Boiko O. Expansion of electronic technologies into the modern system of international settlements

In the dissertation work the characteristic features of the influence of digitalization on development of the system of international settlements are revealed. The research deals with transformation of international settlements caused by electronic technologies of information telecommunication via application programming interfaces (APIs), usage of blockchain as a structure for data storage and distributed ledger technology (DLT) for data sharing. Typization of available settlements assets for entities involved in international economic relations is provided. Evolution of various settlement assets is traced and economic nature of cryptographic settlement assets is investigated. Problematics of classification for cryptoassets is elaborated on in detail. The concept of “cryptographic token” is proposed, the economic basis of using cryptocurrency as an investment asset is substantiated and the level of efficiency of the cryptocurrency market is estimated. The dissertation analyzes the limitations of the existing system of international settlements based on credit money that have a debt nature for developing countries, the main disadvantage of which is - expensive money, growing external debt and restrictions in the foreign exchange market.