The Prospects for the Development of the Global Monetary System through the Implementation of Blockchain Technology: Impact on Political Institutions and Possibilities for the Development of the New Regions of the Russian Federation

Abstract

The article examines the prospects for the development of the global monetary system in connection with the practical implementation of blockchain technology - cryptocurrency. The authors consider the main reasons for trust in money, as well as the reasons for the growing distrust of authorities and financial institutions in modern realities, along with the pros and cons of implementing cryptocurrency and blockchain in the financial system. An attempt is made to answer the question of whether cryptocurrency can change the modern financial system and what should be done to make these changes as effective and fast as possible. In addition to the influence of cryptocurrencies on the financial system, the article draws parallels with the impact of blockchain technology on existing political institutions. The authors analyze the possibilities of using cryptocurrencies for the development of the new regions of the Russian Federation.

Keywords

• trust
• blockchain
• distributed communication systems
• finance
• money
• cryptocurrency
• the new regions of the russian federation