Introduction.The author points out that the slowdown in economic growth rates, breaks in international economic ties, trade wars, efficiency problems in the
banking sector in the leading countries of the world economy, indicate a transformational crisis, the most important manifestation of which is the increasing importance various currency areas, which should be considered as potential alternatives to the dominant US dollar currency area.
Materials and methods.The authors rely on materials of the official websites of leading financial organizations, analytical agencies, monographs of both domestic
and foreign authors for applying the analytical method based on the principle of extrapolation and historicity.
Results of the study. The article reveals the essence, conditions for the formation and significance for the participating countries of an effective currency area
in the context of a transformational crisis and high turbulence in the world economy. The ongoing changes in the economies of most of the leading countries indicate the emergence of objective prerequisites for a transformational crisis, which manifests itself in the denial of the principles of the capitalist economy, the weakening of the currency space of the US dollar and demonstrates a protracted nature.
Discussion. The key sign of the transformational nature of the current crisis is the strengthening of the positions of various currency areas, which can be either
newly created by the dominant country (yuan, ruble), formed according to religious (Arab gold dinar) or territorial (euro, Caribbean dollar, Swiss franc) sign, to function partially outside the legal field of the state or corporate level (cryptocurrency). This variety of zones of currency inf luence indicates high economic turbulence and serious global risks.
Conclusion. The authors argue that in the situation of global transformation, which is characterized by destructive economic and social phenomena, objective reasons have formed for the formation of several currency areas, but it is too early to talk about an unambiguous trajectory of their development and dominance.
Key words: money, crisis, transformation, currency area, currency space, payment instruments, cryptocurrency, crypto-offshore.
10.56429/2414-4894-2022-42-4-27-39