The Digital Currency Market as a Factor in the Transformation of the Architecture of Monetary Systems

The emergence of cryptocurrencies can be considered the beginning of a new era in the development of the global financial system, which, under the influence of the growing popularity and spread of digital currencies around the world, is undergoing both quantitative (increase in the number of cryptocurrencies, stablecoins and other digital assets, growth in the number of their users) and qualitative evolution (increasing the speed of financial transactions, minimizing the number of commissions for their conduct, increasing the transparency of transactions). Thе paper analyzes digital currencies in the context of their impact on the structure of monetary systems. The authors describe different types of digital currencies, such as basic cryptocurrencies, stablecoins and central bank digital currencies. The paper pays special attention to the background of decentralized currency systems and the views of F.A. von Hayek, who foreshadowed the emergence of digital currencies in his writings. The research reveals both positive and negative sides of using these types of digital currencies. The authors draw conclusions on the prospects for further development of the markets of major cryptocurrencies and stablecoins and their potential impact on the global economy. The paper explores the possibility of using digital currencies in international settlements on the example of the BRICS association, as well as the prospects of circulation of these currencies in the Russian economy. The paper also introduces a new notion of “super-aggressive investment risk profile” to characterize the unique risk-return dynamics of cryptocurrency portfolios. As a result of the research work, the authors concluded that due to the dynamic development of the crypto-industry in Russia, the country may receive significant support to mitigate the sanctions pressure, and thereby improve the efficiency of international economic relations while increasingly strengthening the position of the Russia in the global political and economic arena.