Today, the world is on the threshold of a digital revolution that will affect all spheres of public life. The application of cryptocurrencies and blockchain technology has gone a long way since its introduction. Now it has reached a new milestone as it gets implemented in the energy sector. Blockchain and cryptographic technology have the potential to radically change the energy industry of the usual. Blockchain and cryptocurrencies are changing the energy sector and in the article is considered how it will affect the energy industry. Blockchain systems and cryptocurrencies no longer require either intermediaries or a central authority. But it is still difficult today to put such models into practice. In addition, there are a number of legal and regulatory requirements that blockchain projects must also comply with. Cryptocurrency is one of the most relevant topics when it comes to digitalization. On the basis of the analysis of the foreign practice of the use of cryptocurrency in the electric power industry, the prospects of implementation of such projects for Ukraine and their legal support are analyzed. Emphasized the advantages of blockchain and cryptocurrencies and demonstrates the mechanism of their work. The situation regarding the definition of the legal status of cryptographic goods in foreign countries and Ukraine is analysed. The main points to be solved in the course of approval of the right regulation of cryptocurrencies in Ukraine are determined. Foreign and certain domestic experience of using the blockchain technology and cryptology in the field of electric power industry indicates the prospect of further development of this direction. In the implementation of such instruments,it seems that it will allow accelerating the payments in electricity supply relations, will allow them to be more transparent, and at the same time protected from unauthorized interference, enhance the culture of contractual relations. REFERENCES1. Maidanyk R.A. Virtualna valiuta v tsyvilnomu pravi Ukrainy: stan, tendentsii, perspektyvy. Visn. Nats. akad. prav. nauk Ukrainy. 2018. Vol. 25, No. 2. P. 114-129 [in Ukrainian].2. Husieva I.I., Petrova T.O. Tendentsii rozvytku kryptovaliut na rynku Ukrainy. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. 2017. Iss. 24 (1). P. 48050 [in Ukrainian].3. Lukianov V.S. Zarodzhennia rynku kryptovaliuty v informatsiino-merezhevii paradyhmi. Aktualni problemy ekonomiky. 2014. No. 8 (158). P. 4360441 [in Ukrainian].4. Svon M. Blokchejn: Shema novoj jekonomiki. M.: Olimp-biznes, 2017. 240 p. [in Russian].5. Blokchein — novi mozhlyvosti dlia vyrobnykiv ta spozhyvachiv elektroenerhii? Ohliad svitovoi elektroenerhetyky, pidhotovlenyi PwC. Pricewaterhouse Coopers International Limited (PwCIL), 2016. URL: https://www.pwc.ru/ru/publications/blockchain/blockchain_opportunity-for-energy-producers%20and-consumers_RUS.pdf [in Ukrainian].6. Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. EUR-Lex: Access to European Union law. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L08497. Federal act on banks and savings banks. URL: https://www.admin.ch/opc/de/classifiedcompilation/19340083/index.html8. O razvitii cifrovoj jekonomiki: Dekret Prezidenta Respubliki Belarus' ot 21.12.2017 № 8. URL: http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/ [in Russian].9. Zelena knyha rehuliuvannia rynku kryptovaliut: Ofis efektyvnoho rehuliuvannia. Traven 2018. URL: https://cdn.regulation.gov.ua/fe/5b/20/42/regulation.gov.ua_Zelena-Knyha.-Rynok-Kryptovaliut.pdf [in Ukrainian].10. Bitcoins: Aufsichtliche Bewertung und Risiken für Nutzer. Bundesanstalt für Finanzdienstleistungsaufsicht. 19.12.2013. URL: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Fachartikel/2014/fa_bj_1401_bitcoins.html [in German].11. Blockchain: Hype or Innovation: CoinForum.de. 26.02.2016. URL: https://Bitcoinblog.de/2016/02/26/rwe-undslock-it-wollen-ethereum-fuer-elektroautos-nutzen/12. Kryptovaliuta SolarCoin ta soniachni elektrostantsii. "SolarCoin" Nova kryptovaliuta yaka stymuliuie montazh dzherel alternatyvnoi elektroenerhetyky. 17.01.2018. URL: https://prel.prom.ua/a322224-kriptovalyuta-solarcoinsonyachni.html [in Ukrainian].13. Pro obih kryptovaliuty v Ukraini: proekt Zakonu Ukrainy vid 06.10.2017 No. 7183. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684 [in Ukrainian].14. Pro stymuliuvannia rynku kryptovaliut ta yikh pokhidnykh v Ukraini: proekt Zakonu Ukrainy vid 10.10.2017 No. 7183-1. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62710 [in Ukrainian].
Alex Plastun, Anna Oleksandrivna Drofa, Tetyana Viktorivna Klyushnik
Purpose – to investigate the Month of the year effect in the cryptocurrency market. Design/Method/Research Approach. A number of parametric and non-parametric technics are used, including average analysis, Student's t-test, ANOVA, Kruskal-Wallis statistic test, and regression analysis with the use of dummy variables. Findings. In general (case of overall testing – when all data is analyzed at once) calendar the Month of the Year Effect is not present in the cryptocurrency market. But results of separate testing (data from the period “suspicious for being anomaly” with all the rest of the data, except the values which belong to the “anomaly data set”) shows that July and August returns are much lower than returns on other months. These are the worst months to buy Bitcoins. Theoretical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This contradicts the Efficient Market Hypothesis. Practical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This provides opportunities for effective portfolio management in the cryptocurrency market. Originality/Value. This paper is the first to explore Month of the Year Effect in the cryptocurrency market. Paper type – empirical. Authors gratefully acknowledge financial support from the Ministry of Education and Science of Ukraine (0117U003936).
The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the “grey” zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.
The article describes the problem of forecasting prices of cryptocurrencies at the financial markets. Methods for analyzing and forecasting prices of cryptocurrencies at the financial markets are considered in detail. A trend indicator – moving averages – is considered as an auxiliary tool for technical analysis that helps to analyze and forecast prices of cryptocurrencies at the financial markets. During the study there were analyzed several methods of different categories, namely: SMA (Simple Moving Average), EMA (Exponential Moving Average), WMA (Weighted Moving Average). For analyzing moving averages, there were conducted the analysis, based on mean-square deviation together with the standard graphic analysis. The whole process was divided in several stages: a moving average was calculated, based on basic values; based on values of the calculated moving average, there was calculated a mean square deviation; deviation with the least numerical value was chosen among the massive of deviations. It has been revealed, that SMA has the least value of mean-square deviation, but EMA is the better choice, because EMA is most sensitive among considered moving averages, although an error extent is rater more.
The article presents the results of a study of the theoretical foundations of the Blockchain technology. The analysis of the organization structure of its units and the principles of the system. Algorithms of smart contracts are considered and their advantages and disadvantages are analyzed. The purpose of the study is that based on the analysis of the theoretical foundations of building systems using blockchain technology and introducing them into various areas, to propose a system model using smart contracts on the Etherium platform for use in the workflow system in institutions of higher education. Convenient web interfaces for managing the creation of a contract and a module for the interaction of smart contracts with a Web application have been developed. The management of an institution of higher education, namely, a department, faculty or institute, involves the correct and timely preparation of various documentation, in which the documentation on student learning outcomes holds a special place. On its basis various financial and reporting documents are being prepared. To this end, institutions of higher education are introducing workflow system and office automation systems to manage the processing of documents, as well as to organize control over the implementation of these processes. The paper proposes the introduction of a blockchain system on the Ethereum platform using smart contracts written in the Solidity language. Solidity is a tool that is used to create machine-level code that can be run on an Ethereum Virtual Machine. Solidity allows you to create and execute a smart contract without requiring centralized or trusted parties. The use of such technologies makes it possible to significantly reduce the number of paper-based information carriers and, to a significant extent, further automate the existing the workflow system in institutions of higher education. The proposed system is a part of the workflow system of institutions of higher education, which is designed to automate the process of passing documents related to taking into account and submitting to the dean's office of the faculty or the institute the results of the final controls on academic disciplines or the results of retake of tests and exams. This process requires a large number of documents on paper. The proposed system is deployed in the local computer network of the Educational and Scientific Institute of Information Technologies and Mechatronics of Poltava National Technical Yuri Kondratyuk University and is being tested. The results allow us to draw conclusions about the reduction in the number of paper documents; time to obtain permits. In addition, the level of reliability and protection of information transmitted to the administration of the faculty or institute for further processing has increased. In the future, it is planned to introduce the proposed system for document flow automation for all institutes and faculties of the Poltava National Technical Yuri Kondratyuk University.
The target of the article is to study the place of the cryptocurrency in the process of money laundering. The subject of the article is to investigate the ways and means of usage cryptocurrency for money laundering, the possibilities, and limits. Problem’s setting. The authors of the paper have emphasized that despite the broad usage of cryptocurrency all over the world for different kinds of purchasing and transactions, there is no unified position regarding the definition of cryptocurrency, as well as its legal status. Moreover, the aforementioned circumstances trigger the difficulties during the criminal investigation of money laundering by using cryptocurrency. Thus, law informant agencies are facing challenges with the identification of criminals’ personality and the fact of crime commitment. In addition, in the article, the authors articulate the main concept of cryptocurrency: anonymity and decentralization, which engender the main aggro while crime investigation. Methodology. The research is based on an analysis of historical stages of cryptocurrency creation: from Friedrich August von Hayek’s idea of “currency independent from banking and governmental” to the establishment of decentralized currency. Moreover, there were analysed the cases of money laundering where criminals who used cryptocurrency have been identified and press charged. In addition, the comparative methods were used to collate different positions regarding cryptocurrency all over the world and inside Ukraine. The position of the main authorities and organizations regarding the legal status of cryptocurrency was investigated as well. The results of the study revealed that a cryptocurrency is a convenient tool for money laundering because it gives relative anonymity for the owner of the currency, as far as it does not require any personal information about the user and his location. Aforementioned feature minimizes the opportunity for law enforcement agencies to track back the criminal activity and to identify the criminal personality. Furthermore, cryptocurrency transactions are out of the government control because for conducting any transactions by using cryptocurrency, there is no need for their verification by third parties like a bank, governmental authority or nongovernmental organizations. In addition, the user can have more than one account and conduct transactions from different places at the same time.
Донецький національний університет імені Василя Стуса, Maya M. Savchenko, В.О. Короленко, Донецький національний університет імені Василя Стуса · 6 authors
The article explores innovations in the monetary sphere, namely the emergence of a modern form of money - digital currency. Forms of this currency, such as electronic and virtual money, are defined. The dynamics of development of the first and the most expensive cryptocurrency now - Bitcoin is analyzed. The general state of the cryptocurrency usage in the world is indicated. The advantages and disadvantages of using digital currency are also highlighted. The Top-10 cryptocurrencies in the world for 2019 are highlighted with the largest market capitalization of Bitcoin, Ethereum, Ripple. The dependence of the economic development level of the country and the degree of cryptocurrency implementation is revealed. The world legislative experience in the field of regulation of the cryptocurrency is researched. The possibility of its application in the Ukrainian legislation by the cryptocurrency legalization and minimization of risks in the process of use are studied. Prospects for the spread and further development of cryptocurrencies in Ukraine and in the world are considered. It is noted that providing the improvement of monetary technology, its proper regulation and improvement of infrastructure, this financial instrument will occupy an important place in people's daily life.
The paper deals with the issue of the budget financing of digitalization in Ukraine through e-governance. It was shown that it is very difficult to estimate the real volume of public expenditures on digitalization (informatization) through e-government program at all budget levels and directions, since its components (national, sectoral, regional) are being implemented by many executive bodies and local governments. According to international organizations, the public access to information on budget spending in Ukraine is limited, and transparency level is insufficient, while the level of e-governance is high. However, the interfaces of e-government and e-budgets of the central and local government bodies are not unified, and are mostly inconvenient to users. The official websites provide outdated and limited information. The lack of transparency of the budget resources using reduces the trust of the general public in governmental institutions. The organizational and institutional mechanism of budget financing of e-governance is studied based on the results of audits conducted by the authorized state bodies. It is revealed that the main contractor of the subprograms implementation of the National Informatization Program – the State Agency for E-Governance of Ukraine – has not ensured a proper level of coordination, control, and systemic and consistent action, therefore important goals of the program have not been achieved. While the goals of digitalization of public services are declared as priority in Ukraine, the level of budget financing does not correspond to them. In case of the implementation of regional programs of informatization, insufficient control of the main spending units leads to poor performance or failures in their execution. Still unsolved remains the issue of determining the sources of financial support for the basic sectors of the social sphere, in particular, regarding measures for their digitization, within the framework of regional decentralization. To deal with the above mentioned problems and challenges, it is recommended to establish a single coordinating body in the field of digitalization, including e-government, which should have ministry status and be built up on experience of countries, where similar bodies exist. The publication is prepared during the research work "Formation" of smart specialization in the economy of Ukraine" (state registration number 0117U007701).
ГЕНЕЗИС ПРАВОВОГО РЕЖИМУ КРИПТОВАЛЮТ У ЗАРУБІЖНИХ КРАЇНАХ ТА УКРАЇНІПостановка проблеми.Нормативне визначення та регулювання відносин створення, обігу, статусу криптовалют є обмеженим у зарубіжних країнах і відсутнє в Україні, хоча цей елемент ринкових відносин є досить
Blockchain is a new technical innovation based on distributed ledger technology, which, according to the literature, promises to improve supply chains by facilitating trusted transactions. Due to its immutability it can help eliminate third parties, which traditionally intermediate between the parties involved in transactions. Large multinational companies that have major influence in supply chains can easily rape the benefits of blockchain, however, small and medium size enterprises (SMEs), which together generate 99% of the added value of the Dutch economics, do not have the means to achieve this. Therefore, this research poses the question, which user cases exist already and which opportunities do they offer for SME's to create value. The paper answers this question based on literature and the analysis of 70 user cases. Based on the analysis the SMEs are advised, which of the following five strategies to follow, ignoring it, waiting to see the market developments, make use of blockchain services offered by the new blockchain based middlemen, such as the supply chain finance, paperless and market platform solutions, integrate in existing blockchains of multinationals as Maersk or create their own blockchain.
Development of information technologies, cryptocurrencies and technology of distributed networks has caused the appearance of smart con- tracts as new types of civil contract. They have been widely used in recent years in such areas as initial coins offering (ICO), financial sector, inter- national trade and public services. At the same time the legal status and legal regulation of smart contracts are uncertain. These uncertainties cause many legal risks of smart-contractsutilization. The purpose of this article is to find out the conception of smart contract as a form of civil contract, to research its legal status and legal regula- tion issues and to develop proposals for the improvement of legal regulation of smart contracts and cryptocurrencies in Ukraine. By its legal nature a smart contract is a digital form of a civil contract realized in programming code automatically executed in a distributed network. Like a civil contract, smart contract has such elements as parties, subject and essential terms of the contract. The legal force of a smart contract depends on whether it includes the fundamental features of a civil contact, such as evidence that parties have intention to create legal relations, understandabil- ity of contract conditions and possibility to perform the terms of the contract under duress. The main advantages of a smart contract are its ability to significantly accelerate and reduce costs of the transaction and guarantee the fulfillment of contract terms regardless of the contractual parties' and third parties' will. The main risks of a smart contract are uncertainty of legal status of a smart contract and cryptocurrencies as a means of payment, complexity of expressing the contact terms in a mathematical algorithm, risk of software bugs and hacking attack. To solve the problems of legal regulation of smart contracts in Ukraine it is necessary to change the legislation in order to settle the legal status of cryptocurrencies and recognize a smart contract as a form of a civil contract. It is necessary to identify parties of the smart contract, confirm their agreement on the terms of the smart contract by using digital electronic signature. A smart contract should be supplemented by text application containing the es- sential terms of the contract which will have legal force in trail. It is necessary to implement blockchain technology in the state registers and pro- vide legal ability to make adjustments in the registers automatically for the performance of smartcontracts.
Альона Ільдусівна Гнатовська, А. І. Гнатовська, Алена Ильдусовна Гнатовская, Alona I. Hnatovska · 16 authors
The article deals with the problems of determining the place of the cryptocurrency in the system of financial instruments and the study of its legal status in Ukraine and in the world. The problems of influence of cryptocurrencies on the economy of Ukraine and other countries across the world, potential threats posed by the cryptocurrency system for users of such systems and ways of legal regulation of cryptocurrency transactions are considered. The terminology that is widely used in the cryptocurrency field is analyzed, the main types of cryptocurrencies and the technologies on which they function are considered. Their characteristic features, positive and innovative concepts, which were introduced with their appearance, are identified. The legal status of cryptocurrencies and their prevalence has been investigated. The modern concepts of regulation of the cryptocurrency market in Ukraine and in the world are characterized. In the course of researching the subject of the article, the authors conclude that it is necessary to establish state control over the regulation of the legal status of cryptocurrency and prevent its possible negative impact on the country's economy. It was also concluded that a draft law would be considered that would address the issue of regulation and control of cryptocurrency transactions.
Аргументовано різний підхід ЄС до правового статусу криптовалют – одні країни визнали доцільність їх використання та працюють над створенням законодавчої бази, яка закріплює правовий статус віртуальних валют, а інші країни відмовляються від криптовалют та забороняють їх обіг. Пропонувалося розробити окремий законопроект із залученням активної частини криптовалютної спільноти, який містив би положення про визначення криптовалюти як валюти, відмову від бартерного характеру криптовалюти, встановлення Національного банку України як головного регулятора таких відносин, відмова від обмеження придбання криптовалюти лише в спеціалізованих фінансових регуляторах через можливі корупційні ризики, встановлення порядку ліцензування та проведення процедур AML та KYC, прогнозування реальних практичних кроків щодо запровадження пільгової системи оподаткування видобутку корисних копалин з подальшим внесенням змін до податкового законодавства.
У статті на основі аналізу причин стрімкого падіння цінності криптовалют у 2018 р. і особливостей 17 альткоїнів з найбільшою ринковою капіталізацією зроблено висновки про вектори розвитку криптовалют і перспективи цього феномену. Виявлено вектори розвитку криптовалют: 1) валюти платформ для створення і функціонування децентралізованих додатків (Ethereum та альтернативні платформи: Eos (позиціонується як швидша, простіша, дешевша); Cardano (для фінансових додатків, що використовуються у щоденній діяльності); Neo (валюта платформи, дружньої до регуляторів (зокрема, китайських); Ehereum Classic – більш децентралізована, з більш строгою незворотністю транзакцій, ніж у Ethereum); 2) платформи для більш ефективних транскордонних платежів (Ripple та більш децентралізована альтернатива – Stellar); 3) вирішення технічних проблем біткоїна (Litecoin – більш зручна для дрібних трансакцій, Bitcoin Cash – альтернативне вирішення проблеми масштабування трансакцій); 4) полегшення торгівлі криптовалютами і вирішення проблеми їхньої волатильності – Tether; 5) внутрішні валюти криптовалютних бірж (Binance Coin); 6) збільшення анонімності трансакцій: Monero, Dash; 7) забезпечення транзакцій в Інтернеті Речей – IOTA; 8) універсальна валюта для віртуальних розваг – TRON. Обґрунтовано гіпотезу, що, не впоравшись з амбітною роллю альтернативи суверенним грошам ієрархічної природи, криптовалюти частково зійдуть до ролі віртуальних валют для локальних віртуальних просторів, а частково перенесуть частину своїх властивостей у традиційні платіжні системи, аби полегшити, скажімо, транскордонні транзакції. Загалом, процес поширення криптовалют синхронізується з процесом поширення інформаційно-мережевої економіки.
Maryna Dubinina, Svitlana Syrtseva, О. В. Буганов, N. Tusova
Introduction. Due to the rapid development of computer technology, their active implementation in all spheres of life, people began to solve everyday problems much faster. IT-technology is one of the most relevant branches of science at the modern stage of development of society, because today every company keeps records of its activities using computers. \n \nThus, in the future, the accounting sector is expected to undergo major changes, because the technology “Вlockchain” is actively implemented in the financial sector of the country. The investigated platform has an important property for accounting work, because the information created in this database can be trusted, even if there is no trust in the counterparty. The transaction is carried out only if it is approved by both parties. \n \nPurpose. The purpose of the article is to substantiate the feasibility of implementing Blockchain technology in accounting. \n \nResults. Proponents of technology believe that the new tool will be able to replace not only accountants, but also banking institutions and many financial intermediaries. According to the Blockchain Research Institute, Ukraine is included in the list of 14 countries which were recognized as leaders in the implementation of Blockchain. However, the state has to restructure huge systems with a large number of people to use this tool. It is also necessary to prepare legislation properly and take into account the fact that high energy costs are needed to support technology. \n \nThe technology aims to put an end to the traditional methods of invoicing, documentation, processing, registration, inventory systems and business payment. Вlockchain allows companies to record both sides of the transaction simultaneously in a shared workbook in real time and not store the reconciled entries of financial transactions in separate private created databases y or for the account books. The need for traditional double-entry accounting will be eliminated, as the verification of the legality of accounting will be fully automated. \n \nConclusions. Directions of use of technology in accounting require, first of all, proper preparation of legislation. Taking into account the prospects of using this tool, we can assume that the Blockchain will be used in Ukraine in 10-15 years and only when the national legislation is adapted to the new realities of the use of information technologies.
The article deals with ontological aspects of cryptocurrency, its classification characteristics and types. The questions related to the creation of a new instrument of monetary policy are studied. The authors carry out analysis of foreign and domestic scientific papers, international and state regulatory documents linked with cryptocurrencies. The study reveals the distinctive features of cryptocurrency from the concepts of ‘digital currency’ and ‘virtual currency’, as well as historical stages of their development.The authors describe characteristics of three main communication elements between the participants of operations with cryptocurrencies. The article discloses the model of decentralized digital currency schemes and their main characteristics. The paper presents the analysis of normative documents regulating the turnover of cryptocurrency in Ukraine and considers the problems of displaying transactions with cryptocurrencies in the accounting.The authors investigate the problems of cryptocurrency’s use as a full-fledged currency in contemporary economic conditions, in particular, the absence of a centralized cryptocurrency emission institutions, circulation control, transaction anonymity and insufficient of high liquidity, as well as substantial short-term leaps in its value.According to the results of the study the authors propose approaches of book-keeping for transactions with cryptocurrency in accounting for companies in Ukraine depending on the purpose of their use (purchase of a web-purse for operations with cryptocurrency, purch
The subject matter of the article is the substantiation of the problems and perspectives of the introduction of Distributed Ledger Technologies (DLT) / Blockchain in the public and private sectors as a modern digital economy instrument. The goal of the work is to substantiate the scientific and methodical principles of implementing the technologies of distributed DLT / Blockchain registers. The following tasks were solved in the article: the notion of Distributed Ledger Technologies (DLT) and Blockchain is defined; types of Distributed DLT Registries are presented in the form of a classification with a distinction of features and possibilities of application of each type; the general scheme of work is described and the specific features of the Blockchain technology are systematized;the features and directions of the use of intelligent contracts (smart contracts) based on the technology of blockchain are singled out;the international experience of government initiatives and pilot projects of the blockade technology application has been analyzed; the analysis of the domestic experience of practical application of Blockchain technologies in the public and private sectors and the perspective areas for the future application of technologies of the distributed DLT registries are identified; according to the international analytical agencies research results, the obstacles of the Blockchain technologies implementation in the public and private sectors are systematized. The following methods are used: abstract-logical analysis, theoretical generalization, system and statistical analysis. The following results were obtained. The concept of technologies of distributed DLT / Blockchain registries is disclosed. The availability of the system is based on open, private and federal DLTs. The specific features of DLT / Blockchain distributed registry technologies include centralization, involvement of a large number of participants to achieve consensus, use of cryptography and digital signatures, almost impossible to change chronological records, the convenience of tracking and verifying information, and the ability to program. The international experience of using Blockchain technology in countries such as the Great Britain, Georgia, Estonia, the USA, the United Arab Emirates, Italy has been researched. Examples of practical implementation of DLT / Blockchain registry technology in Ukraine are considered. The main obstacles to implementing distributed DLT / Blockchain registries in the public sector are regulatory restrictions and technology immaturity. The obstacles to the introduction of block technologies in the private sector are identified. Conclusions: It is proved that the distributed DLT registry technology has a significant potential for development for the future digital economy. Nevertheless, there are a number of barriers to their full use in the public and private sector, which requires further study by experts.
The article identifies gaps in the legal regulation of Kiptocurrency status. The state of legislative regulation of cryptocurrency turnover in Ukraine is considered. The possibility of using cryptocurrency is considered in the economic activities of business entities, namely, making it into the authorized capital. The analysis of modern and foreign experience is given for example. On its basis, the solution of this problem is proposed.
У статті охарактеризовано основні виклики, що постали перед фінансовими системами країн світу з огляду на появу криптовалют, які здатні порушити монополію центральних банків щодо контролю грошової маси в обігу. Визначено наявні у світовій та вітчизняній практиці підходи до визначення сутності криптовалют. Розглянуто основні відмінності між електронними грошима і віртуальною валютою. Здійснено оцінку тенденцій на ринку криптовалют, динаміки капіталізації основних криптовалют, зокрема біткоіна, структури криптовалютного ринку. Проаналізовано ситуацію відносно визначення правового статусу криптовалюти в зарубіжних країнах та Україні, обґрунтовано наявність у світовій практиці п’яти основних підходів до регулювання ринку криптовалют. Визначено переваги та недоліки потенційного використання криптовалют як платіжного засобу, а також ризики, пов’язані із частковим заміщенням офіційних платіжних засобів криптовалютами. Визначено ключові передумови застосування ефективних регулятивних підходів до здійснення операцій з криптовалютами, напрями побудови законодавчо-нормативної бази таких операцій в Україні.
The need to obtain prompt access to funds through electronic communications, protecting investment after the global financial crisis has led to the emergence of a new type of electronic money — the cryptocurrencies. The modern state and prospects for development of the cryptocurrency as a special kind of electronic money were expounded. Cryptocurrencies gain significant popularity due to the advantages of their use, such as: comfort, independence, accessibility, lack of engagement, confidentiality, no documents, full automation of accounting, and cost optimization for administration. Various scientific positions concerning the accounting and economic positioning of the cryptocurrencies in Ukraine were researched. The proposed order to display in accounting the processes of initial obtaining (mining) with the definition of a cost calculating method and operation of the cryptocurrencies most fully corresponds to the national accounting treatment. It was proposed to resolve to the problems of management accounting of electronic money and cryptocurrencies in Ukraine through the combination of functional capabilities of the blockchain technology, positive qualities of the «Internet Bank» and «Client-Bank» communications, which will enable to create a hybrid system of non-cash payments by the cryptocurrencies, electronic money, funds on accounts in a bank with free conversion of existing funds and possibilities for information exchange with all the participants in settlement operations. The article presents a methodology for collecting accounting information on settlements with the cryptocurrencies and other electronic money without the formation of traditional payment documents and bank statements. Electronic information from the hybrid communication system is the foundation for fully automated documenting, formation of accounting records, informing accountants and management of non-cash transfers. Automation of management accounting of electronic transactions helps to increase the level of internal and external control over execution of money operations due to timely and remote informing sharing about the parameters of payments.
Elena Kirillova, Albert Valentinovich Pavlyuk, I. A. Mikhaylova, Зульфугарзаде Теймур Эльдарович · 5 authors
The current article examines the peculiarities and legal nature of Bitcoin, Lifecoin, Namecoin, Quark, WebMoney, Ripple and other virtual currencies. There is no single understanding of the legal essence of virtual currency in the world today; therefore, the legal status of such currencies is not officially fixed and there are no official rates of Bitcoins or other crypto currencies against national currencies. Their rate is determined in the course of trading at virtual Bitcoin exchanges and exchange platforms. Such a situation is dictated by the novelty of legal relations in the field of crypto currency circulation, the risks of their implementation, as well as security problems. The main goal of the study is to define the legal nature and features of virtual currencies and the possibilities of legislative regulation of using crypto currencies. When writing the article, the methods of collecting and studying singularities have been used, as well as generalization methods, the methods of scientific abstraction, and the methods of studying regularities. The study has concluded that it is advisable to provide for the licensing of mining and crypto trading at the international level, customers should be identified when selling and buying virtual currencies, introducing a special verification procedure for Bitcoin users will prevent the abuse of virtual currencies for money laundering and terrorism financing. As a result of the analysis, a definition has been given, and the main features and functions of the virtual currency have been highlighted. It has been proved that virtual currencies are a new kind of electronic money stored in computer memory, the monetary value of the virtual currency is managed by means of a technical device. Virtual currency is a new means of payment and does not require access to deposit accounts.
Cryptocurrencies – a new, but quickly developing concept within the sphere of finance. Opinions regarding it still differ, not only on a personal level, but also when it comes to governments. Overall the legal regulation regarding cryptocurrencies in the world is still in the formation stage. Currently the legal norms that do exist, are primarily directed towards the minimization of existing risks, especially in the field of money laundering. Though there is already no reason to doubt, that during the coming years the regulation will become stricter. In some countries cryptocurrencies are outright forbidden. For example, in China, in February 2018 additions to the legislation were issues, that broadened the cryptocurrencies ban. In other countries cryptocurrencies shall be strictly regulated. For example, in Estonia, a member of EU, cryptocurrencies are fully legal. Estonia can be reviewed as a country that independently developed its own regulation in this field. Though there is no guarantee that the legislators will keep up with the quickly developing technologies. One way or another cryptocurrencies exist and are not going anywhere. The legislation that regulates them shall be developed further and they shall become a important part of the modern financial system. The level of their influence is hard to predict, things are changing too quickly, but their existence is a fact. It is necessary to remember, that that cryptocurrencies are not a magical solution or means of profit. It is a financial instrument, new, in many ways unique, with its own special drawbacks and benefits. It is important to know and understand them, also to keep an eye on the developing technologies.