possible on condition that technical, economic and legal problems are eliminated, and, accordingly, the independent essence of cryptocurrencies is harmonized with the realities of the modern financial system.