Cryptocurrency as a qualitatively new payment instrument and the prospects of its integration into the global financial system

Keywords: money, finance, investments, Blockchain, Bitcoin, Ethereum, payment system, exchange rate


Purpose – to analyze the current trends and the state of the international market of leading cryptocurrencies and to evaluate the possible prospects for their further development and integration into the world financial system.

Findings. The authors traced the history of the origin and formation of Bitcoin retrospectively, considered some features of the "Blokchain". The paper analyzed the positive and negative aspects of working with cryptocurrencies. The research considered the closest on capitalization to Bitcoin – the Ethereum cryptocurrency and analyzed the main differences between them. On the basis of results of the study, the authors made the forecast about the most likely direction of the development of the cryptocurrency market for the near future and the possibility of their integration into the world financial system.

Theoretical implications. The issues studied in the work and its results should contribute to the solution of the global scientific task – the formation of scientifically grounded opinion of academic science to a new phenomenon in the economy – the cryptocurrencies and their role in the world financial system.

Originality/Value. This research work is one of the few which is dedicated to the new phenomenon in the economy – cryptocurrencies; author's forecasts about possible directions of further development of the crypto-currency market are presented.

Research limitations/Future research. This paper opens the possibility of further research in the field of the crypto-currency market, its further development and integration into the world financial system.

Paper type – empirical.


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Author Biographies

Oleksii Dzhusov, Oles Honchar Dnipro National University, Dnipro, Ukraine

д.э.н., доцент, профессор кафедры, менеджмента и туристического бизнеса



Nataliia Rubtsova, University of Applied Sciences, Mittweida, Germany



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How to Cite
Dzhusov, O., & Rubtsova, N. (2017). Cryptocurrency as a qualitatively new payment instrument and the prospects of its integration into the global financial system. European Journal of Management Issues, 25(3-4), 115-124.