Subject The article presents a comparison of centralized and decentralized approaches to the organization of electronic money systems and actions for their improvement. Objectives The study aims to consider the specifics of using the centralized systems of electronic payments and crypto-currency and to offer actions aimed at improving the decentralized cryptosystems for their practical application at the national level. Methods We apply formal logic, systems approach, the comparative analysis method, and empirical research (comparison, data gathering and review). Results We consider centralized and decentralized approaches to the organization of electronic payment systems, emphasize their advantages and shortcomings. The paper presents a comparative analysis of popular electronic payment systems and crypto-currency systems, and our own position to the possibility of practical use of crypto-currency systems at the State level. We provide an update of electronic money classification. Conclusions The article emphasizes the fact that the use of decentralized cryptosystems in the financial sphere for electronic money circulation in its current form is unsafe. We offer actions for improvement, i.e. a ban on private crypto-currencies; joint use of centralized and decentralized systems with improved regulation mechanism; creation of a new infrastructure, etc. We propose an additional parameter of electronic money classification depending on approach to the system organization, namely, electronic money circulating in the centralized system, and electronic money circulating in the decentralized cryptosystem.
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