The Current State of Development and the Impact of Cryptocurrency on the Global Economy

(Pages 653-660)

Kyrylo Muraviov1,*, Andrii Makurin2 and Larysa Sloboda3, Nataliia Tataryn4 and Roksolana Holub5
1Doctor of Science of Law, Department of Administrative, Financial and Banking Law, Interregional Academy of Personnel Management. 2Assistant professor, PHD, Assistant professor, Faculty of finance and economics, department of international relations and audit, Dnipro University of technology.
3Associate professor at the Department of Financial Technology and Consulting, PhD, Associate professor, Faculty of Financial Management and Business Department of Financial Technologies and Consulting, Ivan Franko National University of Lviv.
4Associate professor, Candidate of Economic Sciences, Faculty of Finance and Business Management, Department of Financial Management, Ivan Franko Lviv National University.
5Associate Professor, Ph.D in Economics, Faculty of Financial Management and Business, Department of Financial Technologies and Consulting, Ivan Franko National University of Lviv.


One type of digital money is cryptocurrency, the creation and control of which are based on cryptographic methods. Its development has led to the emergence of a huge number of additional institutions, financial instruments, and new forms of interaction between people in our society. The article aims to deepen the theoretical and practical provisions of the characterization and development of cryptocurrency as a phenomenon of the modern world economy. The study applied the method of cognition of phenomena and processes, which allows us to consider them in development and interrelation, as well as to identify established patterns and trends. In the course of proving the key theoretical positions, deductive and inductive methods have been applied. Dialectical and systemic-structural approaches were used to clarify certain provisions. At the theoretical level, in addition to the above, we used such methods as conceptual (terminological), formalization, and axiomatic, since some theoretical statements were accepted without evidence. The synthetic method was used to summarize various subjective ideas and theories of researchers in the field of economics. The analytical method was used to analyze scientific sources on economics in the economic research space. The practical significance of the research results lies in the possibility of their use for further development of theoretical and practical approaches to forecasting the impact of cryptocurrency on the global economy in the future.


Electronic money, digital currency, cryptocurrency industry, global market, crypto market, Bitcoin, blockchain, volatility, digitalization, mining.

How to Cite:

Kyrylo Muraviov, Andrii Makurin and Larysa Sloboda, Nataliia Tataryn and Roksolana Holub. The Сurrent State of Development and the Impact of Cryptocurrency on the Global Economy. [ref]: vol.21.2023. available at:

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