Monetary Relations Transformation in the Digital Economy
Anatoly Suprun, Olga Smyrna, Natalya Voloshanyuk, Tetiana Petrishina, Oleg Tereshchenko
Available Online 23 March 2020.
- https://doi.org/10.2991/aebmr.k.200318.036How to use a DOI?
- financial technology company, digital technology, monetary turnover, theory of money, digital currencies, financial services, digitalization
- The digital economy influences all socio-economic life components. Monetary relations are also changing rapidly due to introduction of digital technologies. There are many causes of these changes. Ones are uneven in different countries; ones are influenced by both the internal environment of the country and globalization processes. The digital economy needs changes in the monetary system and one generates these changes itself. New-type companies (fintech companies) are introducing innovations that are capable of increasing the number of subscribers of money relations and accelerating the circulation of money in the economy. But this accelerating will be offset by the micro and small businesses growth. In some areas, competition between fintech companies and traditional banks will increase. Such competition has already exists in the payments and money transfer sector, and financial services consumers will benefit from it. Cryptocurrencies and other surrogate money will not affect monetary circulation globally, either today nor in the near future. Currency transactions will be simplified and made more accessible through new technologies and business models. This is particularly true for the population and small businesses. New financial instruments and new technologies will create new risks. Significant amounts on cybersecurity would need to be provided by the financial relations participants.
- Open Access
- This is an open access article distributed under the CC BY-NC license.
Cite this article
TY - CONF AU - Anatoly Suprun AU - Olga Smyrna AU - Natalya Voloshanyuk AU - Tetiana Petrishina AU - Oleg Tereshchenko PY - 2020 DA - 2020/03/23 TI - Monetary Relations Transformation in the Digital Economy BT - III International Scientific Congress Society of Ambient Intelligence 2020 (ISC-SAI 2020) PB - Atlantis Press SP - 289 EP - 298 SN - 2352-5428 UR - https://doi.org/10.2991/aebmr.k.200318.036 DO - https://doi.org/10.2991/aebmr.k.200318.036 ID - Suprun2020 ER -