Introduction. Currently, there is no single, unified framework for the classification of cryptoassets. Consequently, there is no generally applied definition of neither cryptoassets, nor digital tokens, due to the variety of features and bespoke nature of the transactions in practice. The objective of this paper is to define the essence of cryptoassets in the financial accounting, identify attributes for its taxonomy and provide a multipurpose overview of cryptoassets market environment. Methods. In a comprehensive overview of cryptoassets market environment, the authors have used statistical monitoring, as well as dynamic, comparative and structural analysis. The selected sample includes daily data of cryptoassets market capitalization. Data were gathered from multiple sources at various time points during February 2016 - July 2020. Results. According to the conducted research, the countries with the largest number of registered cryptoassets exchanges are: the UK, Hong Kong, Singapore and the US, however, about 17% of exchanges still stay with unknown countries of registration. It is expected that the number of such exchanges will reduce soon, due to the adoption of certain legislative frameworks regarding cryptoassets. The authors define the essence of such terms as: cryptoassets, cryptocurrency, digital tokens and propose a cryptoassets taxonomy, based on the token’s functionality and characteristics. Four main types of cryptoassets have been identified and defined, namely: cryptocurrency (payment tokens), security tokens, utility tokens, asset-backed tokens and hybrid (or mixed) tokens. The authors suggest possible financial accounting treatment for each type of the cryptoassets. Conclusions. The cryptoassets market capitalization reacted to the factors such as global financial fluctuations due to macroeconomic factors and the COVID-19 pandemic as well as increasing digital asset regulations in early 2020. Cryptoassets remain largely a self-regulated industry and they still have no legal definition. The authors define cryptoassets as transferable digital assets recorded with a distributed ledger technology, which prohibits their copying or duplication. Due to the plethora amount of types of cryptoassets, a case-specific review should be required to determine the corresponding financial accounting treatment. The methodology of cryptoassets accounting treatment require further research.
Problem setting. Comprehensive digitalization of all spheres of life, as one of the most important factors of economic growth in any country, is the mainstream of the modern global world. Digital transformations in the economy are changing approaches to both the organization and conduct of economic activity and the format of its state regulation. The development of the digital economy is inextricably linked with the “digitalization” of a number of traditional objects and / or forms of interaction between participants in economic relations, as well as the emergence and active circulation of new objects whose existence is possible only in digital format (“ digital objects “). Virtual assets / cryptocurrency are one of such objects to which there has been a bivalent attitude since its appearance, and to the legal nature of which a unified approach has not been formed to date. Analysis of recent researches and publications. Among the researchers who in their works addressed the issue of the legal nature of virtual assets / cryptocurrency and transactions with it, it should be noted M.V. Grebenyuk, B.V. Derevyanko, I.M. Doronin, A.T. Kovalchuk, L.O. Nikitin, S.S. Pylypyshyn, V.A. Ustymenko and others. At the same time, a full-scale study of this issue, in particular from the standpoint of economic law, requires further legal, including economic and legal research. Target of research is to study the heterogeneous nature of virtual assets / cryptocurrencies in the context of digital transformations in the economy and modernization of domestic legislation. Article’s main body. In the context of global digitalization, the scale and pace of digital transformations associated with the emergence of new digital objects, their active involvement in civil, economic turnover and subsequent market turnover are growing. Virtual assets/cryptocurrency are one of the objects in relation to which there has been a bivalent attitude since its appearance, and in relation to the legal nature of which a unified approach has not been formed to date. This article discusses the first official explanations in Ukraine on the nature of virtual assets / cryptocurrencies, as well as the position of the Office of Effective Regulation (BRDO) and theoretical and legal approaches to this object. Qualification features are analyzed, which contains the legislative definition of “virtual asset”, which together represent its functional heterogeneity. Some issues related to the contractual basis for the circulation of virtual assets / cryptocurrencies are highlighted, and suggestions for further development of the current legislation on these facilities are provided. Conclusions and prospects for the development. Legislative legalization of the concept of “virtual assets” is an important step towards the legalization of the virtual assets market and the first stage of the institution of virtual assets, further development of which requires intensification of work on the development of relevant legislation on virtual assets. connection with the generation (issue) and circulation of virtual assets. At the same time, achieving a synergistic effect in the legal regulation of relations, the object of which are virtual assets/cryptocurrency, necessitates appropriate amendments to the Commercial and Civil Codes of Ukraine, the Law of Ukraine “On e-commerce”, tax, investment legislation and more.
Problem setting. The work is devoted to the study of the legal status of cryptocurrency as an object of taxation. The legal status of cryptocurrency in legal relations between tax authorities and individuals or legal entities is an urgent problem, since there is only a small number of works on this issue. Of particular note is the study of international experience in taxation of cryptocurrency transactions, as well as an analysis of the most relevant proposals for amending national legislation in order to establish the legal status of cryptocurrency and transactions related to cryptocurrency as an object of tax legal relations. Analysis of recent researches and publications. Despite the great relevance of this topic, in the modern science of tax law there are no fundamental scientific works and studies on the problems of taxation of cryptocurrency and cryptocurrency transactions. Target of research. The purpose of the scientific article is to conduct research on the legal nature of cryptocurrency, as well as the disclosure of theoretical, practical problems and features of legal regulation of cryptocurrency and operations related to the use of cryptocurrency in modern tax law. Article’s main body. The article deals with the legal nature of transactions connected with the use of the cryptocurrency as an object of tax relations. The issues of the possibility of attributing income, as well as profits from cryptocurrency transactions to the objects of taxation of personal income tax, profit tax, and value-added tax, are disclosed in accordance with the current tax legislation. The following conclusions have been drawn: it is impossible to impose the relevant taxes on income and profits from transactions with the cryptocurrency; there is a conflict in the current legislation, according to which the proceeds from transactions with cryptocurrency may be subject to the Law ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as Well as Financing Proliferation of Weapons of Mass Destruction’ In addition, foreign experience of legal regulation of transactions with cryptocurrency in tax legislation in such economically developed countries as the USA, Great Britain, Canada, Germany, Switzerland, etc. has been analyzed. It has been established that nowadays, in world practice, there is no unambiguous approach to the tax regulation and taxation of cryptocurrency transactions. So, in some countries, the income from operations with cryptocurrency is taxable, while in others cryptocurrency transactions do not belong to objects of taxation. Conclusions and prospects for the development. As a result, the author presents her own proposals on amending the tax legislation aimed at determining the legal status of cryptocurrency transactions in tax law. The article is devoted to the legal nature of transactions related to the use of cryptocurrency as an object of tax relations. Foreign experience of taxation of operations with the cryptocurrency is analyzed. The author considers current proposals for amending the tax legislation of Ukraine, who’s the purpose of which is to determine the legal status and control measures for compliance with tax legislation in the implementation of cryptocurrency transactions in tax law.
Nowadays the global financial system faces a triple challenge: the threat of a new systemic financial crisis at both global and regional levels; difficulties of constant adaptation of existing financial business and regulatory practices to intensive technological innovations; direct and hidden consequences of excessive political influence on the financial system through sanctions and selectively applied practices for sanction purposes. Improving the quality of financial regulation will require deeper cooperation between regulators of leading economies and a proactive position of the financial industry, as well as the decentralization of financial regulation. However, it is unlikely that this will happen at the global level. Financial stability became a key goal of global financial regulation in the post-crisis period. We consider financial stability as the «tragedy of commons». The article describes the main trends of financial markets regulation after the crisis: transformation of global financial architecture, anti-money laundering and counter-terrorism financing practices (AML/ CT), financial sanctions. The article analyzes the existing failures of modern post-crisis financial regulation: credit crunch, reduction in the effectiveness of monetary policy, regulatory arbitrage, and increased compliance costs (AML/CT legislation, tax legislation, and the sanctions regime). In the future we expect simultaneous trends of harmonization and standardization of requirements in traditional sectors of financial markets (including traditional institutions of the shadow banking sector), but at the same time regulatory arbitrage1 will induce new financial technologies in order to reduce regulatory costs. The crisis triggered by the coronavirus pandemic in 2020 despite its non-financial nature will almost inevitably have a major impact on financial markets and their regulation. Possible steps to eliminate failures in the financial regulation system are proposed, including recommendations for international organizations.
Open access
Banking stability, regulation, efficiency
Economic Issues in Ukraine
Economic, Social, and Public Health Issues in Russia and Globally
Introduction. The digitalization of the financial sector leads to the transition to blockchain technology, which opens up additional opportunities for expanding the financial base of the state through fiscal mechanisms, and generates additional risks. That is why the topic of taxation of the digital sector is now being addressed both at the governmental level and by a number of scientists and crypto enthusiasts.The relevance of the topic presented in the article is determined by the need to determine the legal status and legalization of cryptocurrencies in Ukraine in the system of modern payment and exchange transactions. Methods. Methods of analysis of foreign taxation practice and regulation of cryptocurrency circulation and determination of tax base are used in the process of preparing the article, as well as approaches to interpretation of cryptocurrency from the positions of goods, property, digital financial asset, intangible asset. Results. The results of the study showed that Ukraine has approaches that are based on domestic legislation, or rather its opportunities for expansion in order to conceptually adopt the cryptocurrency industry in the current legal field, and to study foreign experience and practice of leading countries that are already taxing transactions with cryptocurrencies on the general principles of tax legislation, or create privileged conditions in the form of reduced rates or a preferential tax period. Discussion. The difficulty is to find a balance of interests between the state and the user of cryptocurrencies, and it is essential to determine the status of legalization of digital financial assets and digital currencies for the digital economy, which will expand infrastructure and ecosystems in cryptocurrency projects. And scientific approaches will allow to integrate them into the economic system of the country. Keywords: blockchain, cryptocurrency, cryptocurrency, digital goods, taxation, legal status, tax norms
Introduction. The article gives a critical assessment of the situation and discusses the problematic aspects and perspectives of the institutionalization of cryptocurrency. Given the growing public interest in cryptocurrencies circulation, stock market trends, benefits and opportunities for the economy, as well as the associated threats and challenges, regulatory policy and the legislative framework are imperative. It is impossible to solve the problem of legal, accounting and tax consequences of cryptocurrency transactions without determining the legal status of a cryptocurrency. The lack of standards and clear recommendations of the relevant methodological authorities necessitated the search and systematization of international accounting, financial reporting and taxation practice on cryptocurrency transactions. Methods. The authors applied the dialectical method of cognition and general scientific principles of complex research, which include empirical, general logical, theoretical and cognitive methods. These methodological tools are used to identify approaches, assess trends in cryptocurrency circulation and cryptocurrency market, consider the nature and disclosure of cryptocurrency, identify methodological problems of integration of cryptocurrency and related transactions in the system of accounting and financial reporting, differentiation of approaches to determining legal status. Results. Undoubtedly, cryptocurrency has potential. However, to realize this potential, stimulate the growth, increase the accessibility and the level of trust, effectively scale of the business and its interaction with regulatory authorities, it is necessary to create a more institutionally friendly environment. Without appropriate legislative regulation of circulation and determination of the legal status of cryptocurrencies, as well as in the absence of clear recommendations of methodological bodies in the field of accounting and taxation, many legal, theoretical, and applied issues of accounting and taxation cannot be resolved. Discussion. Domestic lawmakers, regulators and scientists have to analyze actively the experience of other countries, to study scientific developments and to conduct further research in order to normalize these relations in the European and global context.
The main advantages of cryptocurrency are justified: confidentiality and, therefore, the security of owner data; independence from the state; absence of territorial and time constraints in transactions; low cost of service, etc. The advantages and disadvantages of using cryptocurrency in the period of exacerbation of economic crisis are presented. The global experience of legal and market regulation of cryptocurrency circulation is considered. Prospects for the further functioning of cryptocurrency as a financial innovation in modern economic systems are outlined.
Actuality of research theme. In the current context of reforming the education sector, the problem of financial support for the initiated reforms needs special attention, since its success depends on the degree of its sufficiency. This fully applies to the system of vocational education, as in recent years the problem of shortage of workers has been actualized. It is possible to solve the problem of providing the leading branches of the national economy with personnel only in the conditions of sufficient level of financing of education in general and profesional-technical in particular.Problem statement. The issue of managing the reform process and decentralizing power to ensure the country's sustainable development is intrinsically linked to the educational reform process, so finding effective reform mechanisms and funding levels requires particular attention and in-depth theoretical and practical research. Analysis of the last researches and publications. Significant contribution to the consideration of the problem of development of education and its financing were made by Burkovskaya Ya. G., Vovkanych S., Petrenko V.P., Palekhova V.A., Semov L. [1-4] and others. Selection of unexplored parts of general issue. The formation of conditions for the sustainable development of the national economy depends on the level of provision of the necessary personnel, compliance with the level of their preparation to the requirements of the present, which cannot be ensured without sufficient level of education funding. Therefore, there is a need to study the effectiveness of funding mechanisms for profesional-technical education in Ukraine in the context of decentralization and reform of the administrative and territorial structure in the country. Task statement, research aim. The purpose of the study is to evaluate the level and mechanisms of financing the process of reforming and developing profesional-technical education in Ukraine. Method or methodology of realization of research. In the process of realization researches drawn on scientific (analysis and synthesis, induction and deduction, analytical grouping) and special (abstracting, economical-mathematical design, etc.) methods of study of the economic phenomena and processes. Exposition of basic material (job performances). This paper analyzes the dynamics and mechanisms of financing the reform of profesional-technical education in Ukraine.As a result of the analysis of the structure of funding sources, it has been established that in recent years there has been a shift in the financial burden for the maintenance of profesional-technical education institutions from the state to local budgets.It is shown that according to the actual and planned indicators of financing, there is a coincidence in relation to the state budget with systematic failure to meet the planned indicators by local budgets.The effectiveness of financial support for the decentralization of profesional-technical education reforms has been analyzed. The results show that at the initial stage of reforms, their success was threatened by the under-financing by their local governments. At the state level, the problem was solved in 2016 through a stabilization grant.According to the analysis of the dynamics of the state budget subvention volumes to the local budgets for the modernization and updating of the technical and technical base of the profesional-technical institutions, its distribution between the regions of Ukraine and the level of implementation of the planned indicators, it has been found that during 2016-2018, its volumes increased from UAH 50 million to 100 million, and in 2019 decreased to the level of 2016. The actual amount of the subvention was lower than planned, which resulted in a total underfunding of UAH 11 million 235.3 thousand.The analysis showed that during 2016-2019, the regional funding priorities had changed, but the subsidy volumes did not depend on the size of the oblast and the corresponding amount of profesional-technical institutions in them.The conducted analysis showed that the highest level of subsidizing the modernization and updating of the material and technical base of vocational schools during the 2016-2019 years was received by Kharkiv, Kirovograd, Kherson, Dnipropetrovsk, Odessa, Ternopil and Kyiv regions. Poltava and Transcarpathian regions received the lowest subsidies in these years.Consequently, the imbalances in the distribution of subsidies are not justified and the subsidy mechanism needs a more prudent approach, since among the regions that have not received subsidies are those where there is a significant need for staffing.The foregoing makes it possible to conclude on the establishment of a system of financing vocational services, in particular continuous, non-deficit ways, taking into account regional needs of the labor market and the level of provision of educational services. It will be advisable in further studies to look for mechanisms to further attract financial resources for the development of profesional-technical education on public-private partnerships. It is promising to study the procedures for compensation of interest on credit resources by banking institutions in cooperation with stakeholders to improve educational services.Conclusions. The analysis of the dynamics and mechanisms of financing the reform of profesional-technical education in Ukraine shows that in recent years there has been a shift in financial burden for the maintenance of profesional-technical institutions from state to local budgets.It is established that there is a coincidence of actual and planned indicators of funding in the state budget and a discrepancy in local budgets.The level and effectiveness of financial support for the decentralization of profesional-technical education reforms have been analyzed. It has been shown that due to the underfunding of local budgets at the initial stage of reforms, their extension was in jeopardy. The situation was corrected by the use of a stabilization grant from the state budget.According to the results of analysis of the dynamics of the state budget subvention volumes to the local budgets for modernization and updating of the technical and technical base of the profesional-technical institutions, its distribution between the regions of Ukraine and the level of implementation of the planned indicators, it was established that during 2016-2019 the regional priorities for financing changed, but the volumes of the subvention did not depend the size of the area and the corresponding amount of profesional-technical institutions in them. The analysis showed that there are imbalances in the distribution of subsidies between regions, which is not justified, so the subsidy mechanism needs a more prudent approach, since among the regions that received subsidies are those where there is a significant need for staffing. The above makes it possible to conclude the establishment of a system of financing profesional-technical services, including continuous, deficit-free ways, taking into account the regional needs of the labor market and the level of provision of educational services (involvement of teaching staff of qualified specialists, exchange of experience, international internships, extension of the list educational services, etc.).
The need to rethink the role of urban debt policy in accordance with the growing needs of urban communities and their sustainable socio-economic development is identified. In Ukraine, the legal preconditions for the formation of cities' own debt policy and the implementation of borrowing in both domestic and foreign nancial markets. The current state of local budgets and decentralization processes only highlight the need for cities to develop debt policy. The formation of the institution of local borrowings in Ukraine is analyzed and an in-depth analysis of borrowings of city councils in 2014-2019 is carried out with the definition of three periods: 2014-2015 - increase in borrowed funds, but such borrowings were formed mainly due to debt activity of Kyiv City Council domestic local bonds; 2016–2017 - decrease in the amount of borrowed funds, which occurred under the inÀuence of macroeconomic, political and fiscal instability; 2018-2019 - resumption of debt activity of city councils that had experience of borrowing in the previous, relatively analyzed, period and diversification of forms of local borrowing. Based on the cluster analysis, the main characteristics of the modern debt policy of city councils of Ukraine, which is based on the di൵erentiation of city councils-borrowers, are determined. The main borrower remains the Kyiv City Council (the share was about 67%), the activity of borrowings was noted in the following city councils: Zaporizhia, Dnipro, Lviv, Odessa, Ivano-Frankivsk. It is established that the debt policy of city councils is based on raising funds from NEFCO, state-owned banks and the Ministry of Finance of Ukraine. Improving the debt policy of city councils of Ukraine should be based on the synergy of actions of central government agencies: (Ministry of Finance of Ukraine, Debt Agency of Ukraine, NBU, National securities and stock market commission (NSSMC)Financial Control Ofice, etc.) and city councils. Vectors for improving the debt policy of city councils should be an integral part of the Strategy for the Development of the Financial Sector of Ukraine until 2025 and meet its key strategic goals and directions. Key words: debt policy, local debt, local borrowings, domestic local government bonds, external local government bonds, fiscal decentralization.
Rural areas occupy the major part of the territory of Ukraine, but they are characterized by low levels of socio-economic development, limitations in the amount and quality of public services, negative demographic trends. The purpose of the article is to systematize modern means of financing rural development in Ukraine and to identify problems of their application by local governments. The authors proposed to improve the mechanism for financing rural development by active use its budgetary, credit and investment instruments. The prevalence of budgetary funding, whose limitation constrained rural development, was proven. Modern approaches to financing rural development were stated based on broadening community involvement in local budgeting, as well as in attracting investment resources.
It has been found out that government subventions are the most powerful support instrument for rural development in the spheres of infrastructure, education, health care, etc. The possibilities of financing rural development through the development budgets under financial decentralization have been investigated. It was noted that the use of participatory budgeting and other forms of project finance most clearly demonstrated real democratic transformations in local finance in Ukraine. The proposals for the use of PPP agreements, crowdfunding, and international funds’ grant programs for financing rural development were provided.
Purpose. The aim of the article is substantiation of the role of digital infrastructure in the process of digital transformation of Ukraine and analysis of the possibilities of using blockchain technologies. Methodology of research. General and special methods of economic research are used in the course of scientific research, in particular: analysis and synthesis to reveal the economic essence of digital infrastructure; statistical and graphic methods ‑ in the analysis of world trends in the development of information and communication technologies, methods of induction and deduction, abstract and logical method ‑ in drawing conclusions from the results of the study. Finding. Definitions of digital economy, suggested in domestic economic literature, are considered. The author’s definition of this concept is substantiated. Areas of activity have been identified in which the introduction of digital technologies will play a decisive role in the context of digital transformation. The Concept of the development of the digital economy and society of Ukraine and the directions of digital development defined by this Concept are considered. The types of digital infrastructures and the main digital technologies that ensure their formation are given. The essence of the concept of blockchain and the scope of its possible application in Ukraine in order to protect data and ensure cybersecurity is revealed. Originality. The author's definition of digital economy is offered, in which special value is given to introduction and real use of digital technologies in various spheres of human activity. The role of digital infrastructure and main technologies that ensure its formation is substantiated. The directions of using blockchain technologies and measures that need to be implemented for further digital transformation of Ukraine are proposed. Practical value. The results of the study will contribute to the formation of the institutional basis for further development of information technologies in Ukraine, their introduction into the real sector of the economy, and in the future ‑ building an effective digital economy focused on innovation in production and services. Key words: digital economy, digital infrastructure, digital transformation, information and communication technologies, blockchain.
In the given paper, the features of the influence of institutional incentives and power tools on the efficiency of decentralization in ensuring prosperity and in the context of economic growth are explored. The purpose of the given paper is to determine the instruments of government and to characterize the methods of using them to promote decentralization, as well as the mechanisms for financing local governments, the decentralization of information and to define their role in the application of market incentives for decentralization. To study the peculiarities of power tools and institutional incentives for decentralization, to determine the conditions for effective work of local government financing mechanisms, the benefits of information decentralization and types of market incentives, a methodology of desk research was used with analysis of the results of theoretical and applied research published in foreign literature. Secondary information has been gathered in the context of the experience of implementing reforms on decentralization of state power, the peculiarities of the institutional environment and the establishment of stimulating factors for increasing the efficiency of state power. Institutional incentives to increase the effectiveness of decentralization have a complex hierarchical structure, and their impact depends on many factors of local culture and management traditions. Decentralization of information and different market incentives may also have different effectiveness in their application. In any case, many changes are needed in the political system. In future studies, it is planned to focus on the peculiarities of decentralization in certain regions of Ukraine and to assess the state of implementation of the proposed mechanisms for funding local governments in specific circumstances.
An article is devoted to the complex problem of the programming budgeting legislation aspects implementation in Ukraine and in the economically developed countries also. In Ukraine during the last two decades special legal documents were accepted in order to use the program-target method in the budgetary process regulation. Some of these documents are mentioned in this article. Taking into account the necessity of the legislation norms in the field of programming budgeting in Ukraine improvement, an international experience in the respective financial law sphere is important as a source of new ideas for the legislation norms in Ukraine further development and harmonization with legislation norms accepted in the economically developed countries also. That is why in this article programming budgeting international practice achievements and faults are analyzed. An attempt to concentrate attention on the respective problematic questions in the budgetary law sphere is undertaken. The characters of the administrative, centralized, model of the programming budgeting, which occur in the countries with the presidential form of govern, and also the contractive, decentralized, model of the programming budgeting, which occur in the countries with the considerable power of the parliament, are described. Attention is focused on the analysis of the accepted by the Organization for Economic Cooperation and Development programming budgeting classification, what includes the performance-oriented budgeting model, and also the performance budgeting models, namely: the presentational performance budgeting; the performance-informed budgeting; the direct performance budgeting. Comparative analysis of these models implementation shows that in order to reach positive result the financial law special acts were accepted in different countries. Taking into account the necessity of the public finance sphere organization improvement, it is reasonable for this purpose to concentrate attention on the performance-informed budgeting legislation development in Ukraine.
Сьогодні криптовалюта набирає все більшої популярності. Використовуваний протягом кількох років, вона була незалежною, анонімною, стійкою до впливу банків чи уряду. У статті представлені носії цифрової цінності, які мають лише форму комп’ютерно-читаної інформації та не мають матеріального еквіваленту (наприклад, банкноти, монети чи жетони). У статті розглядається історія та характеристики біткойна, аналізується вплив криптовалюти на традиційні безготівкові розрахунки, методи та найпопулярніші майнери криптовалюти, а також як і де купувати та продавати криптовалюту на біржі. У висновку зазначено, що для правильної роботи з криптовалютою необхідне комплексне правове регулювання. Документ також містить інструкції, як зареєструватися на біржі CoinCasso і як використовувати посилання «рекомендація» для здійснення транзакцій на біржі
Currently, the migration fact of many transport enterprises to the Internet cloud has been noted, where the use of information technology is one of the factors for the active use of enterprise innovative potential, revealing new opportunity to increase revenue, improve efficiency and achieve better results. New concepts and terms have been developed with the emergence of the digital economy. Thus tariffs for transport services of enterprises engaged in international transport are replenished with new content. Introducing information systems, using an intelligent user interface, auto-indexed technological tools, transport companies strengthen their influence on international markets, increase volume of service export. Working with blockchain technology is not a particularly difficult task for transport enterprises. The use of the blockchain-based cryptocurrency mining mechanism to increase revenues encourages transport enterprises to improve their organizational structure, create IT departments, introduce new management methods and personnel remuneration systems without limitation to traditional approaches developed by practical activities. A topical issue in the study of cryptocurrency mining and closely related to the implementation of blockchain technology in the activities of transport enterprises remains the issue of the peculiarities forming the cost of services for an enterprise using blockchain technology. In the near future, artificial intelligence will become an indispensable tool for transport enterprises and service organizations. The rapid development of the digital eco-nomy and information technologies in the activity of transport enterprises will serve as the basis for formation of prerequisites for a transition to the V technological mode and development of market relations based on innovative technologies.
Problem setting. In modern conditions special consideration is attracted to the global discussion related to the nature and unshadowing of cryptocurrencies. One of the most relevant topics for discussion in the cryptocurrency space is the future legal regulation of this sphere and the necessity of tight control of financial institutions in the cryptocurrency trading. Nowadays on the territory of Ukraine the legal regulation of the cryptocurrency sphere remains unresolved, effective legislative changes have not been adopted yet. However, some consensus has already been reached on the territory of the European Union in the field of the legal regulation of cryptocurrencies reformation, which causes unconditional interest for Ukrainian scientists and businesses. Based on the stated above, the purpose of the article is to analyze the legal regulation of cryptocurrency unshadowing in the European Union in order to identify the most effective mechanisms for its adaptation into the domestic legal framework. Analysis of recent researches and publications. Some aspects of the legal regulation of the domestic legislation reformation in the sphere of cryptocurrencies have become the subject of scientific research of such authors as Burkovskaya A. V., Varnavsky A. V., Vasilevskaya L. Yu., Kravchenko L. M., Kud A. A., Kucheryavenko N. P., Lizunova A. N., Lunkin T. I., Perebinis M. G., Smychok E. N., and others. At the same time, comprehensive studies of the European Union legislation innovations in the sphere of the cryptocurrency unshadowing and the impact of the reformed legal EU regulation on national legislation of Ukraine is not carried out, that fact actualizes the theme of the article and further research and development. Article’s main body. European leaders today have reached the consensus on the issue that innovative technologies, which are the basis of cryptocurrencies, have the potential to increase the efficiency of the financial system and the economy as a whole, both at the national level and across the European Union. At the same time, European experts have not yet formed a unified approach to the nature and legal status of virtual currency. Scientists argue that increasingly virtual (fiat) currencies are used to finance terrorism through transaction anonymity, so the European Union introduces additional monitoring of virtual currencies and transactions, legalized in Directive (EU) 2018/843, which was analyzed in the article. Repeated attempts to legalize digital assets in Ukraine were made by the legislator, however, none of the bills has been adopted and so far the only regulatory act that would resolve the issues of the cryptocurrencies’ legalization and effective measures to unshadow them have not been adopted, which, in turn, requires the intensification of the legislators’ activities, given the rapid development of cryptocurrencies and innovations. Conclusions and prospects for development. The study showed multivariate interpretations of the legal text of the Directive (EU) 2018/843 by member-countries, as well as the presence of a hidden control regime that goes beyond the needs of the document. At the same time, the Directive (EU) 2018/843 is intended to become an effective regulator of legal relations in the sphere of cryptocurrencies and requires its gradual implementation in the legislation of Ukraine in order to fulfill the international legal obligations of our state.
The article reveals the economic essence of cryptocurrency as an information and technological innovation. The authors have determined that cryptocurrency is a universal global means of payment, exchange, and investing, which exists in the form of a highly protected software code and is characterized by a free market exchange rate. Having considered technical, technological, and organizational aspects of using cryptocurrencies, the authors carried out the comparison of electronic money and cryptocurrency. The done analysis of markets and types of cryptocurrencies has enabled to form a ranking of cryptocurrencies by level of capitalization. The article describes the dynamics of the growth of cryptocurrency market capitalization and the domination of a Bitcoin’s market share. The authors have ascertained strengths of Bitcoin, which had allowed this cryptocurrency to become a useful international means of payment with the high investment potential. The article examines weaknesses of the exchange of cryptocurrency both ordinary consumers and governments. The authors have proven that institutionalization ensured by the formal and informal establishment of rules for functioning of cryptocurrency is necessary for effective functioning of cryptocurrency. The authors have substantiated three positions of institutional support describing the attitude of countries to functioning of a cryptocurrency market: a loyal position, categorical position, and position of anticipation. The authors have developed an organizational and economic mechanism for forming a cryptocurrency market based on functions, methods, and tools of management and suggested directions for undertaking a policy in the sphere of functioning of a cryptocurrency market for countries with the position of anticipation. The process of virtualization of modern society is inevitable. Сountries with the position of anticipation should support the course on innovation by solving a range of regulatory, technical and information issues on the development of the cryptocurrency market, based on leading international experience. The primary tasks should be: granting the legal status of cryptocurrency and developing rules for its circulation, introduction of technological innovations with the participation of the state, large corporations and venture funds, creation of an open ecosystem for interaction of all participants, as well as wide information support at all levels.
This paper substantiates the selection of the most effective new economic and organizational tools, approaches and methods for national enterprises and regions of the mining industry that the Fourth industrial revolution offers. To this end, the role of the mining industry in the world in new conditions, its significance for Ukrainian economy and regions, areas, specializing in this field, are identified. A set of measures, which are based on the analysis of digital tools used by mining enterprises of the world, as well as on the study of the experience of applying advanced approaches and methods, have been offered for the development of the Ukrainian mining industry in conditions of the Fourth industrial revolution. This complex consists of proposals for enterprises of a technological and organizational feature, suggestions for government authorities, including of fiscal and monetary measures, and proposals for smart specialization in the Dnipropetrovsk region. It was defined that the most effective technologies for national enterprises are disruptive ones that ensure the creation of new equipment components and mechanisms, their smart technical maintenance, optimization of production process control, monitoring of health status and quality of safety. At the level of state authorities, it is advisable to introduce tax investment incentives, use traditional and alternative sources of financing, adhere federalism principles with respect to natural resources and fiscal decentralization, improve relations between mining enterprises and local jurisdictions using the capabilities of social ratings. At the regional level, it is proposed to build a regional industrial policy, based on conceptual foundations of smart specialization with the creation of a favourable market environment in the region through the use of soft fiscal and financial regulation tools, governmental R&D programs, and enabling conditions for the innovative development of the mining sector of the economy and its integration with other sectors.
Money is a widely accepted commodity, which enables us to determine the economic value of purchased goods and services and make payments. The dynamic development of technology and social expectations has expanded the spectrum of available types of payment instruments, including e-money and cryptocurrencies. Among dematerialized means of payment, cryptocurrencies began to play an important role due to their independence from central financial institutions and a highly effective form of saving money. The paper aims to present legal authorization, referring to cryptocurrencies, in countries of the European Union and prove that bitcoin is a high-riskу financial instrument. The methodology of the study was based on the review of available legal acts and literature (regarding the nature and function of money) and Value at Risk (VaR) model on the example of risk assessment of cryptocurrencies with respect to investing in the selected currencies. The outcomes showed several discrepancies in the definition of cryptocurrencies. They indicated that bitcoin, as one of the best-known cryptocurrencies, does not fulfill the functions of money formulated in economic theory (in relation to e-money). Besides, cryptocurrencies have been shown to be high-risky instruments.
N. Pantielieieva, Н. В. Рогова, Serhii Braichenko, S. DZHOLOS · 5 authors
The article is devoted to the analysis of transformation of economic relations due to the emergence of such phenomenon as cryptocurrency. It is substantiated that its appearance is connected with the development of the information society, the formation of the virtual economy and the spread of digitization processes in all spheres of economic activity. It is proved that despite the innovative nature of the revolutionary character and the considerable potential for stimulating radical changes in the sphere of economic relations and economic model of modern society, the cryptocurrency is a confirmation of the evolution of money. From the point of view of the theory of money, the ability of cryptocurrency to perform the functions of money (measures of value, means of payment and medium of exchange, accumulation, world money), as well as new specific functions — social, regulatory, indicative and others, — have been proved.
 Analysis of the practice of cryptocurrencies spread gave the opportunity to reveal their characteristic features on grounds of the format of money, unit of account, legal status, money creation, stability of payment, mechanism of exchange, regulation and supervision, risks, etc. In addition, the positive properties of cryptocurrencies and their possible negative effects are identified.
 It is emphasized that the adoption and active spread of cryptocurrencies leads to the transformation of economic relations, and more precisely, the objective formation of a new system of economic relations as a compensator of the negative manifestations of a modern economic society, which, at the same time, has exacerbated to some extent the threats to the traditional monetary system. This is confirmed by the tendencies of the development of the cryptocurrency market, changes in the position of the central banks of the countries of the world from rigid rejection to the development of national cryptocurrencies, including in Ukraine.
 The problematic aspects of determining the legal status of cryptocurrencies in the regulation of cryptocurrency in Ukraine from the point of view of civil-law relations and relatively criminal-law context have been identified. It is concluded that it is necessary to determine the legal status of cryptocurrency in Ukraine, taking into account the position of the leading countries of the world.
Introduction. The paradigm of the modern development of economic intelligent systems is associated with the introduction of information technology, technology platforms, protocols, and IoT. Understanding the essence of technological breakthroughs and finding ways to implement technological innovations to digitize economic processes should help solve a number of problematic areas of doing business that focus on improving competitiveness. Methods. The methodological basis of the article was the current principles of the theory of innovation, methods of cognition, which are formed in the main works on the theoretical direction of the theory of organization, theory of organizational behaviour, theory of competition and theory of system analysis. Results. The essence is examined and the feasibility of using blockchain technology to increase the competitiveness of the business and reduce the risks of its business is proved. An idea of the functioning of the blockchain technology has been formed and the advantages based on the principles of invariability and accessibility of the tool have been highlighted, therefore they should work on the safety and efficiency of doing business. The experience of introducing blockchain technology by foreign countries is analyzed, possible applications are identified. The modern vitality of economic intellectual systems requires specialized technical knowledge and skills, understanding of the essence of technological processes and access to databases that allow to combine economic and technological pools of knowledge to achieve business goals. Discussion. Prospects for further research will be concentrated in the field of potential applications of blockchain technology on the Ethereum platform through smart contracts with promising use of artificial intelligence. Keywords: economic intelligent systems, digitalization, blockchain technology, Ethereum platform, smart contract, competitiveness.
Марат Рашитович Сафиуллин, Mikhail Valer'evich Savelichev, Leonid Alekseevich Elshin
This article explores the potential of using cryptocurrency as universal currency in the conditions of transition of the global economic system towards sixth technological paradigm. The goal of this research consists in analysis of the patterns of co-evolution of the global financial system, technological system, and global economy. Based on the historical material, the author demonstrates how shift in technological paradigms is accompanied by financial crises, and result in the changes of the world financial system. Over the course of time, the gold served as the universal currency, but the advancement of technologies demanded the transition towards more flexible forms of world currency based on the national currencies of most industrialized countries. Currently, the transition to the technology of the sixth technological paradigm is followed by the global financial crisis. The U.S. dollar is not handling the functions imposed by the latest technologies upon monetary systems. The conclusion is made that finite currencies are being replaced by an innovative generation of monetary systems that are based on cryptocurrency. The authors systematize the innovation forms of investment, accounting, keeping and saving of funds, which are based on cryptocurrency and blockchain. It is demonstrated that innovation financial instruments, including different types of cryptocurrency, tokens, smart contracts, and cryptocurrency exchanges, open new opportunities for effective investment in the technologies of sixth technological paradigm. The results of research can be valuable for the government branches in establishment of the policy for usage of cryptocurrency and blockchain for entrepreneurs dealing with developments in the area of practical implementation of cryptocurrency as innovative currency.
Digital transformation affects almost all areas of government management, including public procurement. World experience shows that the procurement sector acts as a driver of digital transformation of corporations. According to the authors, digitalization of public procurement should not be an end in itself, a balanced approach is needed to make the contract system more open, accountable to citizens, convenient for business, cost-effective and anti-corruption. Currently, there have been significant changes in the public procurement system in the direction of its electronicization, electronic platforms, electronic stores for small purchases have appeared, all competitive procurement methods have switched to electronic format. The next stage in the development of the contract system is digitalization due to the transition to smart technologies, including blockchain, smart contracts, cloud services, artificial intelligence, bigdata. The purpose of this article is to show how digital technologies, including those successfully used in corporate procurement, will help move to state “procurement 4.0” and lead to the formation of an intellectual contract system, including eliminating the influence of the subjective “human” factor as much as possible, by transferring the collateral function making managerial decisions to artificial intelligence.
The subject of the study is the justification for the need for further decentralization processes in<br> Ukraine.<br> The aim of the study is to analyze the results of the reform of decentralization of power in Ukraine,<br> to identify the problems and risks that accompany the modern process of decentralization.<br> Research methods. In the work uses a set of scientific methods that reveal the essence of the<br> modern process of decentralization reform, including grouping and benchmarking techniques for<br> building tables; systemic, historical, logical methods that help to reveal the dynamics of decentralization<br> processes and ensure the effectiveness of research.<br> Results of work. Based on the study of the formation of united collectives over the 5 years, it can<br> be argued that the most successful are the territorial associations of cities of regional significance,<br> which have the highest development potential, are less dependent on subsidies, have the ability to form<br> resources from their own sources. For small territorial associations, it is necessary to consider issues<br> regarding their territorial expansion and corresponding increase in population.<br> The field of application of results. System of financial sciences for public administration,<br> economics and public finance management.<br> Conclusions. Decentralization processes in modern conditions of reforming the economy of Ukraine<br> are investigated; problems and risks regarding the further formation of united collectives are examined.