კონფერენცია

∘ Malkhaz Chikobava ∘ Nazira Kakaulia ∘
THE MODERN GENESIS OF THE CRYPTOCURRENCIES

Summary

In the section we are talking only about this aspect of experience, like the creation of alternative money. Today, more and more often we hear such new words as "crypto-currency", "digital money", "virtual currency", "electronic money", "bitcoins", "electronic wallets", "block money", "alternative money", " Network money ", etc. A few years ago a very narrow circle of people used such a lexicon - mathematicians, programmers, specialists in payment and communication systems, cryptographers from banks and special services.

New crypto-tools are called "currency", "money". However, this is an obvious exaggeration. The main function of any money is a "measure of value," with the help of money, prices for goods, services, assets, labor, etc. are determined. Even modern official currencies do not perform this function well, because the world has a paper-money standard, and currency rates "walk".

Similarly, it is doubtful that the crypto-currency would perform such a monetary function as a "means of exchange" and a "means of payment". Numerous examples of how the Crypto-currency is used to buy goods and services - from the category of advertising. The lion's share of all transactions using Crypto-currency is exchange for other currencies. Given the sharp fluctuations in the rate of the Crypto-currency, one can confidently say that these are purely speculative transactions. So, Crypto-currency is not money, but a gambling tool, like roulette or playing cards.

In general, it can be noted that the policy of most countries in relation to CW is characterized by the confusion of monetary authorities, and the contradictory nature of the decisions made. Among the expert community and heads of departments of the financial and economic block of governments of many countries there is not only agreement on the legitimacy of digital money, but even there are diametrically opposed opinions. Today in the world, according to experts, there are about 600 types of private digital currencies, but the main one is bitcoin (VTS). The aggregate number of "coins" of military-technical cooperation at the beginning of this year was 16 million. Assuming that one "coin" is equivalent to one thousand dollars (the average price last year), it turns out that the world volume of this currency is equivalent to $ 16 billion. A ridiculously microscopic volume against the background of astronomical volumes of cash issued by the Central Banks (about non-cash money issued by commercial banks, I do not say at all). And this money "microbe", called bitcoin, causes such excitement in the world of money. The topic of the bitcoins was on the agenda of meetings of central banks, treasuries, tax departments, the International Monetary Fund, the World Economic Forum (Davos), etc. All this is no accident. Apparently, a microbe called bitcoin can infect the whole world of money, causing painful reactions in this world. Or even leading to a lethal outcome of the world of traditional money.

Ivane Javakhishvili Tbilisi State University Paata Gugushvili Institute of Economics International Scientific C O N F E R E N C E S "ECONOMY – XXI CENTURY"

E ISSN 2587 - 4691	∘ Malkhaz Chikobava ∘ Nazira Kakaulia ∘ THE MODERN GENESIS OF THE CRYPTOCURRENCIES Summary In the section we are talking only about this aspect of experience, like the creation of alternative money. Today, more and more often we hear such new words as "crypto-currency", "digital money", "virtual currency", "electronic money", "bitcoins", "electronic wallets", "block money", "alternative money", " Network money ", etc. A few years ago a very narrow circle of people used such a lexicon - mathematicians, programmers, specialists in payment and communication systems, cryptographers from banks and special services. New crypto-tools are called "currency", "money". However, this is an obvious exaggeration. The main function of any money is a "measure of value," with the help of money, prices for goods, services, assets, labor, etc. are determined. Even modern official currencies do not perform this function well, because the world has a paper-money standard, and currency rates "walk". Similarly, it is doubtful that the crypto-currency would perform such a monetary function as a "means of exchange" and a "means of payment". Numerous examples of how the Crypto-currency is used to buy goods and services - from the category of advertising. The lion's share of all transactions using Crypto-currency is exchange for other currencies. Given the sharp fluctuations in the rate of the Crypto-currency, one can confidently say that these are purely speculative transactions. So, Crypto-currency is not money, but a gambling tool, like roulette or playing cards. In general, it can be noted that the policy of most countries in relation to CW is characterized by the confusion of monetary authorities, and the contradictory nature of the decisions made. Among the expert community and heads of departments of the financial and economic block of governments of many countries there is not only agreement on the legitimacy of digital money, but even there are diametrically opposed opinions. Today in the world, according to experts, there are about 600 types of private digital currencies, but the main one is bitcoin (VTS). The aggregate number of "coins" of military-technical cooperation at the beginning of this year was 16 million. Assuming that one "coin" is equivalent to one thousand dollars (the average price last year), it turns out that the world volume of this currency is equivalent to $ 16 billion. A ridiculously microscopic volume against the background of astronomical volumes of cash issued by the Central Banks (about non-cash money issued by commercial banks, I do not say at all). And this money "microbe", called bitcoin, causes such excitement in the world of money. The topic of the bitcoins was on the agenda of meetings of central banks, treasuries, tax departments, the International Monetary Fund, the World Economic Forum (Davos), etc. All this is no accident. Apparently, a microbe called bitcoin can infect the whole world of money, causing painful reactions in this world. Or even leading to a lethal outcome of the world of traditional money.