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ИД «Финансы и кредит»






Financial Analytics: Science and Experience

The place and role of cryptocurrencies in the international financial market

Vol. 16, Iss. 4, DECEMBER 2023

Received: 20 July 2023

Received in revised form: 3 August 2023

Accepted: 29 August 2023

Available online: 30 November 2023


JEL Classification: G15

Pages: 372–382


Lyudmila V. PUSHKAREVA RANEPA St. Petersburg St. Petersburg, Russian Federation


Subject. The article investigates the role of cryptocurrency in the international financial market.
Objectives. The aim is to analyze the place and role of cryptocurrencies in the international financial market.
Methods. The study rests on logical, historical, and statistical analysis, and methods of comparison, classification, and deduction.
Results. The paper defines the concept of cryptocurrency, considers the problem of including cryptocurrencies in the economic system, characterizes the cryptocurrency market at the international level, determines the place and role of cryptocurrencies in the international financial market.
Conclusions. Cryptocurrency is a new phenomenon in the global economy. It plays a special role in the investment market. The introduction of cryptocurrency into everyday life is possible only after solving all technical, legal, and economic issues directly related to its circulation. The problem with legal regulation is particularly relevant, since the attitude of governments of different countries to digital assets is constantly changing. This is due to the fact that decentralized systems can be used in the shadow economy, which threatens the stability of the national economy of States. Nevertheless, the development of digital economy cannot be stopped, so it is worth adapting to the new realities of the modern world.

Keywords: cryptocurrency, digitalization, cryptography, blockchain, mining


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ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

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Vol. 16, Iss. 4
December 2023