Review of the book by S. A. Andryushin “Money-credit systems: from sources to cryptocurrencies” (Moscow: Sam Poligrafist LLC, 2019. 452 p.)

Objective: to assess the author’s vision of the role of blockchain technology and cryptocurrencies in the sphere of developing, functioning and regulating monetary-credit systems.Methods: dialectical method and system approach, general scientific methods of analytical comprehension of a research work (analysis and synthesis, generalization, comparison, abstraction, modeling, etc.).Results: the author’s vision of the problems of monetary-credit system evolution in the global economy and the role of central banks in their functioning is considered. The depth of study of the material and extensive historiographic analysis conducted by S. A. Andryushin are emphasized. The reviewer estimates the classification of the stages of monetary-credit systems development, from their origin till present. By the example of different countries, preconditions of financial and economic crises are identified, which occur within functioning of centralized monetary-credit systems. The leading line of the research is decentralized monetary-credit system, which, according to the author, is the solution to financial and economic crises. In the author’s opinion, this can be achieved with the help of digital currencies, smart contracts, the Internet, asymmetric cryptography, mathematical algorithms and consensus algorithms, as well as public or private (closed or limited with user access) blockchain technology with open source. The reviewer emphasizes the apparent importance of this publication, as it contains both research of the discussion about the role of blockchain and cryptocurrencies regulation in the economies of different countries, and substantiation of the fact that in the nearest perspective all national monetary-credit systems will change their monetary and credit paradigms cardinally, transferring from centralized to decentralized platforms, protocols and services. This is supposed to be te key objective and relevance of the book.Scientific novelty: For the first time the assessment of S. A. Andryushin’s book “Monetary systems: from origins to crypto-currencies” is given; the work is undoubtedly important for comprehending the features of monetary-credit systems under economy digitalization. The prospects of bitcoin and other cryptocurrencies for stabilizing the international currency system are estimated, as well as possible risks which may occur due to circulation of bitcoins or altcoins according to the rules and mechanisms not relevant to their nature. Practical significance: the reviewer highlights that the book by S. A. Andryushin can be useful to top managers directly involved in implementation and regulation of the country’s monetary-credit policy, as well as to specialists involved in implementation of financial technologies in the banking sector, in particular, in the sphere of network systems, online retail, internet payments, smart contracts, ICO, stock trade, marketplace, and crowd funding.

Review, Blockchain, Cryptocurrency, Monetary-credit policy, Central bank, Distributed ledger, Smart contract, Token, Social networks

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