THE ROLE AND PROSPECT OF INTRODUCING CRYPTOCURRENCY INTO THE MODERN GLOBAL FINANCIAL SYSTEM

Abstract

This article examines the importance of using cryptocurrency and its assets in the global financial system. Cryptocurrency is a financial asset that was created in an online format, which means that this asset can only be used when transferring funds through digital platforms. The disadvantage of such assets is that the cryptocurrency market is at a development stage, which contributes to its insignificant use due to distrust in online currency and increased risk when investing cryptocurrency in business or other transactions, since it is impossible to track the transaction and return the spent assets. The influence of cryptocurrency in the global system is positive in cases where it is necessary to make payment transactions to another country, because it reduces payment time, eliminates the need to convert currency, reduces costs and commission payments. In addition, cryptocurrency can be used not only as payment for contracts and payments, but also as a means of investing in charity.