Possible effects of crypto currencies and blockchain technology as a monetary system on financial markets

From ancient times to the present, people continue their lives with the desire to meet their wishes and needs. While meeting their needs by bartering in the first ages, they later used the valuable items that formed the basis of the concept of money instead of money. The development of economic activities has led to the use of precious metals, which are rare in nature, instead of money. Over time, coins and paper money began to take the place of precious metals. Throughout history, money has changed due to economic, social, cultural and technological developments. The paper and coins used today are evolving to be replaced by the money in the digital environment brought about by technological developments. The rapid development of cryptocurrencies, which is based on blockchain technology, has attracted the attention of many financial institutions. In this context, financial institutions have increased their investments and research to benefit from this technology. Due to these effects, the possible effects of crypto money and blockchain technology on financial markets have been tried to be examined. Financial institutions using blockchain and crypto money technology have gained advantages in many areas such as cost, transaction speed and security. In addition to these advantages, it also has disadvantages such as being a terrorist financing, money laundering and tax evasion tool in the economic market. Based on the studies in this field, it is argued that the dominance of crypto money technology in the market will increase over time and that the states will have to enact cryptocurrencies and adapt their systems.