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Finance and Credit
 

The impact of blockchain and cryptocurrencies on the global financial system: Prospects and contradictions

Vol. 27, Iss. 9, SEPTEMBER 2021

Received: 7 June 2021

Received in revised form: 22 June 2021

Accepted: 6 July 2021

Available online: 30 September 2021

Subject Heading: Financial system

JEL Classification: E42, F31, G23, O16

Pages: 2096–2117

https://doi.org/10.24891/fc.27.9.2096

Subject. This article examines the impact of cryptocurrencies on the global financial system.
Objectives. The article aims to identify, systematize, and analyze the influence of cryptocurrencies, as well as the blockchain, on the global financial system, and identify the opportunities and limitations that exist at the present stage.
Methods. For the study, I used the methods of logical and statistical analyses, systematization, and forecasting.
Results. In accordance with the original hypothesis put forward, the article reveals that cryptocurrencies do not represent such a powerful part of the global financial system today to consider it as a driver of changes in this system, but large enough to provoke a crisis similar to the coronavirus one.
Conclusions. Today, cryptocurrencies are one of the promising financial instruments, the influence of which in the global financial system can significantly increase with the appropriate actions of the economic agents themselves. The positive impact on the elements of the global financial system will make cryptocurrencies more instrumental in the global foreign exchange and capital markets.

Keywords: cryptocurrency, global financial system, risk, capital market, foreign exchange market

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