ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
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OPTIONS FOR REGULATING THE CRYPTOCURRENCY MARKET
Narmatov Khamidulla
Msc (Master of Science) correspondence form of education of the Academy of
banking and finance of the Republic of Uzbekistan master finance and securities
market direction 24-04 group listener
https://doi.org/10.5281/zenodo.15738694
Annotation.
This article covers the turnover of cryptocurrencies, its
features, international practice of regulation, as well as the relationship of
central banks to cryptocurrencies. In our country, proposals have been
developed to regulate the circulation of cryptocurrencies.
Keywords:
digital money, private money, virtual currency, cryptocurrency,
Bitcoin, blockchain, distributed register, electronic wallet.
Аннотация
. В данной статье освещены обращение криптовалют, их
особенности, международная практика регулирования, а также отношение
центральных банков к криптовалютам. Разработаны предложения по
регулированию обращения криптовалют в нашей стране.
Ключевые слова
: Цифровые деньги, частные деньги, виртуальная
валюта,криптовалюта, биткойн, блокчейн, распределённый реестр,
электронный кошелё
Currently, more than 60 central banks around the world,including the US
Federal Reserve System, the Central Bank of Canada, the Central Bank of Japan,
the people's Bank of China, the Central Bank of Sweden, the Central Bank of
Russia, are studying the issue of issuing digital currency.Also, in the
development strategy of the new Uzbekistan for 2022-2026, the digital economy
is transformed into the main "driver" sphere, carrying out work aimed at
increasing its size by at least 2.5 times is recognized as one of the prerequisites
for the sustainable development of the country's economy.
Literature review according to a group of well-known economic
scientists,cryptocurrency circulation and blockchain technologies lead to serious
technological changes in the economy of countries .V. Glukhov and yu. Rozhkov
concluded that cryptocurrency is one of the extremely bright forms of" new "
money. In this matter, V.Kuznesov and A. According to Yakubov, "cryptocurrency
is electronic means of payment, and the accounting of transactions with them
occurs in an decentralized way, on the basis of pre-established rules.M.
Maramigin, E. Prokofeva and A.
According to the conclusion of the markovas, cryptocurrency is a prey that
the broker and banks are looking forward to using . D. Stepanova, T. Nikolaeva
and N. According to ivolgina, cryptocurrency is a new form of electronic
ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
29
money.Economist scientist I.Narmamatov concluded that "the use of
cryptocurrencies as a means of payment can reduce the demand for funds in
representative accounts" Nostro " in a large bank. But a dangerous aspect of the
circulation of cryptocurrencies is that their circulation is not controlled by
central banks and the state. This can lead to a serious negative impact on the
stability of cryptocurrency cryptocurrency – a digital asset, the use of which as a
means of payment is based on blockchain technology.
A blockchain is a cryptographically encrypted distributed register
consisting of a chain of blocks United in a continuous sequence .The analysis and
results are historically the first digital currency to be put into circulation in the
bitcoin cryptocurrency project Bitcoin was created in 2008 by a Japanese
programmer (or group) who put the pseudonym Satosi Nakomoto on himself.
The police had long searched for him but could not find him. Because he acted
with someone else's name and someone else's last name.
According to Coin Market Cap, as of March 20, 2024, there are 9,168
cryptocurrency types in the world. But as a means of payment, there are widely
used cryptocurrencies, which are Bitcoin, Etherium, Litecoin, Zcash, Dash and
Monero.In 2011, cryptocurrencies included LaytKoin (English Litecoin), in 2013
praymkoin (English. Primecoin). Bitcoin is the digital currency with the largest
turnover in cryptocurrency.The absence of centralization, which is characteristic
of all cryptocurrencies, is an important feature of them, that is, neither the state
div nor the Central bank are involved in the process of organizing
cryptocurrency circulation. Information about the operas performed is not
collected freely in different locations, but is stored encrypted in each
participant.Operations with cryptocurrency are carried out in the conditions of
the electronic environment through various devices (video cards, processors).It
is noteworthy that the data on transactions carried out with cryptocurrency can
be changed only with the full consent of the participants in the internal clearing,
that is, the consensus decision of the production of new blocks of
cryptocurrencies will be carried out through mining. May's is derived from the
English word mining, meaning"mining of minerals".
Mayning is an activity aimed at creating new blocks and supporting
distributed platforms.Meiners perform appropriate calculations to perform
transactions by cryptographic encryption of new blocks.There are 2 main
mechanisms of mining: 1. Proof-of-Work (POW).2. Proof-of-Stake (POS). With a
larger computing power in the first mechanism, mayners will have a greater
chance of encrypting a new block and receiving a service fee for it.In the second
ACADEMIC RESEARCH IN MODERN SCIENCE
International scientific-online conference
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mechanism, Mainers with a larger cryptocurrency balance will have a greater
chance of encrypting a new block and receiving a service fee for the mechanism
of May to avoid inflation:creators of cryptocurrencies can limit the speed of
creating new blocks. For example, a block of Bitcoin chains is formed every 10
minutes. In addition, every 4 years the amount of awarding (surcharge) given
for the found block of the chain is reduced: at the beginning it was 50 BTC, since
2012 it was 25 BTC, and since 2016 it was set at 12.5 BTC.Also, in the Bitcoin
system, a limit was set on the maximum number of coins – 21 million units.
The process of operation of the system in bitcoin takes place at the
following stages.A new transaction will be announced to all participants. Each
participant collects new transactions into a block. It is called Blockchain and
serves as the head book (Ledger).Each participant is looking for a solution to the
difficult proof-of-work mathematical practice in their block. As soon as the
participant finds the solution, he announces it to the rest of the participants.The
rest of the participants accept this solution only if all transactions in it are valid
and previously unused.
Reference:
1. Central Banks and Distributed Ledger Technology: How areCentral Banks
Exploring Blockchain Today? World Economic Forum’s White Paper. 2022. – Р.
5.
2. Ўзбекистон Республикаси Президентининг 2022 йил 28 январдаги ПФ-
60-сонли “2022-2026 йилларга мўлжалланган Янги Ўзбекистонннинг
тараққиёт стратегияси тўғрисида”ги фармони. – www.lex.uz
3. Popper N. Digital Gold: Bitcoin and the Inside Story of the Misfits and
Millionaires Trying to Reinvent Money. New York: Harper Paperbacks, 2016.;
Tapscott D., Tapscott A. Blockchain revolution: how the technology behindx
bitcoin is changing money, business, and the world. New York: Portfolio,
2016.;Antonopoulos A.M. Mastering Bitcoin. Sebastopol, MA: O’Reilly Media, Inc.,
2010.
4. Глухов В.В., Рожков Ю.В. Традиционная теория финансов как
препятствие к развитию криптовалют // Сибирская финансовая школа. –
2016. – № 6. – С. 98-101.
