Crypto currency: essence, content, methods of regulation

  • Uladzimir L. Kliunya Belarusian State University, 4 Niezaliežnasci Avenue, Minsk 220030, Belarus
  • Aleksandr V. Chernovalov Russian State Social University, Minsk branch, 21 Narodnaja Street, Minsk 220107, Belarus
  • Pawel A. Chernovalov Brest State Technical University, 267 Maskoŭskaja Street, Brest 224017, Belarus

Abstract

The article analyses the functionality of bitcoin in terms of realizing basic functions assigned to money as an economic category. Bitcoin can be referred to as money, however, to a limited extent. It carries out an exchange and payment function in full, but it turns out deficient as a measure of value, whereas bitcoin’s crucial imperfection results from the lack of possibility to treat it as the means allowing for value collection and its storage. In a legal sense, both in Belarus and worldwide, bitcoin is not treated as money, but its main usefulness results from the possibility of making transnational money transfers and anonymous payments, with which owning and keeping bitcoins is not related at all. Bitcoin approached as money becomes an object of social demand due to its utility function connected with the entire spectrum of its economic (and social) functions as well as its properties allowing to meet the particular needs related to money.

Author Biographies

Uladzimir L. Kliunya, Belarusian State University, 4 Niezaliežnasci Avenue, Minsk 220030, Belarus

doctor of science (economics), full professor; head of the department of economic theory, faculty of economics

Aleksandr V. Chernovalov, Russian State Social University, Minsk branch, 21 Narodnaja Street, Minsk 220107, Belarus

doctor of science (economics), docent; professor at the department of control and social work

Pawel A. Chernovalov, Brest State Technical University, 267 Maskoŭskaja Street, Brest 224017, Belarus

postgraduate student at the department of the management, faculty of economics

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Published
2018-10-24
Supporting Agencies bitcoin, currency, money, money functions
How to Cite
Kliunya, U. L., Chernovalov, A. V., & Chernovalov, P. A. (2018). Crypto currency: essence, content, methods of regulation. Journal of the Belarusian State University. Economics, 1, 122-131. Retrieved from https://journals.bsu.by/index.php/economy/article/view/2244
Issue
No 1 (2018): Journal of the Belarusian State University. Economics
Section
O. Economic Development, Innovation, Technological Change, and Growth

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