THE EVOLUTION OF EXCHANGE AND THE ONTOLOGY OF VALUE IN THE DIGITAL AGE: AN ECONOMIC-PHILOSOPHICAL STUDY OF THE CRYPTO-SECTOR TECHNOLOGIES
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Abstract
Relevance. Technological innovations that are driving the digitalisation of economic life are highlighting the need for a philosophical rethink of the nature of money, trust and value. The crypto sector is a particularly interesting area for the implementation of new forms of exchange that challenge traditional ideas about the monetary system. Problem statement. The emergence of cryptocurrencies as decentralised digital assets raises a number of fundamental economic questions concerning the autonomy of money issuance, the limits of state regulation, the nature of value, new forms of trust and economic freedom. It is becoming essential to critically rethink the technological and socio-historical aspects of the formation of a new ontology of value and exchange. The purpose of the study is to establish the conditions necessary for utilising the potential of the crypto sector to overcome the crisis of confidence and reduce transaction costs. Materials and methods. The study is based on an analysis of classical and modern economic theories of money and the concepts of decentralisation and monetary competitiveness. The study's methodology includes a systemic approach, structural and functional analysis methods, a comparative historical method and a dialectical method. Results. The present study analyses the evolution of the concept of 'private money' in the digital age, with a particular focus on the ontological, technological, and sociocultural dimensions of value and trust. To this end, cryptocurrencies and other crypto instruments are used as illustrative cases. The study demonstrates that cryptocurrencies can be understood as a partial realisation of the concept of 'private money' in a digital environment, where trust is based not on institutional guarantees but on algorithmic transparency and integrity. Ontological grounds for reconsidering value, economic freedom and relative autonomy in the digital economy have been identified. Several prerequisites for utilising the crypto-sector's potential to overcome the trust crisis and reduce transaction costs have been formulated. Conclusions. The crypto-sector is a space not only for the implementation of technological and financial innovations, but also a fundamental historical challenge to traditional views of the role of the state, centralised issuance, autonomy, self-regulation, trust, and value. Further study requires an interdisciplinary approach, in which the philosophy of economics plays a key role in conceptualising new forms of economic reality. This article provides an explanation of economic and philosophical ideas on the 'denationalisation of money', offering a structural analysis of contemporary practices that implement these ideas in blockchain, cryptocurrency and smart contract concepts.
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money, cryptocurrency, blockchain, smart contracts, trust, freedom, value, technological integrity, banking, non-bank financial institutions
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