OPTIONS FOR REGULATING THE CRYPTOCURRENCY MARKET

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 28 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference 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 body 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 29 ACADEMIC RESEARCH IN MODERN SCIENCE International scientific-online conference 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 minute