TRANSFORMATION FEATURES OF THE MONEY CIRCULATION SYSTEM AT THE PRESENT STAGE OF DEVELOPMENT
The current period of the development of the world economy is characterized by a high degree of uncertainty and turbulence of the processes taking place. Existing geopolitical problems have a significant impact on the functioning of the monetary system, which is confirmed by the high volatility of its main indicators. The current system of monetary circulation is undergoing a certain transformation, which is due, among other things, to the progress in the development of IT technologies. There is a gradual virtualization of money circulation, new forms of money appear, electronic, digital, etc. The aim of the study is to theoretically and methodologically substantiate the transformation process of the monetary circulation system in the process of forming a new paradigm of monetary economy. In the course of this research, dialectical, systemic, institutional-evolutionary methods of scientific cognition are used. Conclusions are made regarding the objective nature of ongoing transformations in the monetary basis of society, which are associated with a change in the space-time continuum and create conditions for the transition of subjects from the traditional natural-material sphere into the virtual information environment. The main positive and negative effects of the distribution of crypto-currency and block-building technology are shown, and the directions for regulating this process are proposed.
Keywords: monetary system, money circulation, money, transmission mechanism, money supply, space-time continuum, virtualization, crypto currency, bitcoin.
Highlights:
the study of the evolution of the monetary circulation system is very relevant and timely at the present time. Transformational processes occurring in monetary economy form a fundamentally new paradigm of economic development, the basis of which is information and network resources.
the development of new forms of money is conditioned by modification of their functions, which become desirable for the population due to the emergence of new socio-economic needs. Progress in the development of IT technologies contributes to the formation of a post-industrial concept of monetary circulation, based on the formalized principle of "money - information - money";
The Internet and other innovations in the field of information and communication technologies stimulate the shift of human activity to the virtual information area, which leads to generation of money simulacra, which are an element of the decentralized system of monetary circulation;
the formation of a new paradigm of monetary economy is currently associated with certain limitations, primarily of a legal nature, since it is not possible to calculate all the consequences of virtualization of monetary circulation yet. Nevertheless, these changes are objective in nature, which necessitate, firstly, their theoretical and scientific understanding, and secondly, the development of certain recommendations on legitimization of transformations that are taking place.
Konstantin Yu. Surikov, Managing Director for the Samara Region of the Volga-Vyatka Central Department of the Central Bank of Russia; Maria Eu. Konovalova, Doctor of Economics, Professor, Head of the Department of Economic Theory, Samara State University of Economics.