ONTOLOGICAL PRINCIPLES AND GENESIS OF VIRTUAL ASSETS (CRYPTOCURRENCIES) IN MODERN CONDITIONS OF DEVELOPMENT

OF SOCIAL AND LEGAL SYSTEM

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УДК 347

DOI 10.37566/2707-6849-2021-3(36)-5

Vladyslav SHKOLNYI,

graduate student, the Department of Civil Law Institute of Law

Kyiv National University named after Taras Shevchenko

Ontological principles and genesis of virtual assets (cryptocurrencies) in modern conditions of development of social and legal system

The article considers the principles of the emergence of virtual assets (cryptocurrencies) and the impact on these events of economic, socio-political relations through technological features. The paper considers the influence of the Austrian School of Economics and its achievements on the emergence and development of modern virtual assets, namely they considered the impact on the choice of available currencies: 1) as the purchase of goods and services, 2) as a reserve for future needs; 3) as deferred payments; 4) as a unit of account. According to Hayek's theoretical framework, market forces will determine the relative values of different competing currencies. As a result, exchange rates between competing currencies will float freely. The ideas of scientists such as Hayek and Mises and the ideas of the Austrian school of economics formed the basis of such a political trend as cryptoanarchism. Cryptoanarchism can be described as the realization of cyberspace and the manifestation of anarchism, a philosophy whose main goal is to respect human freedoms in cyberspace, regardless of status.

Keywords: bitcoin, cryptocurrency, virtual asset, cryptoanarchism, blockchain, Austrian school of economics.

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