Global Cryptocurrency as Prospects for World Monetary System

Abstract

The cryptocurrency is a phenomenon of a modern payment system, how- ever it is still unclear whether it is a new kind of currency at all. Most often, there are claims that this is just a financial pyramid. However, such statements do not explain the nature of cryptocurrency. In fact, from technical point of view, the cryptocurrency is simply a data chain, in which the first link contains information about its origin («mining»), and all subsequent ones – on the transition from one owner to another. This means that in the economic sense the cryptocurrency is the «bill of exchange», which is accompanied by a number of «transfer inscrip- tions» – «endorsements.» Nevertheless, banknotes are simple banker’s bills of exchange too. Therefore, cryptocurrency could become a new global currency if several specific requirements were fulfilled.