Subject. The article discusses systemic vulnerabilities of debt-based monetary systems in the context of new digital technologies and non-bank financial intermediaries. Objectives. The purpose is to reconsider the monetary policy and regulatory framework, taking into account the new technologies, while maintaining an emphasis on financial stability. Methods. I employed general scientific methods, analyzed research and publications of Russian and foreign scientists and financial institutions. Results. The study examines the role and impact of blockchain and crypto assets on the overall state of the financial market, assesses the stability provided by non-bank intermediaries, and offers recommendations regarding the development of regulatory norms and supervisory practices to promote technological progress along with ensuring financial stability. Furthermore, it underpins the shift from monetary systems based on debt to open systems based on the relative theory of money, and aims to create new approaches to regulating the financial sector in the context of digitalization in order to form a more sustainable financial ecosystem. Conclusions. It is required to implement concrete steps to transform modern financial systems into ecosystems consistent with broader social values and needs.
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