On the issue of crypto‑currency economic nature

Abstract

The article deals with the analysis of the economic nature of cryptocurrency, risks that arise from its use for economic turnover servicing, and consequences of different options of its probable legalization. Crypto-currency is deemed a money surrogate, a new kind of fiduciary money, having essentially no ground for trust, and an instrument of national wealth redistribution. The major way of crypto-currency existence is Ponzi scheme. Proposals are provided for limiting negative economic and social costs of crypto-currency use.