Crypto currency's "economic nature" in the light of new monetary theory

Tatiana S Novashina,Vyacheslav I Karpunin

doi:10.5377/nexo.v34i01.11304

Tatiana S Novashina, Vyacheslav I Karpunin

Open Access

https://doi.org/10.5377/nexo.v34i01.11304

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Abstract

The systemic and functional analysis of economic nature of Crypto currency within the modern theory of money is a necessary essential component of the study that allowed the authors to formulate a vision of social and economic model of future international monetary system. The authors consider the substance of money in a dialectic unity of the transformation of forms and spheres of its being. The forms of being of money are: material, monetary, paper, electronic. The spheres of being of money are: social, - the "symbol money"; economic, - the "bank notes"; political and legal, - "monetary units". In this paper we show that money is a financial instrument. Money is a market form of universal claim to a share in the wealth of society. The uncovering of internal intrinsic structure of money allows the authors to show convincingly that a currency, especially a "Crypto currency", cannot have and does not have an "economic nature". In considering the process of historical transformation of international monetary systems, taking into account the real achievements of financial, information, program and social engineering for the creation of a digital "gold" the authors believe that the social and economic model of future international monetary system has received its real approbation.

Highlights

The "economic nature" of such a phenomenon of modern financial market as "Crypto currency" is the starting logical point of the study.On the basis of a critical analysis of theoretical propositions stated by A.Yu
Simanovsky, a board member of the Bank of Russia (2007-2017) in a scientific and journalistic article Regarding the Question of Economic Nature of Cryptocurrency (Simanovskiy, 2018), the authors of the article are floating a synthetic judgment that a currency including the so-called "Crypto currency", does not have, and cannot have in itself an economic nature
Synthetic judgment is an important logical tool introduced to the realm of abstract scientific thinking by German philosopher I

Summary

Introduction

On the basis of a critical analysis of theoretical propositions stated by A.Yu. Simanovsky, a board member of the Bank of Russia (2007-2017) in a scientific and journalistic article Regarding the Question of Economic Nature of Cryptocurrency (Simanovskiy, 2018), the authors of the article are floating a synthetic judgment that a currency including the so-called "Crypto currency", does not have, and cannot have in itself an economic nature. Simanovsky, a board member of the Bank of Russia (2007-2017) in a scientific and journalistic article Regarding the Question of Economic Nature of Cryptocurrency (Simanovskiy, 2018), the authors of the article are floating a synthetic judgment that a currency including the so-called "Crypto currency", does not have, and cannot have in itself an economic nature This judgment is not rhetorical and does not belong to the realm of scientific casuistry. Kant believed that there could be both a priori, and a posteriori synthetic judgments, the judgments "expanding knowledge", introducing something new about the object of study (Kant, 2018)

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