مكانة العملات المشفرة في النظام النقدي الدولي

Abstract

This study finds that cryptocurrencies are becoming an increasingly influential element in the international monetary system, due to their technical and financial advantages, such as transaction speed, low costs, and the ability to bypass traditional capital movement restrictions. However, this rapid development is accompanied by several challenges, including weak oversight, money laundering risks, and sharp price fluctuations. The study demonstrates that the international monetary system is currently facing a transitional phase, where cryptocurrencies interact with traditional monetary frameworks. They are unable, at present, to replace sovereign currencies or the pivotal roles played by international financial institutions. However, their growing influence is prompting many countries to review their monetary policies and prepare for a new era that may be characterized by the comprehensive digitization of money. Based on the above, the study recommends the following: Developing clear regulatory and legislative frameworks for cryptocurrencies at the national and international levels; Supporting financial innovation within limits that ensure financial

stability; and Enhancing cooperation between central banks and international financial institutions to unify visions on the future of digital assets. The future of cryptocurrencies in the international monetary system will remain dependent on the ability of governments and institutions to keep pace with accelerating digital transformations without compromising the principles of sovereignty and economic stability .