Вестник Дагестанского государственного технического университета: Технические науки (Feb 2022)

Analysis of the development of cryptocurrency instruments

  • A. A. Lukyanov

DOI
https://doi.org/10.21822/2073-6185-2021-48-4-100-113
Journal volume & issue
Vol. 48, no. 4
pp. 100 – 113

Abstract

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Objective. The aim of the work is to determine the prospects for the development of digital financial instruments in the management of social and economic systems. Method. The comparative analysis of the results of an anonymous survey using interactive multi-user social networks was used as research methods in the work. Result. The factors and key parameters influencing the development of cryptocurrency mechanisms are revealed, the advantages and disadvantages of using digital tools are identified. Suggestions for the management of cryptocurrency instruments and recommendations for improving the reliability and development of digital instruments in the financial and digital environment are given. The results of the analysis of a survey of 1121 respondents on the topic of using cryptocurrencies are presented. The results of the study showed that the most commonly used cryptocurrencies are Bitcoin and Ethereum, with a significant proportion of respondents preferring digital activities such as mining and trading. At the same time, a significant number of respondents believe that the future development of digital financial instruments is directly dependent on the legitimization of cryptocurrencies by the state and improvement of blockchain technology. Conclusion. The development of cryptocurrencies cannot be assessed unambiguously. With the development of cryptocurrency instruments, a number of threats arise, which include significant volatility, the presence of legislative restrictions on their use, and the inability to withdraw operations. The further development of cryptocurrencies should be associated with the legal regulation of their distribution, both at the national and international levels, which will ensure the determination of their legal status among other monetary units. It is also necessary to carry out a phased introduction of cryptocurrencies into payment systems for cash settlements, which should be carried out on the basis of the organization of the official circulation of cryptocurrencies and blockchain technology.

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