Cryptocurrency as a Vector for the Digitalisation of the World Economy

Abstract

In the digital economy, all participants in the payment market are not required to simply provide a payment service, but there is a requirement to provide the maximum range of customer requests in the provision of such services. Thus, the content of the payment service, its elemental composition under the conditions of digitalization become much more complex. Today, virtually every month, new payment services enter the financial market that are able to respond to such needs to a greater or lesser degree of completeness. Most of them use surrogates instead of real funds in customers’ bank accounts for mutual settlements. Thus, the customer is forced to incur costs in order to convert their money into a convenient means of payment for these applications. In addition, the existence of many different applications without the ability to integrate them significantly complicates the life of a modern person looking for satisfying payment needs in one place and preferably at once, without wasting time. In this regard, the hybrid, integrative nature of payment services should be recognised as one of the most important features influencing the transformation of their content and structure in the digital economy. The development and implementation of financial technology in a digitalised environment is transforming traditional areas and ways of providing financial and other services, and new products and services are emerging.