THE ROLE OF CRYPTOCURRENCIES AND BLOCKCHAIN TECHNOLOGY IN THE TRANSFORMATION OF THE PAYMENT INFRASTRUCTURE OF THE GLOBAL FINANCIAL MARKET

Abstract

The purpose of the article is to provide a theoretical and methodological justification and practical analysis of the role of cryptocurrencies in the processes of modernization of the settlement infrastructure of the global financial market, as well as to identify key trends, risks and strategic prospects for their integration into the global payment space.

Research results. The evolution and classification of crypto-assets are studied in accordance with international standards, in particular the European MiCA regulation. Critical destructive limitations of the traditional correspondent system and the SWIFT network are identified, including low speed, high transaction costs and operational opacity. From the standpoint of neo-institutional theory, methodological approaches to optimizing transaction costs through smart contract mechanisms and atomic settlements are substantiated. Based on the analysis of the practical institutional experience of market leaders (J.P. Morgan, Ripple, Stripe, SWIFT), the large-scale transition of blockchain technologies from experimental models to industrial use is proven. Key security challenges (smart contract vulnerabilities, hacker attacks) and macroeconomic channels of transmission of systemic risks (stablecoin security risks, “cryptoization” of economies) are systematized. A forecast scenario for the formation of a three-component hybrid payment architecture of the global market by 2030 is substantiated and detailed.

Possibilities of practical application. The formulated conceptual provisions, analytical generalizations and forecast models can be used by central banks (in particular, the National Bank of Ukraine) in the development of regulatory legal acts for the virtual asset market, designing the architecture of national digital currencies (CBDC), as well as by commercial banks and financial institutions to optimize cross-border settlement gateways and integrate programmable payment protocols.