ԿՐԻՊՏՈԱՐԺՈՒՅԹՆԵՐ. ՌԻ՞ՍԿ, ԹԵ՞ ՀՆԱՐԱՎՈՐՈՒԹՅՈՒՆ Текст научной статьи по специальности «Экономика и бизнес»

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2 Andy Greenberg,Crypto Currency, April 20,2011. Available at, https://www.forbes.com/forbes/2011/0509/technology-psilocy-bin-bitcoins-gavin-andresen-crypto-currency.html?sh=6421d66f353e

3 Dan Ashmore, Bitcoin Price History 2009 to 2022, October 11, 2022, available at https://www.forbes.com/advisor/investing/ cryptocurrency/bitcoin-price-history/

4 https://www.statista.com/statistics/863917/number-crypto-coins-tokens/

5 Andrew Tar Digital Currencies vs. Cryptocurrencies. Dec 13.2017. https://cointelegraph.com/explained/digital-curren-cies-vs-cryptocurrencies-explained

6 James Chen, Fiat Money: What It Is, How It Works, Example, Pros & Cons, 2022, https://www.investopedia.com/terms/f/fiatmon-ey.asp

7 ^dw^wm^bpp t hbq|hm^p: S4jw[hbpp hmumhb[h bh hbmUjmL ^mjfmJ' https://www.nasdaq.com/articles/ top-10-cryptocurrencies-of-2022

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<.^whhbLJwh, ^nphpq.m4np |phцmnw2^wph, bpUmh, 2019:

Shailak Jani, An overview of Ripple Technology & its comparison with Bitcoin Technology, 2018, available at https://www.

researchgate.net/profile/Shailak-Jani/publication/322436263_An_Overview_of_Ripple_Technology_its_Comparison_with_Bitcoin_

Technology/links/5a58ad76458515211cc8a6e4/An-Overview-of-Ripple-Technology-its-Comparison-with-Bitcoin-Technology.pdf

BNB Whitepaper, available at https://www.exodus.com/assets/docs/binance-coin-whitepaper.pdf

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S4jm[hbpp hmumhbLh bh |mjfmJ' https://www.coinbase.com/ru/price/bnb

S4jm[hbpp hmumhbLh bh |mjfmJ' https://www.coinbase.com/ru/price/dogecoin

Blockchain Research Lab, How Elon Musk's Twitter activity moves cryptocurrency markets, 2022,available at https://www.block-

chainresearchlab.org/wp-content/uploads/2020/05/BRL-Working-Paper-No-16-How-Elon-Musks-Twitter-activity-moves-cryptocur-

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29 Pedro Gómez Martín-Romo, Invertir en bitcoins, 15th January 2022, https://www.ibercampus.es/invertir-en-bitcoins-ra-zones-del-exito-y-riesgos-evidentes-incluido-un-derrumbe-que-termine-pagando-toda-la-sociedad.htm

30 LnLjl isb^md:

31 Henri Arslanian, El Salvador's law: a meaningful test for Bitcoin, 2021, available at https://www.pwc.com/gx/en/financial-ser-vices/pdf/el-salvadors-law-a-meaningful-test-for-bitcoin.pdf

32 Marc Frank, Cuba approves cryptocurrency services, requires central bank license,April 28,2022, available at https://www. reuters.com/world/americas/cuba-approves-cryptocurrency-services-requires-central-bank-license-2022-04-27/

33 What's behind China's cryptocurrency ban? Jan 31,2022, available at https://www.weforum.org/agenda/2022/01/what-s-be-hind-china-s-cryptocurrency-ban/

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34 John Detrixhe ,Robert Shiller wrote the book on bubbles. He says "the best example right now is bitcoin." Sep 5,2017, https://qzxom/1067557/robert-shiller-wrote-the-book-on-bubbles-he-says-the-best-example-right-now-is-bitcoin

35 Irina Cvetkova,Cryptocurrencies legal regulation, 2018, available at https://www.researchgate.net/publication/326195399_Cryp-tocurrencies_legal_regulation

36 Cryptocurrencies: A Guide to Getting Started, 2021, https://www3.weforum.org/docs/WEF_Getting_Started_Cryptocurren-cy_2021.pdf

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38 Pedro Gómez Martín-Romo, Invertir en bitcoins, January 15, 2022, https://www.ibercampus.es/invertir-en-bitcoins-ra-zones-del-exito-y-riesgos-evidentes-incluido-un-derrumbe-que-termine-pagando-toda-la-sociedad.htm

39 Coinbase: What is cryptography? https://www.coinbase.com/ru/learn/crypto-basics/what-is-cryptography

mwL^u ^n^mlgrn^bp ^mmmpb ^ pml^ pn^b^ plpmgpni.J (BTC hmJm^mpq^ J2m-^m^g hbmn), npp l^mummü t hmm^m-^bu ^gmqqmj^l qnpômpplbp^ L mnLm-p^ hbmmqm qmpqmgJmlp:

bqpw^wgmpjnLb: Mp^rnnmpdnijp-lbpp bppLt umbrçô4.mô m^lmpmprç. rç.pm-Jm^ml ^gnglbpl bl: <m2^.h mnlbLn^ L rçpmlg pbpnlpjnlllbpp, L mnm^bLnLpjnLl-lbpp1 ^mpb[h t mub[, np pLn^bjl mb^ln-[nq^mlbpp ^mpnrç. bl mpJmmm^bu ^n-ml^ml^^ qnpômpplbp^ 2nL^ml: Mp^mnmpdnyplbp^ np^bu dmJmlm-^m^g $^lmlum^ml qnpô^plbp^ qmp-qmgJml m mmpmôJml hbnml^mpp 2m-pmlm^mJ t mlnpn2, pbL m2^mph^ ^ 2mpf bp^plbp mprçbl ^u^ ^npÓmJ bl

^pm^m^bu ^mpqm^npbL hmJm^ummu-

Slmbunlpjml p^mjlmgJml L mb^ln-[nq^mlbp^ mllm^mrçb^ qmpqmgJml ^mjJmllbpmJ ^p^mnmpdnyplbp^ m-^mqmj^ ^nrç^ 4.bpmô4.bLnL Jmu^l blpmrç.-pmpjmllbpl t[ m^bih hpmsbum^ml bl rç.mnlni.J, bpb 2s^4.bl mjl pbpnlpjnlllb-pp, npnlf Jmrnlm^niJ bl fllm^mmlb-pp: U"^ pml hurnm^ t, bpb hlmpm^np L^l^ m^mhn^bL npn2m^ ^mjmlmpjml, m^m bp^plbpl m^h ^mmpmumm^m-Jnpbl ^pl^mlbl ^p^mnmpdnyplbp^ ^pmnnLpjnLlp: hu^ pb mprçjrîp ^p^mn-urnml^mprnp ^nilblm mqmqm, pb ^Óm-^nrç^, gnLjg ^mm dmJmlm^p:

1. UuLmljml U. L., tLbl|rnpnlmj|il ^nqp L q.pm qmpqmgJml hbnmll|mplbpQ, 2018, http://geopolitika.am/dir/wp-content/blogs.dir/1/ files/2019_7_78_84.pdf

2. T-ml|ibuml C, ^nphpq.m^np L|p|iii|mn-m2^mph, bpLml, 2019:

3. ^mLmjml h., Hp^^mnmpdmjp^ 6qlmdmJQ, 29.01.2019, https://orbeli.am/hy/post/115/2019-01-29/%D4%B-F%D6%80%D5%AB%D5%BA%D5%BF%D5%B8%D5%A 1%D6%80%D5%AA%D5%B8%D6%82%D5%B5%D5%A 9%D5%AB+%D5%B7%D5%B8%D6%82%D5%AF%D5% A1%D5%B5%D5%AB+%D5%B3%D5%A3%D5%B6%D5 %A1%D5%AA%D5%A1%D5%B4%D5%A8

4. «46mpmhm2^mp^mj^l hmJml|mpqbp|i L 46mpmhm2^mp^mj^l l|mqJml|bpn|nLpjnLl-lbp|i Jmu|il» « opblf, https://www.arlis.am/documentview.aspx7do-cID=67780

5. Pedro Gómez Martín-Romo, Invertir en bit-coins, 15th January 2022, https://www.ibercampus.es/invertir-en-bit-coins-razones-del-exito-y-riesgos-evidentes-inclui-do-un-derrumbe-que-termine-pagando-toda-la-so-ciedad.htm

6. Robert Shiller "Irrational Exuberance", 2017, https://www.investopedia.com/news/yale-economist-believes-bitcoin-bubble-could-last-100-years/

7. On the Origin of Money by Carl Menger (1892), [Economic Journal, Volume 2 (1892), pp. 239-55. Translated by Caroline A. Foley.], https://monadnock.net/menger/money.html

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https://www.researchgate.net/publica-

tion/326195399_Cryptocurrencies_legal_regula-

tion

9. Henri Arslanian, El Salvador's law: a meaningful test for Bitcoin, 2021, https://www.pwc.com/gx/en/financial-services/pdf/ el-salvadors-law-a-meaningful-test-for-bitcoin.pdf

10. Andrew Tar Digital Currencies vs. Cryptocur-rencies. Dec 13.2017,

https://cointelegraph.com/explained/digital-curren-cies-vs-cryptocurrencies-explained

11. John Detrixhe, Robert Shiller wrote the book on bubbles. He says "the best example right now is bitcoin", Sep 5, 2017, https://qz.com/1067557/robert-shiller-wrote-the-book-on-bubbles-he-says-the-best-example-right-now-is-bitcoin

12. Andy Greenberg, Crypto Currency, April 20, 2011,

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13. Ashmore Dan, Bitcoin Price History 2009 to 2022, October 11, 2022, https://www.forbes.com/advisor/investing/crypto-currency/bitcoin-price-history/, https://www.nasdaq.com/articles/top-10-cryptocur-rencies-of-2022

14. Marc Frank, Cuba approves cryptocurrency services, requires central bank license, April 28, 2022,

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tral-bank-license-2022-04-27/

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how it's different, 2019,

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sites/13/2019/01/Monero.pdf

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19. https://www.statista.com/statistics/863917/num-ber-crypto-coins-tokens/

20. https://coin.dance/poli

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ФИНАНСОВАЯ СИСТЕМА

Грета ГУРУРЯН

Магистрант, АГЭУ

КРИПТОВАЛЮТЫ: РИСК ИЛИ ВОЗМОЖНОСТЬ?

Криптовалюты считаются новым типом валюты в мировой валютно-финансовой системе. С момента появления первой криптовалюты в 2009 году по настоящее время существует более 10 000 видов криптовалют, но не все из них эффективно используются, в основном из-за перенасыщенности рынка, большей волатильности цен и недостаточной информированности. Этот новый тип валюты, названный "Криптовалютой", всего менее чем за десять лет полностью изменил глобальную валютную систему, инвестиции и экономическую реальность. Являясь инновацией в денежно-финансовой системе, криптовалюты неоднократно подвергались резкой критике, однако нельзя не отметить положительное отношение специалистов к этому новому явлению. В этой статье мы попытались представить возможные причины успеха криптовалют, риски и возможности, связанные с их использованием, а также их дальнейшее распространение и регулирование в разных странах.

Ключевые слова: криптовалюта, система блокчейн, майнинг, правовое регулирование

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Greta GURURYAN

Master's student, ASUE

FINANCIAL SYSTEM

CRYPTOCURRENCIES: RISK OR OPPORTUNITY?

Cryptocurrencies represent a relatively new type of currency in the global monetary and financial system. Since the introduction of the first cryptocurrency in 2009, there are more than 10,000 types of cryptocurrencies, but not all of them are effectively used, mainly due to the oversaturation of the market, greater price volatility and lack of widespread awareness. This disruptive form of currency, known as "Cryptocurrencies", completely transformed the global payment and transaction system, the field of investment, and economic reality in less than a decade. Being an innovation in the monetary and financial system, cryptocurrencies are repeatedly subjected to sharp criticism, but it is difficult to overlook the positive attitude of experts towards this new phenomenon. In this paper, we aim to present the possible reasons for the success of cryptocurrencies and the risks and opportunities associated with the their application. Additionally, we delve into the regulationary approaches to cryptocurrencies in different countries.

Key words: cryptocurrency, blockchain system, mining, legal regulation