Cryptocurrency As A Factor For The Desovereignization Of The State

Abstract

Cryptocurrency is a new economic phenomenon, a product of globalization, which from a historical point of view is characterized by the authors as a completely natural phenomenon of some obvious trends in digitalization. The authors analyze the impact of the 2019-2020 pandemic on the innovation of social, economic and even political spheres of life. It is stated that coronavirus pandemic of 2020 has shown how important it is to have a strong state in today’s world and how important its organizational-administrative and social functions may be, with the state simply being irreplaceable in this area for now. People’s expectations of the state in the current climate of global threats and emergencies are quite high, with everybody interested in a strong state and waiting for some active action on its part. In a crisis, a strong state has to be financially and organizationally powerful, which may require utilizing all available mechanisms. The current situation suggests the possibility of the traditional institutional state coexisting with the decentralized cryptocurrency market. It is concluded that a strong state in a crisis should have financial and organizational strength, which can be achieved only by using all available resources of the state. However, this thesis does not call for" headlong " legalizing potentially useful tools, but rather cautiously assessing the prospects for introducing innovations.

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This article is distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license, and indicate if changes were made.

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Publisher

European Publisher

First Online

25.09.2021

Doi

10.15405/epsbs.2021.09.02.85

Online ISSN

2357-1330