Proceedings of the  III International Scientific Congress Society of Ambient Intelligence 2020 (ISC-SAI 2020)

Monetary Relations Transformation in the Digital Economy

Authors
Anatoly Suprun, Olga Smyrna, Natalya Voloshanyuk, Tetiana Petrishina, Oleg Tereshchenko
Corresponding Author
Anatoly Suprun
Available Online 23 March 2020.
DOI
https://doi.org/10.2991/aebmr.k.200318.036How to use a DOI?
Keywords
financial technology company, digital technology, monetary turnover, theory of money, digital currencies, financial services, digitalization
Abstract
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.

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Proceedings
Part of series
Advances in Economics, Business and Management Research
Publication Date
23 March 2020
ISBN
978-94-6252-933-5
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.200318.036How to use a DOI?
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
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  -