Potential of Cryptocurrency as Global Money of the Sixth Technological Mode Based on the Global Financial System

Marat Rashitovich Safiullin, Mikhail Valerievich Savelichev, Leonid Alekseevich Elshin and Vadim Olegovich Moiseev

International Journal of Financial Research, 2020, vol. 11, issue 6, 296-300

Abstract: The change in technological modes is accompanied by financial crises that lead to changes in the global financial system. For a long period, gold played the role of world money. However, the development of technology required the transition to more flexible forms of world money, the basis of which is the national currency of the most industrialized countries. Currently, the transition to the technologies of the Sixth technological mode is accompanied by a global financial crisis. The US dollar does not cope with the functions that the latest technologies present to monetary systems. They are being replaced by a new generation of cryptocurrency-based monetary systems. Cryptocurrencies and blockchain offer new forms of investing, calculating, storing, and saving money. Such financial instruments as various types of cryptocurrencies, tokens, smart contracts, and crypto exchanges offer new opportunities for effective investment in technologies of the Sixth technological mode.

Keywords: financial crisis; technological mode; cryptocurrency; blockchain; world money (search for similar items in EconPapers)
Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijfr11:v:11:y:2020:i:6:p:296-300

DOI: 10.5430/ijfr.v11n6p296

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