The global cryptomarket has been developing rapidly for more than a decade and a half since the first cryptocurrency appeared. Cryptocurrencies emerged during the global financial crisis of 2008–2013 as a response to the inability of the existing financial system to protect the economy as a whole and individual consumers. One of the main properties driving the rapid development of cryptocurrencies is decentralization – that is, the absence of control by any financial institutions and, consequently, the possibility of building a parallel financial system. Moreover, any attempt to build a system of normative-legislative regulation of cryptocurrency turnover to minimize the risks and threats of their integration into the financial and economic sphere also contradicts their very essence. Within this framework, the most promising area for the development of cryptocurrencies is the elaboration of CBDCs – that is, the creation of a fundamentally new form of money combining the properties of fiat and digital currency.
cryptocurrencies; cryptocurrency regulation; crypto market; decentralization; 2008–2013 global financial crisis; Global Crypto Adoption Index; financial sector; financial architecture; fiat money; digital money.