Subject Investigation of mechanisms of virtual payment systems' organization and functioning is conditioned by the need to assess their impact on money circulation in the country and in the context of international payments. These payment systems' creation is associated with the development of Internet technologies within mutual payments for goods (works and services). Objectives The study aims to define development prospects for virtual payment systems in Russia and abroad, to review the classification, types and terms of cryptocurrency issue and the mechanism of local cryptocurrency systems functioning, to determine their place and role in clearing arrangements between economic agents and assess their impact on the monetary system and international payments. Methods The matrix analysis served as a basis to study the classification, types and forms of cryptocurrencies. A comparative analysis, logic of knowledge, and methods relying on reasoning principles enabled to identify key issues in the development of virtual payment systems based on modern IT-technologies. Results We assessed the current state of virtual cryptocurrency systems. The analysis of types, the emission mechanism and circulation of cryptocurrencies revealed their distinctive features, advantages and disadvantages of their use in the clearing system. We also defined the place and role of cryptocurrency payment systems in the organization of money circulation and international payments. Conclusions The findings may be useful for improving the State of monetary policy and financial instruments that are applied for settlements between individuals based on modern Internet technology development.
Keywords: cryptocurrency, virtual currency, Bitcoin, payment system
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