CRYPTOCURRENCY AS A FINANCIAL AND PAYMENT INSTRUMENT UNDER SANCTIONS: A CRITICAL ANALYSIS

Abstract

This article contains a critical analysis of approaches to the definition of cryptocurrencies and supporters of these approaches. Various variants of the understanding of cryptocurrency are given: cryptocurrency as money, cryptocurrency as an asset, cryptocurrency as property. The variety of functional features of the technology and its applicability in the context of widespread digitalization, greening and domination of marketplaces in the field of retail are analyzed. The purpose of this work is to analyze the position of cryptocurrencies and crypto-currency instruments in the modern world. The objectives of the study are to analyze the terminology of various authors, as well as to determine the strengths and weaknesses of tokens and the consequences of the existence of the distributed ledger technology. In this work, we managed to separate the terms cryptocurrency, cryptocoin, token, characterize each of the phenomena, as well as highlight their classification and form the basis for further research.