Illustration of blockchain technology and assessment of digital currencies influence on financial management, Kazakhstan example

Abstract

Central banks of many countries are beginning to show interest in digital currencies based on blockchain technology. Financial managers need to understand the key features of the blockchain, cryptocurrencies in general and digital currencies in order to correctly use these tools and manage risk. Unfortunately, to date, the task of popularizing and explaining the blockchain mechanism to market participants has not been completed. The experience of computerization at the end of the 20th century showed that financial institutions lagging behind modern technologies lose out in competition and leave the market. The purpose of this work is to assess the consequences of the introduction of digital currencies and show the mechanism for the formation of a digital currency using the example of Kazakhstan. In accordance with the goal, the following tasks were set: to demonstrate the essence of blockchain technology, to assess the impact of cryptocurrency on financial management, to demonstrate a specific mechanism for the formation of a digital currency using the example of Kazakhstan.