Finanse, Rynki Finansowe, Ubezpieczenia

Purpose – The aim of the study is to present in a cognitive aspect different opinions regarding the essence of cryptocurrencies as a new electronic payment instrument and its impact on the economic security of both global and local economies. Design/methodology/approach – Analysis of financial and economic opinions, analysis of legal sources. Presentation of statistical data on the value of cryptocurrencies. Estimation of the influence of cryptocurrencies on the economy level of selected countries on the basis of statistical economic data. Findings – Opinions about the nature of cryptocurrencies and their impacts are extremely diverse. This category, due to the short period of its operation and the difference in relation to traditional financial instruments, has not yet been fully defined. In the area of central banks’ functioning, extreme positions are observed, from the prohibition of introducing cryptocurrencies to financial markets to the desire to issue them. Also in the assessments of their impact on the economic level of the countries, different positions are noticed: from the negation of their impact and even threats to the crypto status of giving rise to the growth factor of the economic growth. Originality/value – A study that goes beyond the classic presentation of the mechanism of functioning of cryptocurrencies, and in particular as a speculative factor in the financial decisions of individual investors. The results suggest a lack of a unified position and opinion of both problem researchers, economic, financial and supervisory states and institutions. There are also no developed protective mechanisms against the negative impact of cryptocurrencies on the economic security of economies.