Finanse alternatywne i cyfrowe: w poszukiwaniu ram analitycznych
Alternative and digital finances: in search of analytical framework

Summary/Abstract: Modern financial systems have been experiencing a period of dynamic changes since the beginning of this century. These changes cause their homogeneous tissue, on which they were based for a long time, to erode, while a multitude of alternatives appears. The existing systems are becoming increasingly heterogeneous and less transparent. In addition to the traditional financial system based on highly regulated financial intermediaries having a legal monopoly, an alternative sector is emerging. It is often based on a different market infrastructure, which allows for direct allocation and acquisition of funds on a P2P or B2B basis and with other rules and intermediate parties. Technological innovations, especially the ubiquitous process of digitisation of financial systems, play a special role in this process of change. The considerations concerning digital financial markets in the current research and literature are focused basically on threeissues: competition in the financial market, regulation and supervision of the market in the conditions of its digitisation, and consumer protection issues, including in particular financial exclusion and methods of its counteracting.

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