THE CONTRADICTORY POSITION OF THE MONEY AND BANKS IN CONTEXT OF THE FOURTH INDUSTRIAL REVOLUTION

„THE (CRYPTO)MONEY KEEPS THE WORLD MOVING”

Abstract

„Whether or not is the statement “money keeps the world moving” is true, there are only a few things in the human history standing permanently in the centre of interest bringing forth so fierce moral and religious critique and causing so many conflicts and competition betweenpeople and states like money” stands in the Libri’s website: As review of the book titled “The history of money”. It’s true for the fourth industrial revolutionwe are living in as well bringing the ever tighter interlacement between the information and com-munication technologies and automation and –as a result of such collaboration -fundamental changes have taken place in the products, services, production technologies and business modes. The fourth industrial re-volution, the ever sharpening market competition and the globalisation confront the world economy and the competitiveness of the nations and companies with several new challenges needing addressing yet.(MESTER et al., 2018). However, to achieve economic competitiveness, an efficient financial system, high-level financial services and the proper provision of investment and operative funds shall be provided (TÚRÓCZI, 2016). For the banking system, however, the financial technological/information system offered by the fintec compa-nies, the „peer-to-peer lending”, that is the operation of the financial intermediary companies circumventing the traditional financial institutions and the onrush of the crypto-currencies imply enormous market challenges (TÓTH et al., 2017a). The exponentially increasing curve representing the number of transactions outside the banking system or the exchange rates of the crypto-currencies throw both the investors and analysts into fever. Some experts are afraid of market bubbles resembling the dotcom-bubble, while others prognosticate large-scale technological development disarranging the global banking system in long term. Although the answer is yet not known, in our paper we try to summarise the normative theories of money in the most simple manner and place the virtual world inside them.