CRYPTOCURRENCY AS A PHENOMENON OF THE DIGITAL ECONOMY

Abstract

The purpose of the article is to study crypto currency as a product of development and a phenomenon of the digital economy. The article determines that the most common definition of this as a means of payment, crypto currency is digital money that does not have physical expression and exists in the digital environment. They are based on block chain technology, which serves to ensure transactions and their security. In a certain sense, we can consider that crypto currency is a modern analogue of the physical money that we use in everyday life. In the modern world, digital assets carry hidden capabilities in terms of circumventing existing sanctions, combating inflation and devaluation within many countries. Although crypto currency has not yet been fully integrated into the international financial sector, it is already having a significant impact on financial markets, which could play a significant role in the future of the international economy. It is concluded that crypto currency, as a product of the digital economy, is a complex mechanism in its structure, which is aimed not only at understanding the very technological base of the crypto currency industry in terms of the versatility of the tools and concepts included in it, but also in attempts to establish a unified international partnership in terms of discussing possible concepts and common opinions. One way or another, while creating great opportunities for financial transformation and adaptation of new technologies, crypto currency also carries great risks and difficulties associated with legal regulation.