The article considers digital currencies as one of the elements of the evolution of money and related monetary systems, which initially had a decentralized nature during this evolution. Over time, as a result of dialectical changes, centralization increased, and, having reached its peak, it again began to yield to the processes of decentralization and cryptocurrencies gave the opportunity to develop so-called private money, which, under certain conditions, can cause serious damage to the economic system. Central banks must be prepared to counteract these threats.
Hayek, private money, central banks, monetary issuance, cryptocurrency
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