Cryptocurrencies and Their Place in International Financial Markets

Financial technologies, where power is concentrated in the hands of people rather than in the centers, have begun to shape the future. Cryptocurrencies, whose security is ensured by encrypting mathematical methods, are produced and used by individual users anywhere in the world, without any government and/or institutional support, unlike currencies used in the classical sense. Currently, around one thousand six hundred and fifty cryptocurrencies are traded in the market. The highlights of these are; They are Ripple, Ethereum, Bitcoin, Cardano, NEM, Litecoin, Stellar, Bitcoin Cash, IOTA and TRON. While these currencies are considered as investment instruments, some companies and even countries also consider them as commodities. The increase in transaction volumes of crypto currencies in the world is an unavoidable reality. Considering the necessity of this reality to be included in an academic article, it was deemed important to evaluate the study in the literature. The aim of the study is to evaluate the advantages and disadvantages of cryptocurrencies, which have no time and space limits, and to examine the studies and legal regulations carried out by countries and companies regarding the use of cryptocurrencies and to shed light on the studies to be carried out on the subject for Turkey. In this context, in the study, cryptocurrencies, investment opportunities and legal regulations, which have the possibility of leading innovation in the future without falling behind the world by using innovative financial technologies in the digitalizing world, are empirically evaluated in the light of secondary data. In addition, the factors that cryptocurrency investors growing with the new generation in Turkey should pay attention to and the model required for Turkey to be ready for this technology are also included in the study.