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1 Sb'u Greenberg A., Crypto Currency, Forbes, Apr. 20, 2011, https://www.forbes.com/forbes/2011 /0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html#4de18084353e:
2 Sb'u Hirst S., 5 Facts you probably didn't know about Satoshi Nakamoto, October 8, 2018, https://cryptopotato.com/5-facts-you-probably-didnt-know-about-satoshi-nakamoto/:
3 Sb'u European Central Bank, Virtual Currency Schemes. Frankfurt am Main: European Central Bank, October 2012, t2 5, ISBN 978-92-899-0862-7,
https://www.ecb.europa.eu/pub/pdf/other /virtualcurrencyschemes201210en.pdf:
4 EBA Opinion on virtual currencies. European Banking Authority. 4 July 2014, tg 46, https://eba.europa.eu/documents/10180/657547/EBA-0 p-2014-8+Opinion+on+Virtual+ Currencies.pdf.
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6 Sb'u The World Bank Group, Cryptocurrencies and Blockchain / World Bank ECA Economic Update May 2018, tg 21, http://documents.worldbank.org/curated/en/293821525702130886/pdf /Cryptocurrencies-and-blockchain.pdf:
7 Sb'u Harris J., Bitcoin: New Asset Class or Pyramid Scheme? // Enterprising Investor, November 2018,
https://blogs.cfainstitute.org/investor/2018/11/08/bitcoin-cryptocurrency-or-pyramid-scheme/:
8 Sb'u Irrational Exuberance: Robert Shiller wrote the book on bubbles. He says the best example right now is bitcoin/ by John Detrixhe, September 5, 2017, https://qz.com/1067557/robert-shiller-wrote-the-book-on-bubbles-he-says-the-best-example-right-now-is-bitcoin/ Robert J. Shiller, Irrational Exuberance, 3-rd edition, revised and expanded, Princeton University Press, August 16, 2016:
9 Sb'u "li. LHwpumibinjwti, 4pfiu|innwpdmj[atjbpfi ^bbniibbp: «Uuiiuq.iuj|n i|inr\bp», pb' r|.wuwl|wti «ifini£|il|», <T1S< «Utfpbpr].» hbiniuqninwl|wti l|btiinpnti, i|bp[nL&iul|iuti, https://asue.am/amberd /publications/the/crypto/currency/phenomenon/money/of/the/future/or/classic/balloon:
10 Sb'u Investopedia, What Happens to Bitcoin After All 21 Million Are Mined? /by Adam Barone/, October 22, 2019, https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/:
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M p ll| lp n lu L| lp i[b bp |i L|iupqiui|]i6iuL||i huiniuL|bgiiiub fubq.|ipbbpQ plinpn2 bli |ili^Li|bu Lu2fuiuph|i 2win bpL|pbbp|ib, LujtiLqbu t[ <iujiuuiniub|i <iubpiuii|b-innLpjiubQ: « opbbuqpnLpjiub 2P2Luliail|libpnLiJ r|.piubg L|iupqiui|npiJiub hbiu-plui[np n Lpj n Lbb b p |ib t LuliqpLur|.LupÖbL Elawphant i|iiuuiniupwliiul|wli Qlil|bpnL-pjmbQ |ip «MpliaiLnnLupdnLjplibpli L|iupqiui|npnLiÎQ <iujiuuiniub|i opbLiur|.pnL-pjnibnLd» L^trpLriujnriLfajujLÎp lungiubg hnr|.i|iuônLif r^piubj) |ipiui|iupiubnpbb npLul|b[ni[ npiqbu «diniui|np qnpônLbbnLpjiub Lupr^jmlip»'2:
<biniuqninnL|ajiub libpnrçujpiLitinLpjnLtj: <biniuqninnLpjiub hiudiup np-LL|bu inbuiul|iutj, q|liniuL|lub Ll LnbqbL|LULni|LuL|LUlj h|lJp bb Ôiuniujbl L|p|lLqLnn-iupdni.jpbbp|i pbnLjp|i, r|.piulignil |ipiuL|iubiugi|nq qnpôiupj)bbp|i i|bpiupbpjiu[ hiujiuqq|i Ll lupiniuuiuhdiubjiub hbr]]ibiuL|bbp|i q|iiniuL|iub hpiuu|iupiuL|nLiIbbpp, ii|i2iuqqiuj|iti L|ium"ujgbbp|i qbL|nLjglibpQ, hiuiiiugiubgnui qbinbqi|iuô hiuqnpr|.uj-qpnLpjnLllllbpQ, |lll^LL|bu LiLuLl L|p|lLL|LnnLUpd"nLJpllbp|l l|bpiUpbpjlUL U1l|jLU[llbp|l 2inbiiiupiubbbp LL|LupnLliLuL|nq t|bL|inpnbiuj|ib nbumpulibpQ: ^pfiiiiinniupdnLjp-bbp|i plinpn2ÜLuli |ipiui|iuL|iub hbbpfi piugiuhiujiniiiub lnx|LuiriLuL|nL[ nuinLiibiu-u|npL[b[ bb qnLj£iuj|iti Ll iupdnLpiuj|ib hiupiupbpnLpjnilibbpQ L|iupqiui|npnq fipiu-i|iuL|iub LuL|uibpQ:
<luJuJ2fuLuphLuj|ili 2n"-L)lujnllî 2P2UJbiuni|nrL wniui|bi ujqr}bg|iL| puiub L|p|iii|inniupd"nLjpbbp|i Ll i|bp2hbbbpni[ |ipiuL|iubiugi|nq qnpôiupj)bbp|i d|nnnLd-bbp|i L[bp[nL&nLpjLuti hujJiup hiudiur|.pi|bi bb r|.piubg qbbpp, 2P2LUbiunnL wniu-2LupL|p Ll 2iilL|iuj|i LiiuiqliiniuLiugdiub gnLgiub^bbpp: liriLuliÖ|ili L|p|iii|inniup-drujpbbp|i qbiuj|ib LL2mL|Luj|i Liiuuiliiniuiiugdiub gnLgiub|i2bbp|i nLunLdbiuu|ipnL-pjmbb |ipiuL|iubiugi|bL t 2013-2019 pp. hiudiup' iuduiuL|iub L|inpi|iuôpni[: Cbrj. npnui, ini|jiu|bbp|i hixiJuur|.pJluLi hiudiup oqiniuqnpôi|bL bti n^ pb iuiiuiuL|iub ü|i2|"ibwgi|iuö gmgiuli^libp, luj[ u|iujiiiubiuL|iubnpbb npiqbu h|iiîp bli Qbr|.nLb-i|b[ q|iLnLupL|i|nq diuiÎLuliujL|LuhLULni|Luô|i jnLpiupiuliynLp iuiiui|iu luqlu2|iIi opl[lu iqpnLpjixiLÎp qpiuligL[Luö gnLgiuli^libpQ, npnlip L|Lupnq bli ^hiuijQliL|LibL uii4jlu[ luiJul[uj LuriLUL[b[LuqnLjli L|luLÎ iJ|i2|ib gnLgiuti|i2libp|i hbui:
" Sb'u IMF, Treatment of Crypto Assets in Macroeconomic Statistics // Thirty-First Meeting of the IMF Committee on Balance of Payments Statistics, BORCOM-18/11, Washington, D.C., October 24-26, 2018, t2 4, https://www.imf.org/external/pubs/ft/bop/2018/pdf/18-11.pdf:
12 Sb'u <1-. <uil|npjwti, MpfioiuinujpdnLjiabbpfi [jujpq.Lui[npnLiÎQ <ujjujuuiluIi|i opbliur|.pnLptjnLbnLii, Elawphant i|iwuuiwpwtiwl|wtj pbL|bpnL[a-jnLli, 06.04.2018 p., https://elawphant.am:
LTh8U.aq-U.3hL SLSbUUHUL <UPUPbPPM3-3PKbLbP 41
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L|p|ia|LnnujpdnLjfabbpQ l|iuu|i|iud ^bb npbt bpLjp|n inbinbunLfajiub hbui b ^bb pnqiupL|i[nLii npbt tjpl|p|i l|bbLnpnbujl|Lub piubl||i L)nrnJ|ng, qpiubg pnqiupl|nLijQ npbt L)bpix| i|bpiuhul|L|nLiI b uiuhdiubiui|iiul|i|nLij, |iuL| i|infLiLupd"bpp 5biuL|npi|nLd t 2nLl|uijiul|iub dbfuiub|iqdnL[, l|p|iLi|LnnLupd"nLjta|i J^ngnij i|infLiiubgni.dbbpb lubiubmb bb, l|p|iii|LnnLupd"nLjtanL[ qnp&iuppbbpb nLiqiqujL|bb, ^l|iub d|i2bnpr).bbp, ijinfLnubgnLJbbpb |ipiul|iubiugL|ni.d bb iubJ|i2Luii|bu diuubiul||igbbp|i Jh2b:
2009 p., bpp bnp-bnp tp hiujinbi|bL wniughb l|p|ill|inniupd"nlj|a plippnjbp, ULul|lui|ujfa|iL[ iIaipq|iL| th^ LnLP2 i|bpwpbpi|nlii iujq pi|aij|ib iupdriLjp|"ib, b Lunaii|b[ bu wjb ^tp pbl|lu[i[nliI npiqbu pqfaujqpLuiJbbp|i i|in[uLup|ibnq: lijqnL-hujbqbpS, p|ifapnjbbbp|i £iubiul||i b l|p|iiL|inniupd~nLj[abbp|i iniupiuinbuiul|bbp|i lul[b[UjgnLiJp, [di[iuj|ib i|inr|bp|i lifipiuruliuiip |ipiul|iubiugi|nq qnp6LunbmfajnLb-bbpfi 6uJi|lu[bbp|i lu6q Ludpnr|2 iu2fuwph|ib iuii|iugnLgbg|ib, np l|p|iil|inniup-drujpb iuii|iuqiuj|i lupdrujpb t:
Lip|iLL|LnnLupd"nLjtabbpnL[$>h^LU^ULUL|LU^ qnp6LuribnL|ajnLbbbp uL|ub[ bb |ipiu-l|iubiugi|bi p|i|af)njb|i ULnbq6mJ|ig bpl|nL iniup|i iubg' 2011 [a., bpp hLujLnbi|bg|ib p|i|apnjb|i LL|LuhLL|LubJLub hiudiup bLufuLuinbuL[Lu6 t"LtiL|Linpntjlujiqpujdiuu|iu-bujL|bbpp: Siuup Lnujp|ibbp|i pb|aiugj)ni.d iuLL|iul|bbLnpnbiugi|iu& |ai|wjhb ijinqb-p|i hLUJuJ2fuLuphLuj|ib 2P2LubLunnL|ajnLbb iujbu|bu t w6b[, np |ipiul|iub duidiu-biul|ni.d qpbpb Lubhbujp t hbinbb[ hiuiliu2fuwphiuj|"ib LnbinbunL|ajni.bnLd qpiu qiupqiugnLiIbbp|ib: libhbujp t bmjb|iuL| pi(iupl|bL u^fuiuphnuj uinbridi|iu& b 2P2wbiunL|nq l|p|iLL|LnnLupdnLjfabbp|i pn|np LnLupuJLnbuLuL|bbpQ:
n-|iiniupl|bb{) hiuiliu2fuiuphiuj|ib 2nLL|wjnLiI wniugiuLniup hiuiIiupi|nrL d|i £iub|i l|p|iii|inniupdnLjpbbp|i LunLub6bLuhLULnl|nL|ajnLbbbpp:
pfippnjbb LU2fULUphnn} LurfbijUiLflLUflLudLlLud L LudbbuipLubil pilLUjfltj Lupdrnjplj t, rifltl UiljL[iuljilLlJ bb buill »iipflujifinnuilll»' [dnqLUflL/liLub pLUpq.nLpjnLb[l huilStjlSLULptj[ni[ nuLjriL LUprynLbLUhLUblSLLlb hbcp: Pfipgnjbfi hbtp Lfin/vLjLuuiujLigLlLud LjpfiuiLpnLupdriLjpbbpb bb' Bitcoin Cash (BCH), Tether (USDT), Ripple (XRP), Litecoin (LTC), Ethereum (ETH): P/ippnjb/i pnqLupLjnLiSp (kiSfiuliLub) ULuhiiinbujifiLuLi pbijLuJbbp 21 iSfiifinb pnjb: Obr} npnLiIf 2019 p. bnjbdpbpfi 23-fi qpriLpjuitSp, pnqLupLji[Lud pjippnjb-
tib/ili pmbLuljß L¡uiú qpujbg 2Р2шЬшпт шпш$>шр1]Ь uipqbb fiulj qb-pujqujbgmJ к 18 Jfiifmbp: Lffiti$ ори дршЬд^шд p/ippnjti/i шпшф[ш-qriLjb uupdbpp Ljuiqdb[ к 20.089 ULTU qn[uip (17.12.2017), npp, úbp L¡ujpó[ipnLl, u/jqu/bu к I Lubqbpiuqujbgbifi i/dbuj:
4pfiLLHpnLupdnLjiabbpfi guibljnul hujjipbfmLpjLuiJp bpljpnpq ipbqnLd к UfiipuiifiLi PnLLpbp¡ib/i Ljnqiffig Luiuupfib uibquiiS 2015 p. ¡эпцшрЩшд kpbpfiriLiS (Etherium, ETH) LubilujiSp uipdnypp: Pfippnjbfib huiiSuibiSLub, luju l]pfiLLiLpnLupdnLjpp ЬпуЬщЬи ULpbqÔL[nLiI к lÍLUjbbpbbpfi LjnqiSfig: tphpfinLiSfi pnjbbpfi pLubuiljp ULuhifiiibLULfiLuLi ¿к, pnquipljiSLub
LunLUL[b[LLiqnLjb uuihiSuib: kpttpfinLdfi qt¡vlul[np шпшф^^пШЬ uujb k, np р[пфрр huijLpbLlnLiS bb ujúbb 10-15 рпщЬпиí, fityp bbpiuqpruiS к шфф uipuiq ifinfvLubgnLiJbbp: kpbp[inLdp unuL] pt[ujj[ib LupdnLjp uijb huibqbu к qiuiJiu npiqbu шпшф[ uinuiguiqbií p[nii-2qpui Ьш[уш-qfió. oqipLuqnpób[nL¡ kptipfinulfi Ьшррш^р duJubujL¡figbbpp Ijiupnq bb uipbqób[ иЬфш^шЬ iipfiiqipnujpdnLjpbbp:
2012 p. uipbqôiliuô nfiL¡i[ LipfiuppnLupdnLjpb шфф pfc к huijipbfi pbp-Uu uijb ujLuipÓLunnil, np uijb iíuijb¡ibq шЬЬ[ ¿/i [/шрЬф, п/пфф pn[np pnjbbpp LiiLULpljLubnLiS bb úbi¡ pbLjbpnLpjuib: П-^фф h/iiIbLuLjiiib qnp-ÔLunmjpp puibljuijlib LfinfiiLubgnLifbbpli LupujqnLpjLub pLUpâpilignLlfb к-Lujui±i¡lull qnpÔLuppbbpfi 2bnph/iL[ puibLjbpp Ljuipnq bb Jfi puibfi iS¡i¡pnb ¡vbuijbp П-^фф pnquipLjiSujb шnшф[шqnLJb ишки1шЬш$шфр LjuiqiSriLif к 100 iSjpq pnjb:
CoinMarketCap-|i ini|juj[bbpnip3 2019 p. bnjbdpbp|i 23-|i qpru|ajiudp ui2-fuiuphnui qnjnLpjrub nLbbgnq l|p|iii|innujpd"nLj[abhp|i iniupiuinhuujl|bhp|i pbq-hiubrup [a|ii|b iupr|.hb hiuubnuí t 4849-|i, npnbgnij qnpôiuppbbp bb |прш1|ш-biugi|ruií 2nLP2 20850 2nLL|wbhpnLii: Cni.l|ujj|i l|aiu||iiniu|iugnLiip hiuubnuí t 200.6 й[рп- lilTb qn|iup|i, |iuL| p|i[dgnjb|i qhpiul|iujnL|3jnLbp l|p|iu|innujpdnLj[a-bbp|i hiuiiiu2fuiuphujj|"ib 2nil|UJjnLij l|uiqijnLií t 66.1%:
LiqjnLumL| 1-nui pbpi|iuô bb hiuiiiu2fuujphiuj|"ib 2nLL|wjnLií l|iuu||iiniu|iug-diub grugiub^nil luniugujiniup гфрр qpiuqbgbnrL 1|р|т|1лпшрс1"П1лэЬЬрр:
Чр|и1|1лпшрс1"П1лэЬЬр|1 1|шо||ипш[шдп^р 2nil|iujni.d iunl|iu npn2iul||i inb-иш1||л 1;[Ь1|1лрпЬш]|1Ь dbiniur|iuqpiudbbp|i (pnjb) qrudiupiujlib lupdtïpb t: Ujti hiu2i[iupl|i|ni.d t npiqbu 1т[|Ш[ u|iuh|i qpru|ajiudp JbL| d|nui|np 1|р|т|1лпшрс1"пу-(1 pnjb|i) mpdbpli b ИшJш2^uшphшJ|^b 2nii|iujni.d mjq iqmh|ib шп1|ш bdiu-Ьшт|п11| l|p|iLi|Lnnmpd"nLjtabbp|i рЬг^ИшЬтр ршЬш1||л lupiniuqpjiuL: СЬьпЬшьцЬи, l|p|ni|LnnmpdnLjpbbp|i qb|i 2Р2ш^шги1пЧ ршЬш1||1 дшЬ1|шдш0 фпфп^т-pjnlLi шЬ[ипшшфЬ[|1прЬЬ шЬ^рш^шаЬтй t qpubg 1|ши||илш[шдйшЬ grugiu-
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13 https://coinmarketcap.com/
irh8U.aq-U.3hL SLSbUUHUL <UPUPbPPM3-3PKLLbP
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1- © Bitcoin BTC
2- Ethereum ETH
3- XRP XRP
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71
8. 9. 10
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Stellar TRON
Cardano UNUS SED
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Monero
Chainlink
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USDT BCH
EOS BNB BSV XLM TRX ADA LEO
XTZ XMR LINK NEO HT ATOM MIOTA
21,000,000
132,583,359,347 7,339.61 18,064,087
16,574,069,019 152.52 108,666,945 -
10,130,849,832 0.233969 43,299,885,509 100,000,000,000
4,148,316,629 1.01 4,108,044,456 -
3,914,278,053 215.91 18,129,013
3,063,085,576 2,554,226,214 2,516,450,610
21,000,000 63,743,296 84,000,000
48.05
2.71 941,423,586 -
16.18 155,536,713 187,536,713
1,924,517,788 106.51 18,068,415 21,000,000
1,215,400,448 0.060604 20,054,779,554 -
997,260,269 0.014955 66,682,072,191 -984,405,716 0.037968 25,927,070,538 45,000,000,000
952,632,842 0.953110 999,498,893 -
898,120,741 893,764,604 851,590,086 703,299,679 677,891,867 608,650,371
1.36 660,373,612
51.60 17,321,691
2.43 350,000,000
9.97 70,538,831
2.81 241,284,047
3.19 190,688,439
100,000,000
600,690,847 0.216112 2,779,530,283 2,779,530,283
^pfiuiinnwpdrujplibpli 2nLL|wjh l^wu||iinw|wgilujti l|wplmpnL[3jiuti iiwu|iti l|iupb|]i t u|winl|bpwgnLij IjLuqiJbf r|.|iiniupl|b|ni| l|nlil|pbin |ipiui|ji6wl|libp:
Ьршф6ш11 1. n-fiipuipljbbg ф рршфбшС/, bpp 2nLl]LujriLiI qnjnL/djnLb mtifi дшдр u¡pdbpnL¡ (op.' 1 LLUb г}П[шр) U uiuhdiutiLuifiLulj pL¡ni¡ ljpfiLLiLpnu¡pdnLj[a (op.' 1000 pnjti): uljr^ L|p|iiL|innLupdnLjp|i 2i"ilI|iuj|i l|iu-ифтшцидгийр ЦЦшсцЛ^1 1 x 1000 = 1000 LiLTb qn[iup: hul| иш L|Li2lu-IiluL||i, np QliquiiihliQ 500 pnjlJ Öbnp pbpuiö ppbjqhpQ dhö iuqr|.hgnL-|3jnLÏJ l|nLtibliiu L|p|iLL|Lnniupd"ni.jp|i ии[|Ш[ mbuiuL||i i[piu: ЬршфбшЦ 2. ЬЬ[эшг}рЬЬр ¿mi/iuynitf q-njnLpjmb nibji ршрдр ujpdh-griLl (op.' 100 LLUb г}П[шр), piujg r¡.iupájLU[ иш1и1шЬшфш1] ршЬшф^ LjpjiLijipnLupdnLjfd- (op.' 10.000 pnjti): hb¿Lqb"u ijlu [¡шЬ^рш^шпЬш LjpflLLILpnLUpdnLJpll ifin/VLUpdbgll IjLujnLtinLpjLuti фш: 4p|lll|inniUpd"nLJ-
pfl 2nL^jh l|LULL||lLnLU[LUgnLjQ L|L|iuqd|V 100 X 10.000 = 1.000.000 liLTL фцшр: CruL|Luj|i lujli iÍLuutiLuL||iglihpQ, npntip |npbbg luL|m|nL[tib-pnllî lirutihliiuti uii4jlu[ inhuujL||i L|p|iii|inniupdïujp|i 2nLP2 5000 pnjti, фшитшд|1прЫ| 1|1|шрпг[ш1|ш1| 1|шпш1[шрЬ[ ijinfuLupdbpQ: ьршфбш^ 3. bppnpr} рршфбшфlú qnpó riLbbbp ф ijbiygfi hbip, bpp Jbq hbipujppgpnri IjpfitiiipnujpdnLjpp _?/!///uv/n/tf рЬпрп£фlú f дшдр Lupdbpnil (op. ' 1 LLUb ЦП[шр) b ùbô (op. ' 1 J[b
gnjb): Si[|iu[ L|p|m|inniupdTii.jp|V 1 d[li liLTL грпцир^Ь hiudiupdtïf) 2nL_ L|lUj|l Lj lu lljjn ul lu [lugilujtj u|iujdiutjtjbpni.d, bpb briLjlj|luL| 2nLl|LUj|l JbL| dLuutiLul||ng Öbnp pbp|i pi|nL[5000 tLbl|LnpnliLuj|ili dbmiur|iur|.piud, J|iLl-tiriLjti t, 1|шрпг[ li2iuliiul|iu|ji Luqr}bgrnpjnLli qnpôb[ 2nLL|u-ljh l[plu: Cni.l|iujnLd ó II lu L[n p i[n q J|iLnnLdlibpQ l[bpLuhuL)bLnL bu|iuiniuL|nil L|iup|ip LnJitifi qbb|nL, luublij), 500 hiuqujp pnjti, |ilijp qnpôliiuL|iutjni.d qpbpb LulihliLup t:
Ьршфбш^ 4. bi¡ фррши/Ьи, ЬЬшршфр к ф рршфбшк!/, bpp 2пЩш-jnlii 2г>2шЬшпфlú f ршрдр шр&Ьдт( ф[шцрпшр&п1ла[1 фшфрЬЬр/i Jbô 0ш1(ш[: ulu lulíhtllul|LUjnLtl ипшррьрш1|1| t, piutlfl np LUJU qbLL|pnnî l|p|iii|inniupdïujp|i i|in[uLupd"bp|i i[piu lihpqnpöh|nL hiuiíuip hiupl|Lui|np bli tibpri-pnuiLibp: Liíuiti |ipLui|ji6iuL|nLií фп[ишр0"Ьр|1
LjLnpnlL| iniuiniutjnLdtjbpQ, J|i furudp [эрbjг).ЬрЬbp|п L|nr]d|ig qbp2iuhruj-p|i uiniugdiub liLL|LULnLul|nL[ фп^ъиирс1"Ь|)|1 iuphbumLuL|iuli l[lujp|hl[bpпLj-libpp qpbpb Lubhbujp bb: UjuLL||nunL[, l|lull||ilnlu[LugnLJp 2ml|iuj|i [uiuqiugnqbbpl'ib Ll bbpqpnqbbplib gnyg t iniu|jiu luju l|iud lujb L|p|m|inniupclTii.jp|i hnLULU[|nnlfajlub JiuL|iupqiuL|p: Piupöp l|LULL||lLnLU[LUgnLjp l[L|LUJПlJ t biuli ppbjqbpbbp|l 2P2LUbnLj l|p|lll|inniup-d"nLJpllbp|l 0шЬш^1|ш0П1.р|шЬ Ll U1LUpLUÔl|LUÔnLpjLull líluu|"lli:
4bp2|lll U1LUp|lllbp|lLl lll|LULnb[|l t hlULÎLU2ÏLIlUphLUj|ltl 2riLl|LUjnLlJ 2Р2ш^шгг" ijnq l|p|nLL|LnnLupdnLjplibp|i ti2LutiLul|iu|]i piuqiJiuqiulibgnLiJ: fB-bb LU2fuujphnLiJ Lupqbli |iul| pnqujpl|i|b[ Ll 2Р2ш^шг1|-1П1^ t 4849 lutiruli L|p|iLL|LnnLupd"nLjp, ULuljLujb 2rnL|LujnLiJ qhnLu qbp^furiLiî t Ph№nJ^D (66.1%): Ujr|.nLhiulir|.hpÖ, bpb h|iiîp pliq-nLliblip L[bp2h^hu pnr|LupL|iíiuti ишИйшЬш^шфр, lujIi f 2nLP2 21 ü[li p|ippnjli, Ll Lupr^bb |iuL| pnqujpL|L[Luô ólul[lulq (2019 p. bnjbJpbp|i 23-|i r|.pnL-pjiuJp1 18,064,087 pnjli), Luiquj iqiupq Lj q.lu rib lu , np iupr|Mj pnqiupL|L[b[ t phi3-pnjli|i hliLupLuijnp ôiuL[iu|ji 86%-Q, Ll puLTi qiupqiugJujlj J|iLnrnJlibp|ig Ll inbJ-ll|bp|ig pfunq inpiuiiujpiulinLpjLutr 2luui línui LULL|LuqujjnuJ p|ippnjli|i pnqiupL|nL-lîq ^ил^шрипф' uibqji qh2bLnLl L|p|iii|inniupdTiLjplihp|i luj[ uibuLuL|libp|ili: ГЭ-ЬЬ,
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Z5|i2ui t, fanr[lupljJluii uwhilwbw£wi|i|ib haiubb[q qbnbu b2wbiuL||i p|ifa-jDnjbni[ qnpöwpj)bbp|i lul[lupin, qpiubj) npn2 duiiIwbwL| l|2wprubiul|bb 2P2UJ-bLuni|b[ hwiiw2fuwphwj|ib 2nLMUJJnLL^' uiul|iujb 2nLL|wjnLii H-pw tfwubwpiudti|i LublirnJb Lub|unLULUL(ib[|i t: <LULnl|LULL|bu, np n^ pn[np L|p|iii|inniupclTiLj|abbp|'ib t pbnpn2 [anr]wpL|diub &iui|iu[Ji uiuhdiubiuiJiiuL|nLdp, |ibjp npn2wL||i d"iudiubiul| aibg L|iupnq t i|bpiu&i|bL [anr]iupL|diub iuniui|b|iuqnLjb uiuhdiubiu^iuiji mbbgnq L|p|iii|inniupd"nLj|abbp|i bl|iuindiudp Jpgail|gLuj|ib iuniui|b|nL|3jiub:
Piui|iuL|iub dbö t ph№njb|i b lujl L|p|iii|inniupd"nlj|abbp|i d|iiui|np|i hiudiup uiuhdiubi|iuö qbbp|i (r^ptutig 2rul|iujiul|iub Lupdbpbbpli) J^b fuqnulp, pbr} npriLii LuqjnLULul| 1 -DllJ hiuilbiliuiniupiup piupäp qbbpnij b 2nLMLUj|n l|iuii||"iiniu-[Lugilaili piupäp QiuL|iupr|.iuL|bbpni( bb pbnpr^ijnLiI hujLnl|LULL|bu p|ippnjb|i hbin i|infuL|iuii|iuL|gi|iuö L|p|^ll|lnnlupdтllj|эbbpp, pfippnjb Qh2 (1 BCH = 215.91 liLTL r>nLaip), tpbphrml (1 ETH = 152.52 liLTL qnLiup), phl^njb (1 BSV =
106.51 LILTb qn|iup)'6, Liuj[aenjb (1 LTC = 48.05 liLTb r>nLujp)17: <iuinL|iub2iu-L|iub t, np p|ip£njb|i hbin i|infuL|iuii|iuL|gi|iuö pn[np h|ibq L|p|iu|innwpdTiLj[dbbpb |ipbbg qb|i b 2ruL|iuj|i L|iua||iinuJLLug Jiub gmgiub^bbpnil qinbi|nLd bb luniugiu-iniupbbp|i iniuubjaiL|nLJ, pbr} npmif r|.piubg|ig p|i|df)njb pb2p b p|i|apnjb tuM-li-b mbbb r|.ujpÖjiu[ 21 J|iL|inb|i hiuubnq |anr]iupL|diub uiuhdiubiu^iuiji, |uij|af)njb|i |anqiupL|diub uiuhdiubiu^iuijip 84 J|iL|inb t, n|^l|^|]^bp, 100 J[pn., uL| |ab|abpb m t|dbp|inLdp faniquupLjjluij uiuhdiubiui|iiuL|nLdbbp ^mbbb: U.l[b[|ib, p|i|apnjbp, p|i|apnjb pb2p b p|i|apnjb tu^-b iupr|.bb |iuL| hiuinb[ bb hbiupiui|np &iui[iu|Ji 86%-p, |iuL| [lujfapnjbp1 qbnbu 76%-p: liju hiubqiuiliubpp famj[ t iniu|jiu bb-pair|.pbL, np i|bpnb2Jiu|. L|p|iii|Lnniupd"nLjfabbpb fipbbg iuniui|b|iuqnLjb öiui|iu|jib L|hiuubbb qpbpb Q|iiud~iuiiiubiuL|, fib^p L|iupnq t b2iubiuL|iu|ji gbgmilbbp luniu-2iugbb[ L|p|iii|innwpclTiLj|abbp|i hiudu^fuwphiujlib 2mL|iujnLd: ht^b|igb, luniugh" L|iujnLiI iuL|bL|iu|i|nq «L|p|iii|mni(intanp|iL|bbp|i» hiubr|.iupini|bLnLg hbinn wniugw-iniupbbp|i qbpmd hiui|iubiupiup L|hiujinbi|bb |anr]iupL|diub &iui[iu|Ji uiuhdiubiu-i|iiuL|nLiIbbp ^mbbgnq t|abp|inLJb (Etherium) m [abpbpp (Tether):
9-&iuu|iuinL|bp 1-nuI iupiniugn|i|iuö t Luniu^hb L|p|iii|inniupclnLj|a p|i|apnjb|i 2mL|iujiuL|iub iupd~bp|i b 2nLL|wj|i L|aiii||iLniu[iugiIujb gmgaib^bbpli 2Lup<^D^" paigp 2013-2019 fap.: P|ifapnjb|i gnLgiub|i2bbp|i LniuLniubnuibbpp gmjg bb inai-[|iu, np L|p|iii|inniupd"nLjfa|i iuniui|bL L|uipniL| i|bpb[pbbpp uL||iqp bb iunbL2016 fa. L|bubp|ib: 9-öiuaiiuuiLibpli LpxinnLgiiLuti hiuiliup oqinaiqnpöi|ujö uiijjuJLbbpp d|i-2|ibaigi|iuö gmgiub^bbp ^bb, luj[ a|aijiiujbiuL|iubnpbb i|bpgi|bL bb jmpiuftiub-ymp iuiiui|iu oiniu2|ib opi|iu iibL|baipL|iuj|ib uii|juJLbbpp: lijq t u|iuin-6iunp, np qöaiiqujinL|bpnLJ aipinaignulaiö ^t ph|3f)njb|V J|ib^ opu qpiubgijujö iuniui[b[lu-
15 Sb'u Investopedia, What Happens to Bitcoin After All 21 Million Are Mined? /by Adam Barone/, Oct 22, 2019, https://www.investopedia.com/tech/what-happens-bitcoin-after-21-million-mined/:
16 Util|iufu wtii|wtinLiitibpfi tiiJiutinL|ajnLtifig, pfippnjti tu"-L|n (BSV) L|p|nii|inniupd"nLj|a[i ^mlifi iuliJ|n-2iul|iuti ifinfuljujfiiiiiu&nLp-jnLli pfippnjbfig, uujl|ujjb uujrj. bpl|nLu|n JfigU q.njnLpjnLb rnti|i LulinLr\r\uj-l|fi L|iuii|, piuli[i np r].piulig|ig jmpuipujliynLpQ i)in[uL|iuii|iuL|gi[iuö t [iu|apnjli|nli:
17 Pbpijiuö uii(jiu[libp[i 2019 p. bnjbJpbp|i 23-fi r|.pnL|ajiu Jp bli: O-piulip hiupL|iui[np t" r|-|nlmuupL)tr^ np-ujbu iqiujJujIiujL|luIi, pujbfi np L|pfio|uinujpd"nLj[abbpfi hiui5iu2[uwphwj|iti 2rnl|ujb fufiuui hiupiu-fimli t, U gnLgoibfi2libpp i|inL|infui[nLj bli pnu|bbbp|n plipiugprnJ:
qriljli uipdtipQ, lujli If 20.089 UlTL г|.п|шр (q.piutigi|t¡L t 2017 p. q.hl|inhiiphp|i 17-|iLi): <ш2прг|. 1|1лрги1|, piujg liiufunpr|.|-ili npn2ujl||inphli qh2nrL P^htëQ H-l1111" i|b[ t 2019 p. luiiruuti iuií|iulihp|iti:
Ч-йшщш1п1|Ьр 1. Pfipgnjbfi (Bitcoin (BTC)) h/idtiuiljiiiti gmguibfabbpi] 2013-2019 pp.18
Ч-0ши)шш1|Ьр 2. Iffinipuijli (IOTA (MIOTA)) hfirfbiuljuih gnigiuhfotibpp 2017-2019 pp.19
18 4iuqJh[ t hhr|jitiiul||V CoinMarketCap ini|juj|tibpfi piuqiuj|n h|iiíiuti ь[рш,
https://coinmarketcap.com/currencies/iota/historical-data/: Пры|Ьи p|i|apnjtifi iupd"bp|n Il 2nll|ujj|i l|iuui|iimu|iugiíujtj Qtimpi|uJÔ дтдшЬ^ЬЬр' qôiuuiiuinlibpnLj hfiiíp hti Qljr>nLtji|b[jnLpiußiutiynLp ujiíui|uj umujgfih opi|iu i5bL|bujpL|ujjfib qbbpp:
LThSUaq-UShL SLSbUU4UL сипирьппмэ-зпкьъьп
4-ôiuiqiuinL|hp 2-nnî inbq t q.uib[ ii|ininiu (MIOTA) L|p|iiqinniupdnLjp|i gm-gmli|i2libp|i 2Lupd"QlifamgQ 2017-2019 pp.: lijli 2iilL|iuj|i L|iuiq|iiniu|iugiiiuli gm-giuti|i2lihpni[ i|hp|nLÔnq3jnLlili |ipiuL|iutiiuglihLnL iqiuh|ili qinlii|hL t 20-piq hnp|i-qnliiuL|iutinLii (mb'u iururuuiul| 1): 4p|iiqinniupdnLjptihp|i tibpL|iujiugi|iuô giuti-L||ig i|bp2|ili|iu QtiinpnLfajnlÏjQ iqujiiiuliiui|npi|iuö t nijti hiutiqiuiiiulipnil, np d|ininiutj lupqbli |iuL| hiuinb[ t pnqiupLidiutj iunnn|b|iuqni.jtj ôiui|iu|ji uiuhdiutip, Ii luju iunnLdni[ qpiu дгндшЬ^ЬЬр^ hbiniuqiu 2шрсТр1|ршд|1 гиигиЛитфрги-pjnlIjp L|iupnq t oqiniuL|iup [|ibb[ p|ippnjli|i hbiniuqiu «óiuL|iuiniuq|ipp» 1|шЬ-fuiuinbub|nL hiudiup: 9-ôiuiqiuinL|bp 2-|пд iuL|lihiujin bpLimd t, np J|nnmmj|n iup-dt¡p|i Li 2mL|iiij|i LiiuiqliiniuLiugdiutj дтдшЬ^ЬЬрр i[bp2h^ iniupi|iu plipiug-pmd uijlIíu L|inpnLL| iniuiniulmLdlibp|i jbli bbpiupL|i|nLd Ii qxntji|ni.d bb L|iujmli giuôp JmL|iupr|xuL|tihpnLií: Liíiuti i|iup|)iuq|"iôti iupr|.iupiugi|iuô t L|p|iiqinniup-driLjp|i iuniu2UjpL||i hbiniuqiu iuó|i iutihtiiup|itimp|iuti iqiujiiiulitibpnLiï:
<.iui|iutiiupiup, tiiíiuliop|iliiuL| 6iuL|iuiniuq|ip t uiqiuui|nlii liiuU. p|ippnjli|-iti Ll qpiu hbin фп[и^ша|ш1^д1[ш0 npn2 L|p|iiqinniupdnLjptihp|"iir pnqiupL|iíiuli ишЫшЬш^шфр hiuinbirug hbinn: ГЭ-bLi 2пLLjUJjnllî mlihgiuö q.bpujL|2hri П-bph iqiujiíiutilihpnLií ф ршдшпфтй tiiuL, np lirujli|-iuL| pnqiupLiiíiuti шпшф^Ф11.)^ 0ш1[ш[|п1| hiuulib|ni.g hbinn p|ippnjtj|i iupdt¡p|i iniuiniulinLdlibpQ L|2uipni.liiiiL|i|bli npri2LuL||i L|iup6 dm^liiuL|iuhiuini|iuônLd, 2пЩш]|л LiiuiiiliiniuLiugdiutj
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npii|bu фпг\, |iuL| liLTL-|i Li lii[uinpiuL|iLuj|i ii|bu bpLiplibpruJ' иЬфш^шЬгир]!^^: <iuinL|iuli2iuL|iuli t, np bi[piuJ|inLpjnLljp L|p|nqinniuL|in|ii[libp|i рЬЦш^ьиЬ J|iiuuliiuL|iulj JninbgmJ jnLli|i, Li lubqiuJ bpL|plibpli luqiuin bli |npbbg r|.iuuiu-L|iupqnLJlibpnLJ, pbLi p|ippnjli|i op|iljiuL|iuljnLpjiuli hiupgmJ iunL|iu t hiuJiu-ÖujjbnLf3jnLb: lijuii|bu, bU" 28 bpLipbbpmd p|ippnjLini| qnpôiupplibpLi op|itiiu-L|iuli bb, qpiulig|ig 21-miî pfippnjtiQ npiuL|i|nLií t npiqbu lupdnyp, Ubhiuuiniu-Ьпи!' npiqbu иЬфш1^ш1|П1р]П11|, ä>piuliu|iiujnLii, Ci|bq|iiujnLií Li L|iqbnLiuliqlib-рпи!' luiqpiuliß, lii|uinp|iiujnLií Li Я-ЬрJшb|^ШJnLd, piupinbpiuj|iLi luiqpiulip, |iuL| 'TinpinnLqiuLliiujnLii i|bp2|ilj|iu L|iupqiui||i6iuL|Q qbnLiu iulinpn2 t:
19 4mqJb[ t hbnJitiujliQ CoinMarketCap uii|jm[libp|n pmqmjfi hfiJmb и[рш, https://coinmarketcap.com/currencies/iota/historical-data/: Пра|Ьи IOTA l|p[ia|uinmpd"nLj[a[i шр-d"bp|n gnLgmli^libp' qômii|ujuil|bpnLLJ h|nlp bti Qlir].nL'lii[b[jnLpujpujliynLp ujJui[uj mnrngfilJ opijuj iîbl|tiujpL|ujj|nb qlibpp:
20 https://coin.dance/poli#legalitybycountry
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22 Sb'u FATF, Guidance to a Risk-Based Approach to Virtual Currencies, FATF, Paris, France, 2015, https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-Virtual-Currencies.pdf:
23 Sb'u G-20 Countries Start Implementing Unified Crypto Standards /by Kevin Helms/, May 28, 2019, https://news.bitcoin.com/g20-countries-implementing-unified-cryptocurrency-standards:
24 Sb'u Crypto Regulation News: G20 Supports FATF's Crypto Guidelines that Require Exchanges to Share Customer Data, Group of Digital Asset Trade Associations to Establish Global Cryptocurrency Association, June 17, 2019, https://medium.com/paradigm-fund/crypto-regulation-news-g20-supports- fatfs-crypto-guidelines-that-require-exchanges-to-share-a12a8c4567b:
25 Sb'u CC 4P, ibllic)-ib-fi qbl^nyg, Uhwpbl^nLp-jwti ^fibwbuwilnpijLuti bnpwhuijLn n|nuL|bpQ, hnl|-mbJpbp 2015 p., 1, https://www.cba.am/Storage/AM/downloads/FDK/Guidelines /Emerging_ Terrorist_Financing_Risks_Arm.pdf:
26 <1-. <UlL|npjUlll, Mp|nuiLnnLUpdnLJpllbp|n L|LUpqLUl[npnLL5p <LUJLUUUlUjbfl Opbbun-pnLpjnLlinLj, Elawphant L(nuJuuiLupLuliLuL|Lub Qbl|bpnL[a-jnLli, 06.04.2018 p., https://elawphant.am:
50 PUbPbP <T|S< 2019.4
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27 Sb'u « piur|wpwgfiwl|wti opbliuq|npp (<0-239, Qlir|.nLlii[iu6 05.05.1998 p.), q.|nLfu 7, hnr|.L[iu6
28 Sb'u George Soros Prepares to Trade Cryptocurrencies /by A. Marsh, S. Kishan and K. Burton/, April 6, 2018, https://www.bloomberg.eom/news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge:
29 Sb'u « opbbpp wpdmpwjfitj L|iupq.iui[npiiiuli U lupdnLpiujfib i[bpiuhul|nr\nL[ajujb i5iuu|iti (<0-135-L, urn 24.11.2004 ta.):
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2018 [a. Jujj|iu|ib « L|bbmpnbLuL|Lub piubl|p hujbqbu t bl|bL L|p|iLL|LnnLuL|-in|ll|bbp|l l|bpLUpbpjLU[ hLUJU1LUpLUpnL|ajLU Jp 33 , npni[ hLUULUpLUl|nL|3-JLUbp b LnbuibuLui|Lupnq unLpjbl|Lnbbp|ib hnpqnpb[ t qbp6 ilbiu[ l|p|iLL|LnnLuL|Ln|ii|bbp|i
30 Sb'u « opbbpQ «L-L6LupLuhLU2LiLur|L|u-ljht| hwi5wl|iupq.bpfi U 46LupLuhai2ilujP^ujjh^ L|LuqilLuL|bp-a|nL|ajnLlilibp[i Jiuuhti» (<0-150-Ii, iun 21.11.2004 p.):
31 Sb'u tirujti mbr\[i:
32 Sb'u CC pujr\ujpoig|nuj[iujb opbliuq.fipp (<0-239, Qbr|.nLtji|w& 05.05.1998 [a.), q-Lrnfu 7, hnp.i|w&
33 Sb'u « L|bliinpnilluL|Lull puilll|fl hLUJLnUipLUpnLpjnLlip «L|p[lLL|LnnLuL|Ln|lL[llbp|l» L[bpUipbpjLU[ (JluJ-[n huir\npr|.Luq.pnL|a-jnLb uin 07.05.2018), https://www.cba.am/AM/pmessagesannouncements /Cryptocurrency%20warning%20%2007.05.2018.pdf:
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34 Sb'u «ra-ilwjfiti inbfubn[nq|nwtjbp|n qwpqwgiSiuti Jiuu|nti» « opbbpfi liuj|TJiuq.|i&D, http://www.parliament.am/drafts.php?sel=showdraft&DraftlD=9504&Reading=0&fbclid=lwAR070k _a0yB1ENjT41jf2tZfXSKCsf5BcrHUq2OwHThtarK3sPvTPA9sbQQ:
35 Sb'u «iB"i[iujfib uibfulin[nqfiiulibpfi qujpqujgiSiuti i5iuu|nli» U «hpiuiiujpujbujL|iuli ujbSiulig iqbinw-L|iuli qpiuligiSiuli, InpiuiliupiuliiuLiujb ujbSiulig wnwb(5tiwgi|w& uuinpujpujdujbnLjlibp|n, h|mJljLupL|-bbp[i b lutihiuin fibnliiupL|UJUibpbp[i ii|bmujL|Ujli hiu2i[ujniiiuli liLuupli» « opbliprnJ i)ini)in[unL-
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http://parliament.am/draft_history.php?id=9504& Suggestion=687&do=showSuggestion:
36 Sb'u The World Bank Group, Cryptocurrencies and Blockchain / World Bank ECA Economic Update May 2018, tg 44, http://documents.worldbank.org/curated/en/293821525702130886/pdf /Cryptocurrencies-and-blockchain.pdf.
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1. «îB-l[luj|iIi 1лЬ[и1|П|псфш1|Ьр|1 qiupq-iugJiub úluu|iIj» « opbbp|i biu-fuiuq.|i&, http://www.parliament.am/drafts.php?sel=showdraft&DraftlD= 9504&Reading=0&fbclid=lwAR07Ok_a0yB1ENjT41jf2tZfXSKCsf5BcrHU q20wHThtarK3sPvTPA9sbQQ:
2. 4iupiuu|binjiuti L., 4p|iLi|LnnLupdTiLj|alibp|i фЫlnJЫlQ: «LLa|iuq.iuj|i фп-r\bp», pb" Г).шиш1|ш1| «фп1ф1|», <rrlS< «LLüpbpr).» hbLnLuqnLnLuL|Luli l|btlLnpnb, L^bpLHLÔLUL|Lutl, https://asue.am/amberd/publications/the
/crypto/currency/phenomenon/money/of/the/future/or/classic/balloon:
3. <uil|npjuiti 4-., 4p(iu|mniupdnLj[3libp[i l|iupq.uii|npnLiÍQ <mjmummli[i opbliur|.pnLfajnLlinLJ, Elawphant фшитшрш1|ш1|ш1| Qbl|bpnL[ajruti, 06.04.2018 p., https://elawphant.am:
4. <iujiuuiniuti|i iuqq.iuj|itj JpgnLtjiuL|nLpjiutj qbl|riLjg - 2017: LTbp r|.bpQ ^nppnprj. uipiTjnLtiujphpuiL|uiti hbqiui|in|iinL[3jiuti übg, h-<-L|i -PnliuiuL-p|nliq., «SbinhunLiajrub Ll lupdhpbhp», 2017:
5. « 4P, ibllicKb-|i qbL|nLjg, UhiupbL^nLpjiutj ф|твш1шш1|пр11шЬ tmpiu-hiujui n|iuL|bpQ, hnL|inbüpbp, 2015 p., https://www.cba.am /Storage /AM/downloads/FDK/Guidelines/Emerging_Terrorist_Financing_Risks_Ar m.pdf:
6. « L|hlnnpntiuiL|uiti puitiL||i hiujinuipiupnLpjnLtiQ <<L|p|iii|innujL|in|ii|tjti-p|n» L[bpujpbpjm[ (dujii[n hiur[npr|.iuqpnLpjnLti iun 07.05.2018), https://www.cba.am/AM/pmessagesannouncements/Cryptocurrency%20 warning%20%2007.05.2018.pdf:
7. «gLurLLugujg[iLuL|Luliopbliuq[ipp(<0-239,Qliri.nLlii|uj& 05.05.1998 p.):
8. « opbtipp lupdnlpaij|ilj L|aipqLUL[npLiaili Ll lupdnlpmj|ili i|bpiuhuL|n-r^nLpjluti üiuu|iti (<0-135-L, ШП 24.11.2004 p.):
9. « opbligQ«l-l6ujpujhlu2l|wpl|Luj[ili haii5aiL|Lupqbp[i Ll i|6aipaihai2ilujp-L|mj|ili L|iuqÜLuL|bpiL|nLpjnLljljbp|i Jiuu|ili»(<0-150-"b, шп21.11.2004 p.):
10. Щербик E.E., Феномен криптовалют: опыт системного описания // Научнометодический электронный журнал «Концепт». 2017, Ns S1, URL: http://e-koncept.ru/2017/470010.htm.
11. FATF Guidance to a Risk-Based Approach to Virtual Currencies, FATF, Paris, France, 2015, https://www.fatf-gafi.org/media/fatf/documents /reports/Guidance-RBA-Virtual-Currencies.pdf.
12. Crypto Regulation News: G20 Supports FATF's Crypto Guidelines that Require Exchanges to Share Customer Data, Group of Digital Asset Trade Associations to Establish Global Cryptocurrency Association, 17 June, 2019, https://medium.com/paradigm-fund/crypto-regulation-news-g20-supports-fatfs-crypto-guidelines-that-require-exchanges-to-share-
a12a8c4567b.
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15. G-20 Countries Start Implementing Unified Crypto Standards /by Kevin Helms/, May 28, 2019,
https://news.bitcoin.com/g20-countries-implementing-unified-cryptocurrency-standards/.
16. George Soros Prepares to Trade Cryptocurrencies /by A. Marsh, S. Kishan and K. Burton/, April 6, 2018, https://www.bloomberg.com /news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge.
17. Greenberg A., Crypto Currency, Forbes - Apr 20, 2011, https://www.forbes.com/forbes/2011/0509/technology-psilocybin-bitcoins-gavin-andresen-crypto-currency.html#4de18084353e.
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19. Hirst S., 5 Facts you probably didn't know about Satoshi Nakamoto, October 8, 2018, https://cryptopotato.com/5-facts-you-probably-didnt-know-about-satoshi-nakamoto/.
irh8U.aq-U.3hL SLSbUUHUL <UPUPbPPM3-3PKb"bbP
20. IMF, Treatment of Crypto Assets in Macroeconomic Statistics // Thirty-First Meeting of the IMF Committee on Balance of Payments Statistics, BORCOM-18/11, Washington, D.C., October 24-26, 2018, https://www.imf.org/external/pubs/ft/bop/2018/pdf/18-11.pdf.
21. Investopedia, What Happens to Bitcoin After All 21 Million Are Mined? /by Adam Barone/, Oct 22, 2019, https://www.investopedia.com/tech /what-happens-bitcoin-after-21-million-mined/.
22. Irrational Exuberance: Robert Shiller wrote the book on bubbles. He says "the best example right now is bitcoin / by John Detrixhe, September 5, 2017, https://qz.com/1067557/robert-shiller-wrote-the-book-on-bubbles-he-says-the-best-example-right-now-is-bitcoin/.
23. Nakamoto S., Bitcoin: A Peer-to-Peer Electronic Cash System, https://bitcoin.org/bitcoin.pdf.
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26. https://coin.dance/poli#legalitybycountry
27. https://coinmarketcap.com/
28. http://parliament.am/draft_history. php?id=9504&Suggestion=687&do= showSuggestion
АННА ПАХЛЯН
Главный специалист отдела обеспечения качества, Ассистент кафедры международных экономических отношений АГЭУ, кандидат экономических наук, доцент
Криптоактивы в мировой экономике: от текущих тенденций до прогнозов будущего.- В мировой финансовой системе с 2009 года произошли глобальные изменения: беспрецедентное глобальное технологическое развитие, которое теперь называется Четвертой промышленной революцией, выдвинула новые задачи перед странами, трансформируя пути монетарного и финансового развития - создание и распространение криптовалют на мировом сопоставимо с «сейсмическим сдвигом», зарегистрированным в международной платежной системе.
В результате десятилетнего развития на мировом рынке в настоящее время обращаются около 4867 наименований криптовалют с транзакциями на около 21000 рынках. В ноябре 2019 года на мировом рынке обращались криптовалюты общей стоимостью около 200 миллиардов долларов, а ежедневные транзакции превысили 64 миллиарда долларов.
Выбрав ограничения возможной эмиссии некоторых криптовалют в качестве важной особенности, автор сделал прогнозы о будущих тенденциях рынка.
Как частная и исключительно цифровая обменная единица, криптовалюта не контролируется государством и банковской системой. Более того, уточнение их правового статуса также проблематично. Большинство стран приписывают криптовалютам статус валюты, в некоторых странах они классифицируются как товары, деньги или собственность. Немало и стран, включая Армению, которые избегают идентифицировать криптовалюты с любым активом. В рамках законодательства РА криптовалюты нельзя однозначно классифицировать как валюту, валютную стоимость, ценную бумагу, платежный инструмент или платежно-расчетную систему, что делает использование существующих механизмов государственного регулирования нереальным.
Ключевые слова: криптоактив (криптовалюта), блок-схема, биткойн, капитализация рынка, циркулирующее предложение, лимит эмиссии, правовой статус.
JEL: F30, G15
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ANNA PAKHLYAN
Chief Specialist at Quality Assurance Division, Assistant Professor at the Chair of International Economic Relations at ASUE, PhD in Economics, Associate Professor
Crypto Assets in the World Economy: From Current Trends to Future Forecasts.- Since 2009, global changes have occurred in the global financial system: the unprecedented global technological development, now called the Fourth Industrial Revolution, has set new challenges for countries, transforming the ways of monetary and financial development: the creation and distribution of crypto currencies on the world market is comparable to the "seismic shift", registered in the international payment system.
As a result of ten years' developments, about 4867 crypto currencies are circulating in the world market at the moment, with transactions in about 21,000 markets. In November 2019, crypto currencies circulating on the world market had a total value of about $ 200 billion, and daily transactions exceeded $ 64 billion.
Having chosen the restrictions on the possible emission of some cryptocurrencies as an important feature, the author made predictions about future market trends.
As a private and exclusively digital exchange unit, cryptocurrency is not controlled by the state and the banking system. Moreover, clarification of their legal status is also problematic. Most countries attribute cryptocurrencies currency status, in some countries they are classified as goods, money or property. There are many countries, including Armenia, which avoid identifying cryptocurrencies of any value. Under the laws of the Republic of Armenia, cryptocurrencies cannot be unambiguously classified as currency, currency value, security, payment instrument or payment and settlement system, which makes the use of existing state regulatory mechanisms unrealistic.
Key words: crypto asset (crypto currency), block-chain, bitcoin, market capitalization, circulating supply, issue limit, legal status.
JEL: F30, G15
