MACROECONOMIC ASPECTS OF THE IMPACT OF CRYPTOCURRENCIES ON THE MONEY MARKET

Abstract

This article examines the macroeconomic aspects of the impact of cryptocurrencies on the money market, focusing on their relationship with traditional financial systems, monetary policy, and financial stability. The relevance of the study is due to the growing use of cryptocurrencies as a financial instrument and their integration into the global economy. In the last decade, digital assets have become widespread not only as a means of payment, but also as an element of an investment portfolio, which requires an in-depth analysis of their impact on economic processes.

The purpose of the study is to assess the impact of cryptocurrencies on the money supply, monetary regulation mechanisms, and financial stability of states. The research methodology is based on the use of macroeconomic analysis, statistical methods, and a comparative analysis of different approaches to regulating the cryptocurrency market in different countries. Empirical data were used to identify the main trends in the interaction of digital assets with traditional financial systems and potential threats to the monetary policy of central banks.

The results of the study indicate that cryptocurrencies can act as a factor that changes the traditional mechanisms of money market regulation. The decentralization of cryptocurrencies and their independence from state control pose new challenges to regulators. On the one hand, crypto-assets can promote financial inclusion and provide alternative methods of financing, on the other hand, they increase the level of volatility and create risks of financial instability.

The article examines the role of stablecoins in international financial flows and their impact on the stability of the money supply. It is noted that stablecoins can act as an alternative to fiat currencies in the digital economy, which raises questions about their regulation and place in the monetary policy of states. Potential scenarios for the integration of cryptocurrencies into the modern financial system are investigated, in particular, through the development of central bank digital currencies (CBDCs), which can become an answer to the challenges posed to financial systems by the rapid development of blockchain technologies.

Prospects for further research in this area include analyzing the effectiveness of regulatory approaches to controlling cryptocurrencies, studying the correlation between the Bitcoin exchange rate and macroeconomic indicators, and developing models for predicting the dynamics of the digital asset market. An extended study of the interaction of cryptocurrencies with the traditional banking system and their impact on international financial stability remains an important area of ​​scientific research in the future.