The influence of cryptocurrency on the future of the international financial payment system through the example of a bitcoin

Abstract

The purpose of this article is to determine how the use of a bitcoin as an instrument of payment can affect the system of international financial payments and the banking system. The method of critical analysis of scientific and methodological literature is used and the materials of research executed by leading experts in the fields of international finance and IT in 2009-2017 are summarized. A bitcoin can become a serious competitor to banks, payment systems such as SWIFT in the implementation of major cross-border payments. It is even compared with gold because there is no risk for the counterparty in operations with it. We suggest that a bitcoin is an outstanding digital technology which can fundamentally change the world banking system, payment settlements and the global economy. The article proposes a classification of advantages, disadvantages and prospects of using a bitcoin as a means of payment between large financial institutions and banks. The perspective of increased competition between leading international payment systems in conducting large cross-border payments is substantiated. The prospects of further studies are determined. How do central banks need to reform the system of international financial payments in view of the inevitable introduction of cryptocurrency? How to implement new financial instruments based on blockchain technology and a bitcoin? What changes in legislation should be made to get the names of buyers and sellers of bitcoins, which will help to reduce financing of illegal activities?