Doctor of economic Sciences, Professor of the political economy of REU them. G. V. Plekhanov Ruslan Dzarasov in conversation with the correspondent of RIA Novosti, commented on the results of the conference «Challenges of the digital economy: Russia on the background of global trends.»
«The world is moving to a new system of money and currency that will not be a blind repetition of commodity money of past eras (gold and silver), but revived the most important functions inherent in earlier commodity money. Russia in cooperation with BRICS countries can have a significant impact on the formation of a new global monetary and financial system» — considers Ruslan Dzarasov.
The Professor recalled the highlights of dematerialization of money: first, in the course of gold and silver, then came paper money. Cancellation in 1971, US President Richard Nixon gold standard put an end to the exchange of Fiat currency for gold. Now the time has come for electronic and digital assets – when money is presented in the form of electrical signals in computer systems.
The expert reminded about the existing «commodity theory of money», when they perform the function of intermediary in the exchange and are simultaneously the subject of savings. The dematerialization of money is a result of deep changes in the production system as well as an indicator of imbalance in the world economy.
These factors say about moving away from commodity nature of money, but cryptocurrencies are the apogee of this process. However, the need of the world economy in full the money that I would be served and a measure of value and a reliable means of savings, has not disappeared. She started to spent money substitutes, among which we see various derivatives.
As an example, the Professor leads the futures: «I want to buy oil, but not now, but after some time. A contractual agreement that I agree to buy the right amount of raw materials at the price recorded for the current day.» Expert calls it an attempt to consolidate the purchasing power of money, not having commercial substance. That is why society is forced to invent new tools, complementary to this function, which speaks of the inferiority of modern money, reborn in the cryptocurrency.
The main feature of the cryptocurrency Professor believes their decentralization. With the advent of cryptocurrency is in doubt is the role of banks because the issue of these assets without their participation.
Cryptocurrencies are creating a brand new Foundation for the development of financial instruments whose value is generated for values of underlying assets. As a result of sharply aktiviziruyutsya financial-market speculators.
«Money, divorced from the commercial framework is not able to fully perform their functions, resulting in a deep niche for different surrogates, amplifying risks in the global economy» — summed up Ruslan Dzarasov.