Main Directions of Cryptocurrency Influence on the Monetary Policy and Financial Safety of Banking Systems

Abstract

Introduction. The article deals with the peculiarities of the development of the market of cryptocurrency. The main directions of the negative influence of the growth of the capitalization of cryptocurrency market on the monetary policy of the central banks and the financial security of the banking systems are outlined. Possible variants of creation of national cryptocurrencies are investigated. The necessity of introduction of the blockchain system into the practice of organizing of currency turnover and functioning of banking systems is substantiated. Purpose. The article aims to study the impact of the expansion of cryptocurrency on the monetary policy of central banks and the financial security of banking systems. It also aims to work out the recommendations for the implementation of perspective, in our opinion, cryptocurrencies into the national banking system. Methods. In this research we have used the general scientific methods of analysis and synthesis (to understand the functional purpose of cryptocurrencies and to determine the directions of their influence on the monetary policy of central banks and financial security of banking systems); economic and statistical methods (to analyse the dynamics of capitalization of cryptocurrencies, to compare the share of cryptocurrency in the money supply of countries the world); systematic approach (to justify the prospects for the creation of national cryptocurrencies and the introduction of blockchain into the practice of the organization of fiat money circulation and the functioning of banking systems). Results. The main directions and consequences of the influence of cryptocurrencies on monetary policy and financial security of banking systems have been determined. The prospects of the introduction of blockchain into the practice of organization of the circulation of fiat money and the functioning of banking systems, as well as the positive aspects of the creation of national cryptocurrencies have been grounded.

Pengaruh Cryptocurrency terhadap Aktivitas Ekonomi: Sebuah Tinjauan Pustaka Sistematis

“…Sementara itu, terkait dampak negatif yang ditemukan dalam 17 artikel ( (Ashimbayev & Tashenova, 2018;Benigno, 2021;Bortnikov, 2020;Cadizza & Yusandy, 2021;Claeys et al, 2018;Fama et al, 2019;Mandeng, 2018;Nguyen & Jeong, 2018;Peters et al, 2015;Pieters, 2016;Rao, 2017;Rasul H, 2018;B. , Singh & Kant, 2019;Swanda, 2015;Tomić et al, 2020;Vasylchyshyn, 2017;Vinokurova, 2018)) dapat disimpulkan bahwa terdapat dua dampak negatif yaitu kejahatan siber dalam keuangan dan ketidakstabilan sistem keuangan. Penjelasan terkait kedua dampak cryptocurrency terhadap fungsi sistem moneter ternyata dapat mempengaruhi aktivitas ekonomi, yakni tiga dampak positif dan dua dampak negatif dijelaskan pada bagian berikut.…”