New monograph: Cryptocurrencies in the Global Economic and Financial System
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Wroclaw University of Economics and Business has recently published a monograph »Cryptocurrencies in the Global Economic and Financial System. Initial Coin Offerings as an Innovative Tool of Crowdfunding and Promotion«. It concerns the subject of cryptocurrencies and their role in the global economy, settlement systems and financial markets.

Special attention is paid to the principles of their usage in Initial Coin Offerings (ICOs), one of the most important areas of their application. The aim of the work is the identification of the economic essence of cryptocurrencies. This includes their functions in settlement systems and as financial instruments, an indication of their role in crowdfunding, as well as the characterisation of the mechanism of the ICO and its core rules. The ICO market is becoming more and more popular among investors and companies seeking to increase or raise capital. The analysis of the cases included in the book shows the importance of a well-prepared white paper, the primary document which contains all the information linked with the project.

The central thesis, which constitutes in a sense the guiding light of the monograph and which the authors try to prove, is the statement that the application of cryptocurrencies in modern international finance is already relatively broad and has equally significant development potential. This thesis is qualitative in its nature, and therefore the main research method used in the preparation of the study which is the literature analysis, has also a largely qualitative dimension. Nevertheless, to find answers to specific research questions other methods were also employed, including primarily techniques in the field of statistical and case-study analyses.

The book consists of a foreword, recapitulation and five chapters: Cryptocurrencies and their economic essence, Cryptocurrencies and the digitalisation of payment systems, Cryptocurrencies on the financial markets, The principles of Initial Coin Offerings, Initial Coin Offerings in practice

The research on cryptocurrencies is still at an early stage. The understanding of the economic mechanisms behind them is still insufficient, and as a consequence their future is to a large extent unknown. The authors hope that this book will provide a small contribution to unveiling it.

Contact person: prof. Wawrzyniec Michalczyk,

More info at Researchgate