THE ROLE OF CRYPTOCURRENCIES IN MODERN BANKING

Ivan Luchian and Angela Filip
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Ivan Luchian: Moldova State University, Chisinau, Republic of Moldova
Angela Filip: Moldova State University, Chisinau, Republic of Moldova

Journal of Financial and Monetary Economics, 2024, vol. 12, issue 1, 126-136

Abstract: Cryptocurrency is a digital currency that uses cryptography. Most cryptocurrencies are not issued and regulated by a central authority and use blockchain technology in the decentralized system. For the purpose of developing this article, existing statistics, reports of international institutions, and the opinions of experts were examined. Since 2009, the global cryptocurrency market has shown significant growth in terms of number and capitalization, with the main focus being on Bitcoin. International practice demonstrates the growing popularity of cryptocurrencies as a means of payment in e-commerce systems. All of the above created important opportunities for banking development by offering services for carrying out cryptocurrency transactions. The activity of crypto banks, cryptocurrency-friendly banks and neobanks is also remarkable. New related regulations have been approved for this in many countries. Banks must also take into account the need to manage security systems and related risks in the cryptocurrency market.

Keywords: cryptocurrency; blockchain; payment instrument; money laundering (search for similar items in EconPapers)
JEL-codes: B17 E42 F31 (search for similar items in EconPapers)
Date: 2024
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