Abstract
: Private cryptocurrencies became an integral part of the financial market. Central banks expressed various positions with respect to cryptocurrency from strong denial to non-intervention. We found out a common and dominating trend in the central bank’s policy to lead the further development of crypto-currency by restrictions, robust surveillance and licensing. The first section contains common information about central banks’s approach to regulation cryprocurrencies. Next section summarizes the treatment of cryptocurrency by central bankers, also it cointains 2 tables devoted to typology of cryptocurrency legality by countries and recognition of cryptocurrency by countries. Section 3 is devoted to the impact of global crisis on the dissemination of digital cryptocurrencies and contains 5 tables with information about banknotes and coins in circulation and a tables with top-10 cryptocurrencies. Section 4 describes the typology of warning signals sent by central banks to general public, investors, and market players. Section 5 concludes the material.
Highlights
Many digital currencies are global in terms of dissemination
The role of central banks in the development of crypto currency is extremely important, since these instruments are directly related to monetary policy and the functioning of payment systems
The position itself is represented by the widest set: ignoring, silence, observation, research, prevention, prohibition, and the development of the national central bank's digital currency
Summary
Many digital currencies are global in terms of dissemination. Despite the fact that their scale of issuance is insignificant in comparison with fiat money, they grow at a rapid pace. The role of central banks in the development of crypto currency is extremely important, since these instruments are directly related to monetary policy and the functioning of payment systems. Central banks expressed various positions with respect to cryptocurrency from strong denial to non-intervention. At present, these positions are coming closer together or at least we observe harmonization of approaches. The position itself is represented by the widest set: ignoring, silence, observation, research, prevention, prohibition, and the development of the national central bank's digital currency. The policy is influenced by many factors, including trust in the central bank and payment systems, the level of development of cashless society, the functions of the central bank, the development of Internet commerce and the level of economic development of the national economy. The author has made distribution of positions of the central banks taking into account three parameters: legacy, signals
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