PLACE OF CRYPTOCURRANCY IN THE MODERN WORLD FINANCIAL SPACE

Abstract

The article investigates the issue of introducing cryptocurrencies intoday's global financial space. Dynamics of distribution and circulationof cryptocurrencies and their variants are analyzed. Capitalization and rates of the most popular cryptocurrencies for 2018 have been explored. Issues related to cryptocurrency transactions in Ukraine areoutlined. It has been pointed out that ignoring by state structures ofcryptocurrencies as a way of settling payments between citizens andlegal entities is a loss of key opportunities in the financial space. It isdetermined that the main features of cryptocurrencies that distinguishthem from the ordinary currency are their decentralization, that is, theabsence of a regulatory that would regulate the cryptocurrency. Cryptocurrency is an alternative expression of ordinary currency and has a number of advantages and disadvantages. The biggest problem withcryptocurrencies now is the sharp fluctuation of the exchange rate,which makes it impossible to use cryptocurrencies as a means ofpayment. It is established that today there is no data on the amount ofcryptocurrencies owned by the population of a country, which reducesthe effectiveness of the analysis of the impact of cryptocurrencies onthe monetary policy and financial security of the banking systems ofthe countries in the world. The total number of cryptocurrency varieties has reached about 2000, although its most common type isbitcoin. The question of buying and using e-currency is rather controversial. Most countries have not yet decided whether cryptocurrency should be regulated and controlled, and how. If Ukraine does not set its "rules of the game" we will lose substantial amounts that could come to the budget as taxes, and will also have an extremely limited set of tools to control the cryptocurrency market.