The urgency of cryptocurrency in the period of Covid 19 and new challenges of financial globalization
Loading...
Date
2022
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Ivane Javakhishvili Tbilisi State University Press
Abstract
New technologies - run the process of transformation change in the global economy, including the process
of exchanging goods, services and assets. An important development in this process was the creation of a virtual
currency.
The virtual currency industry is in the begining stage of development. The related legislative and
supervisory framework varies according to countries and mostly is still in the process of study. Virtual currency is
defined as any type of digital unit that is used as an exchange and account unit. Cryptocurrency is one type of
virtual currency.
The activities connected to cryptocurrencies in terms of both earning and trading is increasing worldwide
and Georgia in this regard is not an exception either. In addition, the Georgian legislation does not regulate the
activities related to the virtual currency and the cryptocurrency is not a legal way of payment. It is characterized
with high price fluctuations; hence the probability that the consumers may suffer financial losses is high.
Virtual currencies offer a lot of potential benefits in terms of speed and efficiency of payments and
transfers (especially abroad). The system is absolutely decentralized and transparent. At the same time, virtual
currencies bear significant risks related to money laundering, terrorism financing, tax evasion and fraud.
Description
1. პაპავა ვ., არატრადიციული ეკონომიქსი, თბილისი, 2011
2. Satoshi Nakamoto. Bitcoin: A Peer-to-Peer Electronic Cash System. 2008. htps://bitcoin. org/bitcoin.pdf
3. Bordo, M.D., 1981, “The Classical Gold Standard: Some Lessons for Today,” Federal Reserve Bank of St. Louis Review,
(May), pp. 2–17.
4. Dong He, Karl Habermeier, Ross Leckow, Vikram Haksar, Yasmin Almeida, Mikari Kashima, Nadim Kyriakos-Saad, Hiroko
Oura, Tahsin Saadi Sedik, Natalia Stetsenko, and Conceprion Verdugo-Yepes, IMF STAFF NOTE, Virtual Currencies and
Beyond: Initial Consideration, 2016.
5. Dowd, K., 2014, “New Private Monies: A Bit-Part Player?” Institute of Economic Affairs, Cobden Centre Hobart Paper No.
174. London: Institute of Economic Affairs.
6. Fischer, S., 1986, "Friedman Versus Hayek on Private Money: Review Essay," Journal of Monetary Economics: 17 (3), (May
1986), 433–440.
7. Friedman, M. and A.J. Schwartz, 1986, “Has Government any Role in Money?” Journal of Monetary Economics: 17(1), pp.
37–62.
8. Hayek, F.A., 1976, Denationalization of Money (London: Institute of Economic Affairs).
9. Redish, A., 1993, “Anchors Aweigh: The Transition from Commodity Money to Fiat Money in Western Economies,”
Canadian Journal of Economics: pp. 777–795.
ელექტრონული გვერდი:
10. https://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf
11. https://bitcoinrush.md/лауреат-нобелевской-премии-мильтон-ф/
12. https://www.bbva.com/wp-content/uploads/en/2016/11/Digital_Economy_Outlook_Oct15_Cap1.pdf
13. https://www.entrepreneur.com/article/233143
14. http://goldenfleece.co
15. https://anycoin.news/2017/11/29/stiglitz-bitcoin/
16. https://www.rt.com/business/420419-marshall-islands-sovereign-cryptocurrency/
17. https://inosmi.ru/politic/20171004/240430052.html
18. http://www.imf.org/en/News/Articles/2017/09/28/sp092917-central-banking-and-fintech-a-brave-new-world?cid=em-COM123-35955
19. https://www.imf.org/external/pubs/ft/sdn/2016/sdn1603.pdf
20. https://news.ge/erovnuli-bankis-gafrtxilebi/
21. https://www.irs.gov/pub/irs-drop/n-14-21.pdf
22. https://bits.media/news/evropeyskiy-sud-spravedlivosti-priravnyal-bitkoin-k-valyutam-i-osvobodil-ot-nds/
23. https://www.eba.europa.eu/documents/10180/657547/EBA-Op-2014-08+Opinion+on+Virtual+Currencies.pdf
24. https://www.esma.europa.eu/sites/default/files/library/esma50-164-1284_joint_esas_warning_on_virtual_currenciesl.pdf
25. https://news.ge/kriptovalutebtan-dakavsirebit-erovnul-banksi-sexvedra-gaimarta/
26. https://econ.economicshelp.org/2009/10/liquidity-trap-explained.html
Keywords
ვირტუალური ვალუტა, კრიპტოვალუტა, ბლოკჩეინი, ფინანსური სტაბილურობა, მონეტარული პოლიტიკა
Citation
International Scientific Conference Dedicated to the Establishment of the University and the 100th Anniversary of the Faculty of Economics and Business “Covid 19 Pandemic and Economics”, Tbilisi, 2022, pp. 100-106