The digitization of money - challenges and opportunities for the global economy

Abstract

In modern society the majority of existing problems and solutions are related to money. Sustainable economic development depends to a major extent on the functionality of monetary financial laws, principles, methods and monetary instruments. Given the role of money held in economy, the problem of controlling the volume of money supply and management of its circulation has been widely studied by economists and researchers all times, each time facing new economic and social realities. The recent development of digital technologies is really a major new challenge not only for society and the whole economy, but also for monetary authorities, and policy promoted by them and economic thought in general. The new digital payment systems, currencies generated by their appearance, which essentially represent something completely different from traditional coin, are innovations that could create new problems for the authorities, problems that need to be identified and resolved in a timely manner. Regardless of whether the crypto-currency is still at an early stage, its occurrence and development cannot be neglected or bounded. The paper aims at presenting digital currency, considering its advantages and disadvantages, as well as its place in the global economy.