In the article modern approaches of the blockchain technology development are considered in relation to the determination of the essence and types of cryptocurrencies. The features of innovative blockchain technology are exposed and an analysis over of development these technologies in providing payment transactions of financial institutions to satisfy of the society necessities in the different spheres of socio and economic life. The authors describe the main followers’ stages in basic model of blockchain system redarding to the trusting approach and security functions. The schemes of financial transactions in correspondent banking relationships based on the blockchain technology model are created. In addition, the analysis of the banking operations in cryptocurrencies is conducted and the features of regulation this activity of financial institutions in Europe and globally are exposed. The classification of the stages of blockchain technology development is carried out by authors. The forecast of the blockchain technology development is presented in relation to the application in a digital economy on the basis of forming an alternative financial infrastructure. An assessment of the legal base of implementation blockchain technology in Ukrainian financial relationships is conducted. As a result of the research, the authors note that the legal base of the blockchain technology implementation in development status in Ukraine, therefore the concept of the financial payments based on the blockchain needs to be finalized and mandatory consolidated in Ukrainian regulations, especially in guidelines created by National Bank of Ukraine. 

digital economy, financial institutions, cryptocurrency, innovative technology, blockchain, bitcoin, regulation of the financial payments in cryptocurrencies