The necessity and possibility of creating the country's cryptocurrency reserve

Abstract

In near prospect, it is proposed to supplement the country's official reserves managed by state financial institutions with financial instruments created by private individuals in the form of cryptocurrencies. The purpose for this study was to carry out a comprehensive analysis for the goals, objective prerequisites, accumulated experience, as well as the real potential for further process development of including cryptocurrencies in the list of assets accepted as elements of national financial reserves. In the course of the study, the experience of a number of countries with different levels of socio-economic development was studied – from highly developed, leading in the global economy, to countries belonging to the economic periphery. The author notes the incompleteness and ambiguity of the consequences of the attempts to carry out such a bold monetary and financial transformation. The funding of completing the set of tasks set in the preparation of the presented scientific paper was the conclusion that there is an urgent need for a deep theoretical study of measures to balance central banks with financial assets that are decentralized in origin, such as cryptocurrencies, instead of an experiment that is not prepared scientifically, methodically and organizationally, which is expressed in the partial replacement of official reserves of fiat currencies with cryptocurrencies. At the empirical level, it seems advisable for the state to accumulate initially and use the latter in a specially created investment cryptocurrency fund.