Creation of Trust in the Cryptocurrency Market

Nowadays digital money are becoming more and more popular on the territory of the Russian Federation. One of the newest form of digital money is cryptocurrency which are based on the peer-to-peer technology of data transferring. According to NAFI, more than a third of people in Russia have heard of cryptocurrencies. Nevertheless, there is still no consensus in the Russian government regarding the new form of money. Back in 2014, the Finance Ministry wanted to ban cryptocurrencies, but in 2018 they are considering the possibility of their legalization. The main purpose of this study is to identify mechanisms of creating trust in the cryptocurrency market. The main risks faced by people wishing to use this technology were considered on the base of 15 semi-structural interviews. Also, the role of the state in the cryptocurrency market which has not yet been fully formed is discussed. Despite the fact that all market participants perform similar operations, the motive for using cryptocurrency creates different risks for people who want to make money in this market and those who want to save on costs.