Five years ago, it would have been difficult to describe Kazakhstan’s economy as highly digitized. However, the country is currently implementing state programs aimed at improving the socio-economic conditions of its citizens, with a focus on digitalization and the streamlining of financial monitoring systems for budget expenditure. The process of introducing digital technologies, in various forms, serves to increase transparency in state reporting, which in turn helps to control budget expenditures and investments. The goal of these efforts is to improve economic indicators within the state budget system and to allocate public funds more efficiently in order to achieve the best results across all sectors of Kazakhstan’s economy. In addition, the adoption of blockchain technology can address various security threats and problems, such as phishing attacks, server hacking, and compromised accounts, by allowing users to reclaim control of their data. The use of blockchain, which offers a high level of security and privacy, has the potential to revolutionize industries that rely on trust. In the long term, it is expected that blockchain will become a widely accepted and integral part of society, similar to the internet. The digitalization of finance in Kazakhstan is necessary to simplify and automate accounting, financial monitoring, and various banking and tax operations. It also makes it possible to improve the transparency of financial reports and increase the efficiency of budget management. The digitalization of finance can also reduce the risks of errors in working with accounting documentation, simplify accounting, and improve cost control. With the use of digital technologies, the process of data collection, processing, and storage becomes more efficient, saving time and resources.
Ирина Сергеевна Ферова, Svetlana A. Kozlova, Svetlana N. Grib
The paper is devoted to the development of tools for assessing the financial security of a region in order to form a strategy for the territorial development in the context of the interaction between the goals of sustainable socio-economic development and economic security. The paper considers the features of financial security assessment. The assessment was carried out by centralized and decentralized finance of a region. Taking into account the existing limitations of statistical observation at the level of municipalities, the composition of indicators and their threshold values used in assessing the financial security of a region was specified. The measurement was carried out in the context of six macro-districts according to three indicators: the average level of subsidization of local budgets of the macro-district; tax and non-tax revenues of local budgets per capita (coefficient of development of own revenues in local budgets); business efficiency ratio. An analysis of the dynamics and structure of subsidies for the period 2015 – 2020 shows that the main increase in subsidies falls on the Western and Southern macro-districts, the growth rate exceeds the average for the territory over the same period. There is a clear dynamics of development and improvement of the own revenues of local budgets of most macro-districts of the territory. There is a decrease in the business efficiency ratio in general in Krasnoyarsk Territory in 2020, due to the impact of the pandemic and lockdown.
The processes of digitization and rapid development of information technologies have a direct impact on the transformation of modernity. The sphere of finance did not bypass these processes. A few dozen years ago, it became impossible to pay for services and goods without having a physical monetary unit with you, but now cashless transactions are being given more and more advantages. But today requires consideration of the issue of the functioning of a new type of currency, "cryptocurrencies", which have appeared very recently and began to develop rapidly. Such innovations need to be sensibly and legislated correctly, based on the prevailing principles of law. The article examines essential issues that clearly demonstrate the main problems that need to be resolved by legislators in order to legalize the cryptocurrencies. When studying the problem, attention was paid to the history of the creation of the first cryptocurrency and its development, others see cryptocurrency and their differences among themselves, the principles of operation and the advantages of using such currencies. At the current stage, there are already more than two thousand types of cryptocurrencies, but this is not the final number of such currencies, because the progress of growing interest in the topic of digital money attracts the attention of more and more Internet users every day. Since development processes don’t stand still and the trend of digital money acquires new manifestations, the exceptional need to regulate such phenomena challenges the many rights systems of different countries, as well as their budgets, to properly achieve legal value and stability for the state and society as a whole. Although domestic and foreign regulation of cryptocurrencies circulation is insufficiently resolved, the analysis of information and positions of scientists and law owners gave a fairly broad identification of the growth of the cryptocurrencies circulation market and interests among citizens of both Ukraine and foreign countries. With proper research, development, and compliance with legal regulations, cryptocurrencies can gradually take a significant place in people's full lives.
The article is devoted to the research of the impact of the phenomenon of “corruption” in the state authorities on the functioning of the healthcare system in Ukraine. The article considers not only the impact of corruption on the functioning of the healthcare system in general, but also such issues as state regulation of medical institutions, redistribution of management functions in the healthcare system, granting autonomous status to medical institutions (autonomization), and financing of the healthcare system in general. The article describes the Ukrainian legislative anti-corruption regulators, institutional levers of the Cabinet of Ministers of Ukraine, local administrations and executive authorities. The author presents an organizational and economic mechanism for preventing corruption in the healthcare sector. The mechanism is based on the system of institutional and legislative regulators, and also reveals their subordination and sequence of influence. The main elements of the organizational and economic mechanism for preventing corruption in the healthcare sector are anti-corruption legislation, legalization of the healthcare market, decentralization of the healthcare management system, autonomy of healthcare institutions, openness of financial and economic activities, and transparency of information and communication activities. The presented scheme of the mechanism reflects the elements of regulatory prevention of corruption, as well as the subordination and sequence of activation of elements in healthcare management. the proposed mechanism for preventing corruption in healthcare allows for effective and anti-corruption management of healthcare institutions at all levels of subordination to state and local authorities. The author formulates conclusions regarding the possibility of corruption’s impact on the functioning of the healthcare sector. The author analyses the possibility of creating and implementing a rational organizational and economic mechanism for preventing corruption in public authorities in the context of ensuring effective regulation of the healthcare system.
Blockchain is one of the most innovative technologies that is currently used in many areas as part of the spread of web3 technologies. Although the origins of blockchain are linked to the emergence of cryptocurrencies such as Bitcoin, today’s application of blockchain technology focuses on a wider range of issues where trust is required for a large number of transactions. For this reason, many researchers today believe that these technologies have great potential for use in the public sector. The public sector can use these technologies to fulfill its role as a generator of innovation and progress, which is part of its responsibilities, and to modernize projects that will enable citizens to receive the services they need. Therefore, this work aims to determine the main factors of success or failure in the implementation of blockchain technology in public authorities based on the analysis of existing experience in this area, in particular, in EU member states. Blockchain has proven useful for government agencies for several reasons. First, blockchain is a technology characterized by the ability to generate trust in information and processes in a heterogeneous context with a large number of participants and users. Second, blockchain facilitates governance by leaving no traces and acts as a tool to promote transparency, as it allows people to know who did what and when. Third, it eliminates the need for a centralized certificate authority to control access and use of services by large groups of people. Fourth, the successful development of blockchain-based systems can lead to significant cost savings. However, the analysis shows that authorities are not yet ready to widely use and offer blockchain-based services. In many cases, a lack of understanding of the benefits and opportunities, as well as a still unclear interpretation of the legal and regulatory environment, prevent senior executives from making decisions that may involve greater risk. With this in mind, we believe that the implementation of blockchain technology in the public sector can be facilitated by the implementation of blockchain systems as a complement to existing tracking and transparency systems and processes, as well as increasing their efficiency while simultaneously reducing the cost of services provided. This will require the development of adaptive management structures in public institutions aimed at developing reasonable and acceptable solutions to solve real problems.
ABSTRACT: The supply chain is a network of interconnected companies and individuals working together in sequential steps to create products and deliver them to customers. Cross-border transactions make the network more complex. It cannot be stressed enough how important it is to have uninterrupted supply chain operations. The world we live in changes constantly, so it is important to adapt to changing requirements and new challenges. Integrating technology like the blockchain system, which is considered more efficient and secure, can help support supply chains. Blockchain, also known as distributed ledger tech, allows participants to securely settle transactions, archive transactions, and transfer assets at a low cost. Blockchain is not only an innovative internet infrastructure that uses distributed applications but also a new supply chain network that may open up new opportunities for business. This emerging technology is undergoing a lot of research and revolution.<br> KEYWORDS: supply chain, blockchain, logistics, economy, digital
Ministry of Digital Transformation of Ukraine, Yuliya PARKHOMENKO
Introduction. Сryptocurrency as a component of Ukraine's digital war against Russia. Rapid collection of funds from all over the world to help Ukraine.The USA imposes sanctions on the Russian Federation. Russia is looking for methods to circumvent sanctions. The purpose of the research work is to develop proposals for greater effectiveness of international sanctions and to find new useful methods of using cryptocurrency for Ukraine, which is part of the international financial system. Problems. Sanction packages are applied to various sectors of the economy, and following the implementation results, the following packages of sanctions are produced by the countries, so, according to the results of the implementation of sanctions, certain Russian banking institutions have been circumvented by using crypto market tools and operators that interact with sanctioned Russian banks, companies, and individuals. The use of traditional financial services, financial technologies and alternative payment services is a more effective way of circumventing sanctions in terms of volumes and costs than the use of crypto-assets.Goal. Development of proposals to increase the influence on the implementation and effectiveness of international sanctions, the need to take quick and optimal actions to eliminate the activities of many Russian cryptocurrency tools for circumventing sanctions. Materials and methods. General scientific and research methods are used: analysis, theoretical generalization, synthesis, description, comparison, observation and study of foreign mass media articles. Results. Attention was focused on Ukraine's new positive use of cryptocurrency, which is part of the international financial system, unprecedented use of new digital assets to raise funds to support Ukraine during the war. Conclusions. Crypto assets have become Ukraine's deadly weapon against Russia. Taking into account the advantages of the circulation of cryptocurrencies and virtual assets in general, the private sector in Ukraine organized charitable funds for the accumulation of resources, among which crypto funds took a leading place and were able to quickly cover the needs of defenders of Ukraine, citizens who suffered from Russian military aggression, supported socially vulnerable Ukrainian citizens. At the same time, IT specialists and amateurs organized themselves into an IT army, which was able to completely or for significant periods stop the activity of the infrastructure of the aggressor states, which slowed down the flow of resources for the continuation and escalation of military operations.
The implementation of state regional policy is closely interconnected with the reform of the administrative and territorial system, fiscal decentralization, development and stimulation of the competitive foundations of the economy, strengthening the role of local self-government. The purpose of the study is to justify the implementation of state regional policy to solve the problems of financing regions and territorial communities in conditions of decentralization. The article examines how the mechanism of state support for regions has changed, which led to the need to review approaches and principles of state regional policy formation. It is substantiated that the creation of a new regional support tool – the State Fund for Regional Development (SFRD) should contribute to the development of territorial communities. It has been established that the effective functioning of the DFRD allows financing of regional development projects to be initiated in Ukraine on a competitive basis and in accordance with regional development strategies and action plans for their implementation.
Purpose: The article aims to measure the impact of the voluntary amalgamation approach applied in Ukraine in the course of the decentralization reforms undertaken over a period of five years, and assess how much these reforms have been successful in improving the local government fiscal situation. Ukraine began a long-delayed decentralization process in 2015 through amalgamation based on a voluntary approach, with an emphasis on improving the fiscal resources of the amalgamated units. The decentralization reform was based on three pillars: (1) voluntary amalgamation of the territorial units, (2) enhanced financial resources through own source revenues and infrastructure grants, and (3) utilization of inter-municipal cooperation to support improved service delivery.Methodology: A time series of fiscal data from amalgamated territorial communities in selected regions of Ukraine have been analysed to measure the impact of the amalgamation policy on the amalgamated territorial units.Findings: The fiscal improvements anticipated by the amalgamated territorial units have not been demonstrated by the statistical data analysis and no significant improvement in local government finances appears to have been realized through the application of a voluntary merging approach. There have been significant regional and urban/rural variations based on the population segments and access to financial resources.Academic contribution to the field: While there has been considerable research on the impact of merging or amalgamating local governments, there has been very little, if any, on the voluntary approach to amalgamation.The study seeks to address this problem and present evidence of the advantage of utilizing a voluntary over a mandatory approach to amalgamation.Significance: The study provides a unique opportunity to measure the impact of amalgamation process in Ukraine over a five-year period based on the voluntary approach to amalgamation and determine how much this approach and the accompanying policies have been successful in improving the local government fiscal situation.
The study is based on the example of Ukraine, which in 2014 has implemented decentralization reform and become a follower of globalization basic concept, based on subsidiarity and decentralized financial regional development. The study's main purpose is to identify the positive and negative aspects of the development of local self-regulation in the process of global transformation in Ukraine. To this end, a study was conducted based on the latest published statistics on regional production, population, average income, international trade, and foreign direct investment. As a result, it allowed identifying the main areas that form the potential for economic development based on foreign direct investment activity. It should be noted that the main aspect of regional development quality is financing, so an analysis of the entrepreneurial activity of the regions, an analysis of the funding for the regional development support fund, and the main areas of financing by international funds was conducted. The main problems of quality of economic development related to globalization were also identified, which relate to the uncontrolled activities of Transnational corporations, which reduces the resource potential of Ukraine and reduces the level of economic security.
The article analyzes the results of the activities of territorial communities in 2020-2021, as well as the methodology for determining their capacity, from a socio-geographical perspective. The main advantages of reforming the basic level of the administrative and territorial system are indicated, the main trends and factors of the formation of successful communities are revealed.
 The methodology of the formation of capable territorial communities, defined by the authors of the reform, contains criteria for the size, population, accessibility zones of new administrative centers, as well as the presence of social, educational and household infrastructure. Such communities of villages, towns, and cities are considered capable, which, as a result of voluntary association, are able to independently ensure the appropriate level of services provision in the field of education, culture, health care, social protection, housing and communal services, while taking into account personnel resources, financial support and infrastructure development of the corresponding administrative and territorial unit. At the same time, the financial capacity and infrastructural security of a territorial community depends on many socio-geographical factors: favorable location, effective use of the socio-economic and demographic potential of community centers, development of transport links, etc.
 In particular, it was found that communities of regional centers, large cities, as well as satellite communities of these cities or with a powerful business sector have the best financial indicators. Large enterprises of wealthy communities are the main tax payers and jobs provider for residents, as well as sponsors of the construction of social infrastructure facilities (kindergartens, sports complexes, etc.). An interesting fact is that the rating of the most successful communities in 15 regions of Ukraine is headed by rural communities. A significant number of communities have not benefited from financial decentralization and the level of their subsidy is more than 50%.These are communities in general, with a significant share of the rural population, where there are not enough jobs, the entrepreneurial sector, and, accordingly, tax revenues.These are also large communities of sparsely populated areas with a demographic crisis situation, where there are problems with the transport connection of villages, remoteness from the center of the community. We counted the number of communities by region that at the end of 2021 had a subsidy level of more than 50% and the number of those with a subsidy level higher than the average for Ukraine (14.5%). Thus, the maximum number of subsidized communities is in Chernivtsi, Ivano-Frankivsk and Zakarpattia regions. In the Lviv region, only in Strilkivska and Borynska communities, subsidies amount to more than 50%. In general, in the 16 regions of Ukraine, rural communities are the most subsidized: the 5-8 poorest communities in each region are mostly rural and peripheral, only 1 urban - Vatutinska, the rest ones - townships.
 The question of the capacity of the community is also related to the controversial changes that are taking place regarding the optimization of the network of secondary education institutions. Support institutions are being created in urban and town communities, as well as in the centers of rural communities, which receive a larger amount of funding and better conditions for development. On the other hand, subsidized communities cannot finance small rural schools. Over 2 years in Ukraine, the status of almost 670 schools was lowered, and 918 schools were closed, and this process will continue in the future.
 Therefore, the self-organization of the population and local authorities in communities has become an important factor of self-defense and resistance in the conditions of a full-scale invasion of the Russian aggressor. Thus, after the end of the war, the support and provision of self-government of territorial communities will become an important condition for the reconstruction of the state. At the same time, it will be necessary to improve the mechanism of formation of local budgets, as well as the methodology of determining the capacity of territorial communities
 Consequently, in a special period, it is worth providing exclusively state financing of educational and medical institutions, especially in the front-line regions. Obviously, it will not be possible to avoid another stage of consolidation, primarily to ensure the real capacity of territorial communities in areas with a deep crisis demographic situation. Using the potential of capable communities, developing their infrastructural and industrial base will contribute to strengthening the grassroots link of the administrative and territorial system as well as to ensuring the national security of the state.
 Key words: capable community, decentralization, financial capability, infrastructural capability.
Tomasz Michalski, Yevhen Matviyishyn, Vіktoriia Luhova
raine is one of the last post-communist countries where implementation of administrative reforms has started in practice. The aim of the study is to analyze the local-level results of the main stage of the administrative reform in Ukraine which was carried out in 2014–2020. The analysis concerns Ukrainian local government units equivalent to LAU 1 and LAU 2. When collecting data, the so-called triangulation of sources was applied. The SWOT method was used in the analysis, and Neshkova and Konstadinova’s publication (2012) constitutes the reference point. The decentralization of power and finance has led to the creation of amalgamated territorial communities (ATCs), better able to deliver public services. Thus, in this respect, the effects of the administrative reform in Ukraine so far have been similar to those diagnosed by Neshkova and Konstadinova (2012) in other post-communist countries. Admittedly, corruption in Ukraine has decreased, but only slightly. Therefore, Neshkova and Konstadinova’s (2012) assumption about the positive impact of administrative reforms on reducing corruption in post-communist countries was not confirmed in Ukraine. Referring to the detailed results of the SWOT analysis, the greatest strengths of this reform included the partial success of financial decentralization and the establishment of the State Regional Development Fund (SRDF) to support the development of local governments. The quality of public services has also improved. However, there were also weaknesses in the form of still too small funds received by the new ATCs and irregularities in the functioning of the SRDF. International support for this reform and the intensification of the activities of non-governmental organizations were considered to be the greatest opportunities. The still existing strongest threat of an endogenous nature is (despite its decline) the level of corruption, and the exogenous one is a threat from Russia. In addition, the negative impact of the COVID-19 pandemic can be seen at the end of the implementation of the reform.
The financial support of territorial communities is proposed to be considered as a process of formation, distribution and use of financial resources in order to satisfy the needs and interests of citizens in the sphere of all life activities in the relevant territory. At the same time, the main form of financial support of territorial communities remains budget financing, the quality of which depends on the level of their economic and social development. The state of financial support for the development of territorial communities under conditions of decentralization in Ukraine was analyzed. It was found that during the studied period the number of UTC grew quite quickly and by the beginning of 2022 was 1469 units. It was well founded that the main source of formation of own and fixed incomes of local budgets is precisely tax revenues. However, in the conditions of the war, the budgets of the communities underwent significant transformations, became more dependent on transfers from the central budget. Communities had to cut capital spending and direct it to defense and the reserve fund. The financial decentralization of local self-government helped the communities to withstand the conditions of large-scale Russian aggression. Keywords: decentralization, financial support, territorial communities, development.
Abstract. Introduction. The world today, gets acquainted with a new tool which is cryptocurrencies also known as virtual money. Governments and Central Banks of different countries often dispute about the use of these innovations. Some researches believe that virtual money (cryptocurrencies) is a crime, others believe that we are talking about a true revolution in the world of finances. Some of them share radical views and propose to impose criminal penalties on one who distributes and uses virtual money in view of the possibility of the potential for using them for the money-laundering purposes or for the financing of terrorism; others point out the inevitability of the development and spread. The latter is epitomized by the adoption of cryptocurrency as the official state currency. However, such a decision of governments imposes new questions and problems of cryptocurrencies accounting. Purpose. Deepening the theoretical foundations of the bitcoin accounting as an official currency and, accordingly, a legal instrument of payment. Results. The article deals with the economic essence of cryptocurrency, current situation and prospects for the development of this phenomenon in the world through the analysis of scientific articles of leading scientists and experts. In addition, the paper considers preconditions for cryptocurrency accounting as the official state currency on the example of Bitcoin in El Salvador and The Central African Republic, discusses the reasons of the adoption of cryptocurrency as the official state currency by poor countries. Conclusions. It is found that the use of bitcoin is an important factor in solving the country's current economic and financial problems, which was used by El Salvador and The Central African Republic for today. Among such problems are the investment climate, speed and cost of payments, access of the population to banking services. The possibility of a negative impact of the use of cryptocurrencies on the economy is also allowed. As for accounting, the issues of adoption of bitcoin as an object of accounting, accounting estimate, accounting methods and criteria for its recognition in financial statements remain unresolved. Keywords: cryptocurrency; bitcoin; legal currency; accounting object; cryptocurrency accounting; accounting and financial reporting problems.
Constantin Yarovyi, Olena Martynenko, Антонина Шнурко
Abstract. Introduction. Cryptocurrency is a completely new economic and legal phenomenon, different from traditional or electronic money. At the same time, it should be noted that there is no single definition in the world that would reveal its essence, economic and legal nature. Purpose. Taking into account the opinion of other scientists, it is necessary to consider the concept of cryptocurrency, the functions performed by virtual assets, as well as to determine the legal status of cryptocurrency in different countries of the world and the chronology of events that regulate the legal status of cryptocurrency in Ukraine. Results. Cryptocurrency provides a fast and reliable system of payments and money transfers, which is based on the latest technologies and is not under the control of regulatory state institutions. The article provides a brief overview of the term cryptocurrency as used by various sources. The most common cryptocurrency, created back in 2009, Bitcoin is also considered. Questions of its similarity to electronic money are raised. The advantages of cryptocurrency have been identified, some of which can be disadvantages at the same time. The analysis of the opinion of the scientific community allows us to distinguish the functions characteristic of virtual assets and the functions characteristic of fiat money. Positions of foreign central banks and other financial regulators regarding cryptocurrencies and cryptocurrency markets were also presented. The paper considered the chronology of events regulating the legal status of cryptocurrency in Ukraine. It is proposed to carry out further research on issues of cryptocurrency legitimization. Conclusions. The mechanism of state regulation of cryptocurrency in Ukraine requires further refinement, starting with streamlining the terminological base and determining the directions of work with this type of currency.
The influence of globalization and the strengthening of Ukraine's aspirations to successfully integrate into the European Union and become a full member of the international community necessitate the reform of the health care system and the payment of considerable attention to primary health care. In this context, the issue of effective management of primary health care facilities, increasing the capacity of their managers and determining the role of local governments towards them takes on increasing importance. The purpose of the research lies in substantiating the theoretical and applied principles for studying the management of primary health care facilities in Ukraine and assessing the impact of decentralization reforms on them. The general and special methods of economic analysis have been used in the research, in particular as follows: scientific abstraction and historical method, analysis, synthesis, analogies, comparisons, systematization, generalization, graphic method. Regarding the results of studying the state and trends in the management of primary health care facilities in Ukraine and the impact of the decentralization reform on them, their direct interaction has been established, which consists in obtaining additional opportunities for the implementation of managerial functions based on accessibility, openness, timeliness and effectiveness. It has been revealed that the volume of financing primary health care in Ukraine in the amount of 13 283 800,00 thousand UAH in 2018, 15 314 892,9 thousand UAH in 2019 and 20 667 909,1 thousand UAH in 2020 is in deficit and constitutes an average 4,1 % of the country's GDP (in the Netherlands – 9,9 %; Denmark – 9,6 %; France – 9,0 %; Austria – 8,7 %; Germany – 8,6 %; the USA – 8,1 %; Sweden – 7,9 %; Great Britain – 7,8 %; Italy – 7,2 %; Poland – 4,7 %). It has been proven that the mechanism for managing primary health care facilities requires revision and improvement, which is proposed to be carried out taking into account the level of development of a particular region in which these institutions operate within the capabilities of local governments and their financial solvency.
Introduction. In the last decade, the cryptocurrency market has shown significant development. The active growth of this market has created significant investment opportunities for entrepreneurs. In order to form highly profitable investments, one should pay attention to the price behavior of cryptocurrency coins and their niche in the cryptocurrency market. Scientific research analysis. Despite the impact of investments in cryptocurrencies on the economic development of many countries, scientific research in the field of cryptocurrencies is still inconsistent. Investment activities on the primary and secondary cryptocurrency markets were analyzed in the scientific publications by M. Duchenko, T. Pavlenko, Z. Dvulit, H. Peredal, M. Rebryk, I. Gonak and other scientists. However, scientific research on cryptocurrency investing is at an initial stage since a significant number of aspects of their implementation have not yet been worked out and require systematic development due to the rapid transformation of both the cryptocurrency market and the legislative provision of their functioning in the conditions of dynamic geo-economic changes. The purpose and tasks of the research. The purpose of studying cryptocurrencies as an investment field is to find out the advantages of investing in cryptocurrencies in comparison with other investment objects, as well as to evaluate the effectiveness of such investment through the use of mathematical modeling methods. Research methodology and methods. The following special research methods were used: direct observation; applied information processing methods for the development of tables of linear dependence; to determine the closeness of the relationship between the dynamics of the value of the main cryptocoins, the method of conducting analytical work on the calculation of the correlation coefficient was used. Research results. Cryptocurrencies have taken an important place in the development of investment activities. As an investment object in the primary cryptocurrency market, it is advisable to mine the Ethereum cryptocurrency, and in the secondary market, it is advisable to buy Ethereum and Bitcoin for investments, which occupy two thirds of the cryptocurrency market and between which there is a significant correlation. Investing in cryptocurrencies is advisable due to the significant potential of mining, the growth of the value and limits of the cryptocurrencies use. Investing in cryptocurrency coins is advisable both in the short term and in the long term. There is an average (not high) correlation between the primary and secondary markets of cryptocurrency, so an investor is recommended to focus on one of the forms of investment in order to obtain a high profit, and to reduce risks, you can diversify your business by investing in the primary and secondary markets. Scientific novelty of the research results. The possibilities of cryptocurrency investment in short-term and long-term periods were considered, and a slight correlation between the primary and secondary markets of cryptocurrencies was revealed. Cryptocurrency is a relatively new object of savings and investment, therefore, with dynamic changes in the legal regulation of the cryptocurrency market, the transformed conditions for the attractiveness of cryptocoins will be formed, and this will require reflection in further scientific publications. Practical significance of the obtained research results. According to the authors, investing in cryptocurrencies is appropriate both in the primary and secondary markets of cryptocurrencies (although the correlation between them is not high) in both the short-term and long-term perspectives. The obtained research results will be useful for use in the practical activities of conducting cryptocurrency business. The article contains: formulas: 6, fig. 2, table 5, bibl. 24).
The goal of financial management is to manage the purchase and sale of assets, the rational financing of funds, the management of cash flow in operations, and finally, the reasonable distribution of company profits in a certain task situation, which is simply the management of the "three statements" of the enterprise. The core issue of the financial mechanism is how to choose a centralized or decentralized management model, which requires the company to consider the internal and external environment, and according to the development of the company, the quality of employees and business characteristics of various factors, in order to make the best choice of the company's financial management model. Therefore, in the context of the epidemic, this article conducts research related to the financial management of listed companies based on convolutional neural network models (radial basis neural network, generalized regression neural network, wavelet neural network, and fuzzy neural network). This article, firstly, discusses the basic theories of macro- and micro-financial management of enterprises and financial management of listed enterprises, secondly, examines the overall financial management model of listed enterprises in China through methods such as the convolutional neural network model research method introduced in this article, and then, after an overall examination and analysis of the financial management situation of X-listed enterprises, finds the macro- and micro-status quo of financial management of listed enterprises in China under the epidemic, and in the sub. On the basis of the status quo, suggestions are made to build a financial management model that combines centralization and decentralization and to build a group financial risk management system.
The article explores the issues of school education financing in the context of decentralization in Ukraine. School education in Ukraine is funded from different sources. About a third of the total education budget consists of the education subvention for teachers' salaries, which is an inter-budget transfer from the state budget to local budgets. For the purpose of our research, we selected a network of schools in the Zaporizhia region of Ukraine and its financing for the period of 2014-2021. This region is typical, plain, and without significant geographical features (unlike, for example, areas with mountainous or inaccessible areas). To identify the framework of financing school education in Ukraine within the decentralization process, we utilized methods of empirical analysis of statistical indicators, as well simulation to assess the relationship between a number of indicators such as the number of students in the school, class size and the average costs of education per student using educational subvention. The purpose is to determine opportunities to increase the efficiency of budget expenditures on education. Our analysis of the use of educational subvention funds by the different types of local budgets shows that the schools financed from city budgets use these funds with the most efficiency. The schools funded from regional budgets and district budgets use the funds with the least efficiency. Our research is very valuable for improving theoretical and empirical aspects of the calculation of the projected amount of the educational subvention, as well as for the optimization of the school network.
The article highlights analogues of traditional financial instruments - decentralized financial services (DeFi), their protocols and essence, it also explores the spheres and types of activities, crypto-financial operations, defines the concept of decentralized finance and reveals the essence of blocked capital and market making. Concepts and prospects for the development of decentralized stablecoins and stable assets, their interaction, disintermediation function and decentralization are considered. Current risks associated with the use and adoption of DeFi areanalyzed, including market manipulation, wrong incentives, excessive short-termism, systemic risks, fraud and money laundering issues. Implementation of a risk-oriented approach in the context of combating money laundering and terrorist financing (AML/CFT) by national state supervisory and law enforcement agencies and enterprises involved in activities on the virtual assets market, is a mechanism for preventing threats and developing a legislative framework for regulation crypto market and interaction on these issues at the international level.
Purpose. The aim of the article to work out the theoretical and practical aspects of the functioning and development prospects of the cryptocurrency market in Ukraine in the context of international monetary and credit relations.. Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of modern economic theory, scientific works of scientists. General scientific and special methods were used in the research process, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the cryptocurrency market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – with a visual representation of the dynamics and structural changes of the cryptocurrency market; constructive and experimental – to form a decision with the help of analytical support; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions. Findings. The peculiarities of the development of the cryptocurrency market in Ukraine as a component of the financial market are considered. Ukraine's place in the Global Cryptocurrency Adoption Index has been studied and analysed. Originality. It has been proven that there is correlation dependence between the prices of Bitcoin and Ether cryptocurrency coins on the Ukrainian cryptocurrency market, and there is no multicollinearity between Ether and Litecoin coins. It was found that the correlation between cryptocurrency mining and their price is average. Prospective directions for the development of the cryptocurrency market in Ukraine are offered. Practical value. The main results of the conducted research will create favourable conditions for a better understanding of cryptocurrency as a new type of money, which will make it possible to use it more widely in the economic activities of economic entities and countries. Key words: financial market, cryptocurrency market, cryptocurrency, crypto coin, cryptocurrency coin, Bitcoin address, Bitcoin, Ether, Litecoin.
Li Huang, Yongjun Han, Aihua Yuan, Tao Xiao · 9 authors
As the digital economy promotes economic growth, the Internet of Things can solve the problem of productivity, and the blockchain can solve the problem of production relations, which realizes the industrial transformation of blockchain smart contract technology and becomes a new driving force for the industry. It is becoming more and more difficult for companies to control their own raw material supply, production, and sales by relying only on their own strength, and this is the key to influencing a company to become bigger and stronger. This problem will be efficiently solved by the implementation of “Internet of Things + Blockchain” technology. As a result, research into a new sort of smart supply chain management based on “Internet of Things + Blockchain” is required. From the perspective of building a smart supply chain, this paper makes full use of literature data methods, theoretical analysis methods, case analysis methods, logic analysis methods, and other methods. To study the effectiveness of IoT and blockchain technology through case study of changes in the order quantity in the procurement link of the supply chain. By understanding the current status of related research at home and abroad, as well as the Internet of Things technology and blockchain technology, this paper analyzes China. The main problems existing in the supply chain management of enterprises are the combination of the Internet of Things technology and the blockchain with the enterprise supply chain to create a smart supply chain platform, and the feasibility and functional efficiency of the smart supply chain platform. The related check was found, its deficiencies were found, and remedial measures were taken. The research results show that this intelligent supply chain management platform based on the Internet of Things (IoT) and blockchain can make the operation of the entire supply chain clearly visible. Information and data sharing can be achieved among the various departments of the supply chain to achieve scientific management and precision of the enterprise prediction. And this model can also be used in other industries to achieve industrial upgrading.
Relevance of the study is due to the need to implement tools of strategic municipal management in local self-government authorities in order to successfully complete the reform of decentralization. Foreign experience testifies that one such tool is the Balanced Scorecard (BSC) of Kaplan and Norton, which was evolved from a performance management tool for business to a dominant system of strategic management in the public setor. This tool allows use of non-financial indicators, take into account social aspects and environment as well as manage risks under uncertainty. The article argues that the BSC implementation in local self-government authorities will ensure the solution of the following tasks: 1) aligning the strategic and tactical goals with measures for their implementation; 2) increasing the institutional capacity of authorities (through development and motivation of personnel, formation of innovative organizational culture, introduction of performance management system, improvement of internal processes, development of information systems); 3) increasing the transparency and stakeholders confidence, in particular foreign investors, to attract financing in the post-war period. It was found that the structure of the BSC model and the algorithm of its implementation depend on the field of activity, size, tasks and features of the organization. An algorithm for developing the BSC model of the city council executive committee (its structural unit for the pilot project implementation) is proposed and the main strategies for the four components of this model (stakeholders, finance, internal processes, training and development) are identified. Based on the experience of Canada, Denmark, the Czech Republic and other countries, the main advantages, conditions of success and challenges of implementing the BSC concept in local self-government authorities are identified, taking into account political, organizational, financial and other aspects. It is proposed to define the ways to solve considered challenges using the design thinking methodology.
International terrorist organizations, while maintaining a significant financial potential, are increasingly looking for new sources of funding, following the trend of high rates of informatization of society. To date, the use of the Internet is one of the most effective means of managing forces and financial resources. To finance their activities, terrorists, in addition to actively using international Muslim humanitarian funds, speculating on stock exchanges, investing in real estate, in a number of legal sectors of the economy, as well as participating in the criminal business of a number of countries, began to actively use cryptocurrency. These funds are used to create new and finance sleeping cells, fundraising is organized to carry out specific terrorist attacks, the formation of their own cyber units, which, vice versa, are able to extract financial resources through hacker attacks using remote theft, extortion, the sale of weapons and drugs as predicate crimes, the means of committing which is often the use of cryptocurrencies