КРИПТОВАЛЮТЫ: ВОЗМОЖНЫЕ РИСКИ И ИХ ПЕРСПЕКТИВЫ ДЛЯ УЗБЕКИСТАНА

Аннотация

The subject of the research is a relatively new instrument of the financial market. The article uses the methods of comparative analysis, logical research, which made it possible to evaluate the characteristics of cryptocurrencies and the mechanisms for their regulation. The relevance of this research is confirmed by the growth of non- cash payment methods around the globe, the adoption of a number of cryptocurrencies (such as the same Bitcoin) as a means of payment at the level of large companies and entire countries. Key words: cryptocurrency, characteristics of cryptocurrencies, Bitcoin, non-cash payments, debatable aspects of cryptocurrencies, payment system, regulation. КРИПТОВАЛЮТЫ: ВОЗМОЖНЫЕ РИСКИ И ИХ ПЕРСПЕКТИВЫ ДЛЯ УЗБЕКИСТАНА Аннотация. Предметом исследования является относительно новый инструмент финансового рынка. В статье использованы методы сравнительного анализа, логического исследования, которые позволили оценить характеристики криптовалют и механизмы их регулирования. Актуальность данного исследования подтверждается ростом безналичных способов оплаты по всему миру, принятием ряда криптовалют (таких как тот же биткоин) в качестве платежного средства на уровне крупных компаний и целых стран. Ключевые слова: криптовалюта, характеристики криптовалют, биткоин, безналичные платежи, спорные аспекты криптовалют, платежная система, регулирование. The number of non-cash payment methods is growing every year. According to the Central Bank of the Russian Federation, if in 2013 the share of non-cash payments was 13.5%, then by 2020 it has grown to 70.3%. According to the Central Bank of the Russian Federation, one resident of Russia makes about 318 non-cash payments per year. For comparison, in the UK - 450, in the USA - about 500 payments per person per year, and in Singapore more than 750. In 2021, Bitcoin bypassed the PayPal electronic payment system in terms of the amount of money transferred. On October 31, 2008, a person or group of people under the pseudonym Satoshi Nakamoto posts his article Bitcoin: A Peer-to-Peer Electronic Cash System on the cryptographic forum metzdowd.com. In 2009, Satoshi publishes the first Bitcoin software. From that moment on, the whole world gets the opportunity to use the world's first electronic decentralized monetary system. On January 3, 2009 at 18:15:05 GMT, the first block of Bitcoins was created with 50 BTC (“genesis block”), it was generated by Satoshi himself. The hash of the first block contained the headline of the British The Times article «Chancellor on brink of second bailout for banks». This 7 42 International scientific journal ISSN: 2181-3906 «MODERN SCIENCE АND RESEARCH» 2023 VOLUME 2 / ISSUE 10 / UIF:8.2 / MODERNSCIENCE.UZ entry hides the reason for the creation of Bitcoin: 2008 - the collapse of the global economy and the undermining of people's confidence in the banking system. It was then that the idea to create a decentralized and completely anonymous currency appeared. According to Satoshi, the main problem of traditional currencies is trust: “The main problem of conventional currency is the trust necessary for its operation. You need to trust the Central Bank not to devalue the currency, but the history of fiat currencies is full of cases of violation of this trust. Banks should be trusted to hold our money, but they use it for high-risk loans without enough reserve. We must trust them with our privacy to prevent hackers from stealing our personal data. Their huge spending makes micropayments impossible.” Many experts argue that behind the mysterious pseudonym Satoshi Nakamoto is not one person, but a whole group of developers, since Bitcoin embodied many brilliant ideas that one person could not write, but this protocol did not appear out of nowhere during the 2008 crisis - Bitcoin is the result of 40 years of development and research. Therefore, its popularity is not an accident, the demand for such technology appeared a very long time ago. Consider the main prerequisites for the emergence of Bitcoin: In 1974 Vinton Cerf and Bob Kahn published «A Protocol for Packet Network Intercommunication» [1]. The paper describes the principle of operation of the TCP / IP protocol, which underlies the modern global Internet. TCP/IP is a networking model for digital data transmission that describes how data is transmitted from a source to a destination. Further, in 1976, Diffie and Hellman published the work «New Directions in Cryptography» [2], in which the main problem of cryptography of the 20th century was solved, the Diffie-Hellman protocol allows two or more users to obtain a shared secret key, while using a communication channel that is not protected from eavesdropping. Cryptography is a complex science that studies the use of mathematics to encrypt/decrypt data. Rivers, Shamir and Adleman took an important step towards the development of cryptocurrencies with the development of the RSA algorithm. RSA is an acronym for the names of Rivers, Shamir,