The history of creating bitcoin cryptocurrencies has been considered, the main features of cryptocurrencies and cryptocurrency market have been identified. Based on the identification of features of the blockchain technology, the possibilities of making settlements outside the traditional financial system have been determined. Special attention has been paid to the issue of legal regulation of cryptocurrency in various countries. According to the results of a study of current trends in the cryptocurrency market, in the conditions of a significant decline in the market value of bitcoin in 2018, as the flagship of the cryptocurrency market, prospects for its development have been determined
Introduction. Reconstitution of human capital and education and science financing is a strategic factor in sustainable development of region, a significant element in strengthening the competitiveness of our enterprises, a prerequisite for rising incomes and improving living standards of the population. Purpose. The article aims is to determine the directions of the regional policy of Ukraine for the development of human capital and education financing on the basis of foreign countries experience in the conditions of the development of decentralization processes. Results. The main tendencies of education financing in Ukraine have been investigated. The experience of foreign countries development of decentralization processes in the organization of the financing of education has been systematized. On the basis of the conducted research, we have proposed directions of the region policy in the field of education financing of in Ukraine depending on the budget capacity.
During the history there have been different examples of incorporating technology into economics. Some of them include SWIFT, e-banking, mobile payments, and many more. Technology had to be commercialized and put into service of facilitating economic processes. International finances underwent the process of development too. With the globalization process national economies became more interconnected and dependent from each other. Individuals demanded a faster and more convenient way to make international payments. Internet trade is on the rise, social media rule the contemporary world, and then appears the inception of so-called crypto currencies. The most famous is Bitcoin. Where lays its place in the economic science? It looks like that Bitcoin is going towards decentralization of the monetary system known by now. The goal of this paper is to raise the awareness of the changes happening in economy and in economic science.
Over the last years, the blockchain technology has attracted the attention of both business users and IT specialists. In essence, blockchain or a chain of blocks is a distributed and decentralized database replicated across the multiple nodes of a network. Until recently blockchain has been associated mainly with cryptocurrencies, but nowadays it is revealing its serious potential as a means of replacing the business models that facilitate the operations of business organisations and the communication between them. The utilisation of the advantages provided by blockchain, however, requires their appropriate interpretations within the framework of business processes. With reference to this, the article analyses some of the main concepts and mechanisms of this technology. Special attention is paid to the interrelation of blockchain and distributed ledger (DLT) technologies, hashing of transactions and data management through consensus as well as the so called “smart contracts”. A parallel is made between the capabilities of public and private blockchain. Based on this, the study defines the fundamental blockchain characteristics and the advantages resulting from them. It is suggested that the blockchain technology offers a solution to the primary problem of trust between people in the context of global communication and ensures better transparency, reliability and security of data and business processes. In addition, the author outlines certain potential technical and business risk that have to be taken into consideration in the process of data transfer with reference to blockchain.
Essence of cryptocurrencies is considered in the article, their risks and prospects of development in Ukraine and world. Advantages and disadvantages of crypto currency are described. Positions of foreign central banks and other financial regulators are lighted up in relation to cryptocurrencies and markets of cryptocurrencies. It is offered, that the experience of Japan, Switzerland, the United States and England in this question should be used as a fairway. It is marked that corresponding activity and financial services must be licensed by the state as a type of professional activity on the stages of formation of cryptocurrency (mining) and support of its circulation (trading and financial consulting).
Introduction.The objective reason for the existence of an institution of local budgets is an increase in the efficiency of the provision of public services guaranteed by the state due to the proximity of such services to the immediate consumer. This process is based on the principle of subsidiarity, requires a sufficient level of financial security of local budgets and demonstrates the basic idea of the concept of fiscal decentralization. The decentralization reform is systematic and involves structural changes in various spheres of public life. The object of research of this article is the impact of changes in tax and budget laws aimed at decentralization on structure and dynamics of income and expenditures of local budgets. Purpose.The purpose of the article is to identify trends, priorities and unresolved issues in financing local budget expenditures, compare dynamics of expenditures with dynamics and structural changes in local budget revenues. Results. In the course of the research, the expenditures and revenues of local budgets of Ternopil region during 2004-2017 were analysed, comparison with trends in Ukraine was made. It has been established that due to slowed down economic growth and a systematic decrease in the share of own revenues in recent years, the amount of funding for institutions and activities in the social and cultural sphere has been reduced and the transfer of important functions to the local level was not accompanied by the transfer of sufficient amount of financial resources. Conclusions.The strategic goal of decentralization is to ensure the availability and proper quality of public services for all categories of the population. The decentralized budget system should function on the basis of a coordinated, unified national cooperation policy for many independent institutions, each of which has a legislatively defined sphere of autonomy. Since tax revenues form the main volume of own revenues of local budgets, the issue of improving the efficiency of tax administration comes to the forefront in the context of decentralization changes. Therefore, on the way to ensuring the increase of tax revenues, the strategic goal of local authorities should be to promote economic development of regions.
Introduction. The state of financial provision of social protection at the expense of budgetary funds is an important issue for each state. Purpose. The purpose of the article is to scientifically substantiate the theoretical foundations of social protection of the population and the sources of its financial support. Results. Expenditures on social protection of the population occupy a significant place in the state expenditures of Ukraine. Through the system of social protection during 2010–2016, about 23% of GDP was allocated. A tendency towards a decrease in their share (in 2016 – 18,2%) was revealed. Budget financing takes the lead in the system of sources of financial support. Due to the budget system, 10.8% is distributed, while in the structure of total expenditures of the Consolidated Budget expenditures on social protection and social security make up 59,6%. A comprehensive analysis of the dynamics of volumes and structure of budget financing during 2007–2017 was conducted. A tendency towards annual growth of expenditures on social protection has been established, and it has been found that their growth rates during the investigated period significantly exceeded GDP growth rates. A significant level of centralization is established. Such a situation requires the optimization of budgetary expenditures on social security and social security and the modernization of sources of their financial support. Conclusions. The main vectors for improving the budget financing of social protection and social security in Ukraine are: – decentralization of budget financing of social protection and social security; – provision of social transfers based on the verification of the property and financial status of the recipients; – the targeted nature of social assistance; – monetization of subsidies; – optimization of the state policy in the labor market with a view to its rapid adaptation to structural changes taking place in the economy; since socially-market economy is aimed not only at social protection, but also the creation of such an organizational and economic mechanism that would contribute to reducing the part of the population that needs state paternalistic care (social assistance).
The aim of the article is a comparative legal study of laws and regulations that determine the legal principles for the regulation of cryptocurrency circulation in some foreign countries and in Ukraine and, on this basis, a definition of ways to improve domestic legislation in this sphere. The subject of the study is an interrogation of legal regulation issues of cryptocurrency circulation in Ukraine. Methodology. The study is based on a legal comparison of the regulation of cryptocurrency circulation in Ukraine and in foreign countries. Based on a comparative legal study of certain provisions of Ukrainian legislation, the possibilities and limits of implementation of positive foreign experience in this sphere are determined. The results of the study revealed that to implement foreign experience for the legal regulation of cryptocurrency circulation, it is necessary to postpone the final transition to a floating rate regime by reinforcing state interference. Moreover, it is necessary to strengthen currency control not only for currency transactions with cryptocurrency but also for the activities of entities that determine the state policy on cryptocurrency regulation, as well as operate respectively using instruments provided for by the regulations of the current legislation. Practical implications. The positive experience of the formation of the foreign exchange market in other countries demonstrates that the gradual transition to cryptocurrency circulation is the beginning of the natural market rate, the balance of payments and gradual liberation of the national economy from the pressure of administrative and corruption restrictions. Relevance/originality. The legal analysis of the regulation of cryptocurrency circulation in Ukraine and the definition of problems is the basis for developing the most promising directions for the development of domestic legislation in this sphere.
Introduction. Local budgets are the most numerous link of the budget system, the financial base of local authorities, which plays a decisive role in implementing regional policy through financing public expenditures and are the key to the emergence of a capable and efficient local government. However, the unsatisfactory results of the local authorities functioning in previous periods have led to the objective need to reform existing structure of local finances through fiscal decentralization. Purpose.To characterize the essence of financial decentralization from the point of view of its necessity for the economy of territorial and administrative units development and to analyze the success and risks of its implementation in Ukraine. Methods. In the course of writing the article, several methods were used. Among them were the method of analysis and synthesis, scientific comparison, formal logic and dialectics. Results. It has been determined that since the beginning of financial decentralization, the share of local budgets in the consolidated budget of Ukraine has doubled. The local budget revenues has increased in 2.8 times. Facts above indicate increasing in financial resources available to local authorities and, accordingly, more equal distribution of powers and opportunities of local and state authorities. The financial capacity of local budgets is evidenced by the balance of funds on accounts, which at the end of 2017 were amounted to 78.1 billion UAH. As a result, due to the accumulated resources of local budgets, more expenditure responsibilities has been given to local authorities. In addition, since the beginning of 2015, the formation of united territorial communities has begun, of which 699 had been formed by the end of 2017, but only 159 of them are fully operational. However, despite of the results achieved, significant financial, administrative and political factors threaten to continue fiscal decentralization. Conclusion. Despite the successful implementation of financial reform for local budgets, neglecting obvious risks can have a significant impact on the budgetary system of Ukraine. Therefore, the state and local authorities should further strengthen the requirements for the quality of community associations, control over their implementation and more objective planning and analysis of the results achieved, as the shortcomings in the reform will tend to be strengthened and may have a synergistic effect.
As soon as the usage of cryptocurrency in the last few years has been gaining popularity all over the world, and this global trend has affected Ukraine, the purpose of the paper is to examine the essence of cryptocurrency, to identify the issues of its legal regulation in Ukraine, as well as using the analysis of world experience in this sphere, to identify ways of the improvement for relevant domestic legislation. The authors have indicated that the cryptocurrency market (or "virtual" money) operates successfully and provides an opportunity to analyse dynamics of the cost, supply, and demand of about 90-100 different cryptocurrency. Problem's setting. The authors of the paper have emphasized that despite increasing popularity of cryptocurrency in Ukraine and throughout the world, there is no single clear definition of this concept. Therefore, the authors of this article state that cryptocurrency is a digital decentralized currency, a unit of which is a coin cryptographically protected against tampering since it is encrypted information that cannot be copied, while all information about transactions is stored in the blockchain system. Methodology. The study primarily uses comparative methods for the purposes of examination of the approaches taken under different jurisdictions towards cryptocurrency. Additionally, analysis of the body of theoretical literature on the matter was conducted. Results of the study allowed drawing several conclusions on the prospects of further development of the legal framework for cryptocurrencies in Ukraine since nowadays the country is neutral in the issue of using and regulating cryptocurrency and consequently it is losing precious time, because: first, potentially loses money, which could enter the state budget from individuals, who receive income from transactions on cryptocurrency markets; and secondly, the state runs a risk of citizens' rights violation because of no real instruments for their protection. Practical implications of these are proposals to adopt certain amendments to the current legislation in this sphere, including setting up control over brokerage of cryptocurrency, licensing of the industry, and legal definition of the cryptocurrency for the purposes of taxation, etc. Value/originality. The paper represents one of the first comprehensive studies of the current state and prospects of development of the legal framework for the cryptocurrency in Ukraine. Its conclusions provide both proposals for the development of legislation in this sphere and may serve as a basis for the future studies of this topic.
Dec 28, 2017·Вісник Житомирського державного технологічного університету. Серія: Економічні науки // THE JOURNAL OF ZHYTOMYR STATE TECHNOLOGICAL UNIVERSITY. SERIES: ECONOMICS
Олександр Михайлович Петрук, Оксана Сергіївна Новак
The research deals with the issue of reflection in accounting cryptocurrencies and the ways of solving it through determining the economic essence of such currencies. The purpose of the research is the analysis such economic phenomenon as cryptocurrency and formation of appropriate methodological approaches to its accounting reflection, that requires the identification of the object, the study of the methods of its assessment, the clarification of reflection on the appropriate accounts, the determination of place in reporting.The author generalizes the existed achievements of domestic and foreign researchers about the issues of accounting cryptocurrencies, differentiates between the concept of «cryptocurrency» and «electronic money», and proves that according to a set of features cryptocurrencies do not meet the requirements of the definition of «money», that is why, cryptocurrencies cannot be reflected into the enterprise balance sheet under article «Funds and their equivalents».Using the functional approach to the definition of cryptocurrency as the accounting object and the methods of comparison and analogy, the paper substantiates the order of its reflection as a variety of financial investments applying the special methods of accounting, such as assessment, accounts, and reporting.
André Schweizer, Vincent Schlatt, Nils Urbach, Gilbert Fridgen
Social businesses are increasingly gaining relevance as alternatives to traditional businesses. Nonetheless, such organizations face specific problems. The emerging blockchain technology may represent an opportunity to solve several problems of social businesses and an alternative to established technologies. However, evidence about the potential of blockchain in social businesses is missing. We bridge this gap by designing, developing, and evaluating a blockchain-based crowdlending platform of a social business, following the design science research approach. The evaluation and comparison to a non-blockchain solution allows us to generate generalizable knowledge and derive implications for both research and practice. Our research shows that blockchain enables otherwise unsustainable social business models, mainly by replacing intermediaries and requires changes in software engineering practices. Further, our findings illustrate that blockchain raises challenges and uncertainties and opens promising avenues for further research.
The article addresses some aspects of finance, a sufficiently complicated economic category that is insufficiently developed in modern scientific literature. According to the author, the holistic view of the finance is closely related to the study of genetic and functional aspects of finance, their interdependence and interaction. The author made an attempt to look on the finance from the genetic point of view. The finance as an economic category is considered from different perspectives: as the object and subject of utilization (consumption), in terms of its nature, its role as a subject in social reproduction, as well as its functionality. As a synthetic economic category, the finance is connected with definite steps of the reproduction process at all levels of the economy, represents a complex of economic relations in terms of formation, distribution, re-distribution and use of centralized and decentralized funds as well as non-fund forms of accumulation in the process of establishment, distribution, re-distribution and use of the gross domestic product and the national income of the state.
The article presents the results of a study of a business-engineering project for a commercial bank. The technique of the international standard of business analysis practice BABOK GUIDE v3 (SWOT-Analysis) is used to identify internal and external factors that affect the organization. The commercial bank «Home Credit» was chosen as the object of the study. The aim of the research is to achieve the leading position of a commercial bank among the world's credit institutions by developing a program for the transformation of the enterprise architecture segment. Business process «Lending« was subject to reengineering and reoriented to increase the share of solvent customers through the implementation of the Masterchain platform in the organization's activities. The potential results from the introduction of the «Blockchain» into the business process «Lending» are defined.
The article focuses on the advantages of distributed ledger technology in view to apply it within existing financial system. The article is highly relevant as the technology is a perfect opportunity to develop the financial system in terms of reducing costs and improving efficiency. The authors suggest a few brief definitions of such terms as distributed ledger, block-chain, bitcoin and mining. The article points out and describes special features of distributed ledger technology. Based on the definitions, the article outlines operation principles of the distributed ledger, block-chain, bitcoin and mining. Also, it compares cash against cryptocurrency - bitcoin. The article examines the possibilities of using distributed ledger technology in clearing, payment and settlement processes including ways of money transfer, payments for goods, securities and derivative financial instruments. Also, the article provides statistical data on the use of cryptocurrencies considering the cases of their capitalization, price, money supply and numbers of transactions submitted within 24 hours, 7 and 30 days. The article emphasizes the increase in volume of such transactions in the US, China, Ukraine and at the same time points to the decline in this type of transactions in Russia. In addition to statistical data, the article provides information on the types of distributed ledger systems along with comparison between different types of systems. The article describes processes of transferring money, as well as transactions with goods, securities and derivative financial instruments in modern infrastructure environment. For illustrative purposes, the authors outline how the process would proceed if distributed registry technology was implemented. The authors conclude that advantages of distributed ledger technology overweight its shortages if one takes into account operational, technical, financial and legal aspects. Application of distributed ledger technology would increase efficiency of payments, clearing and settlement, and in the long term, distributed ledger technology could eliminate most shortages of the system existing nowadays on the financial market.
Radical transformation processes in the economy, administrative reform and modernization of the public relations system entail the need for building adequate regulatory mechanisms to eliminate influences of negative factors, stabilize and sustain the development dynamics in the conditions of limited resources. The prolonged prevalence of situational analysis for purposes of administrative decisions making on budget-related issues prevented from effective setting and implementation of strategic objectives, which, once coordinated, would enhance the effectiveness of reforms in the budget system in the whole and the mechanism for interbudget relations in particular. Their high effectiveness is a key and complicated objective of public finance administration in a country. Solutions of problems related with stabilization of economic dynamics, overcoming of consequences of financial and economic crisis require advanced theoretical approaches to enhancing the effectiveness of inter-budget relations as an important component of budget control. The amendments to the budget legislation, adopted in 2014-2015, are supposed to provide for anew model for financing of local budgets and inter-budget relations and the guidelines for reforms of budget and taxation decentralization. The practice of budget control in 2015 shows that the current legal system for control of inter-budget relations had many unsettled issues which calls for its further improvement. Further implementation of the reform of budget decentralization and enhancement of inter-budget relations effectiveness requires extension of rights of local governance bodies, enlargement of their budget autonomy and clearly specified responsibilities.
The article is aimed at studying the history of origins, the preconditions for development, the main problems of functioning, and the prospects of legalizing the cryptocurrency market in Ukraine. One of the key risks when implementing advances of the IT in the financial sphere is the possibility of physical disappearance of banking system in its classical form because of its inability to compete with new technologies. The most troubling, versus the classical banks, may be considered such new technologies as credit electronic platforms and blockchain. In the recent time the bitcoin course has been growing rapidly, giving all the reasons to consider it primarily a classical «pyramid scheme». The cryptocurrency market may also be characterized a «pyramid scheme» because of the fact that the course of such a currency has not any coverage except increase in the number of participants and investors. Ukraine is not a leader in the international cryptocurrency market, albeit not an outsider. In order to secure a reliable State control of the «gray» cryptocurrency market, which is actually present in Ukraine, the article suggests some necessary actions directed towards legalizing and ordering this phenomenon.
The article is devoted to the legal aspects of decentralization in Ukraine, the problems arising in the creation and functioning of the united territorial communities. The mechanism of solving the problems facing the united territorial commu nities with the help of public-private partnership is proposed. It is proposed to make wider use of the advantages of economic and legal experiments. REFERENCES1. The Cabinet of Ministers of Ukraine (2014), Koncepciya reformuvannya miscevogo samovryaduvannya ta terytorialnoyi organizaciyi vlady v Ukrayini, zatverdzhena Rozporyadzhennyam [The concept of local government reform and territorial organization of power in Ukraine, approved by Decree], Oficijnyj visnyk Ukrayiny, vol. 30, art. 831.2. The Verkhovna Rada of Ukraine (2014), Pro spivrobitnycztvo terytorialnyh gromad : Zakon Ukrayiny [On cooperation of local communities: The Law of Ukraine], Vidomosti Verhovnoyi Rady Ukrayiny, vol. 34, art. 1167.3. The Verkhovna Rada of Ukraine (2015), Pro dobrovilne ob’yednannya terytorialnyx gromad : Zakon Ukrayiny [On a voluntary association of local communities: The Law of Ukraine], Vidomosti Verhovnoyi Rady Ukrayiny, vol. 13, art. 91.4. Tkachuk A. (2017), O decentralizacii, uspehah, riskah i roli parlamenta [On Decentralization, Progress, Risks and the Role of Parliament], Zerkalo nedeli, available at: http://gazeta.zn.ua/internal/o-decentralizacii-uspehahriskah-i-roli-parlamenta-_.html5. The Verkhovna Rada of Ukraine (2015), Pro zasady derzhavnoyi regionalnoyi polityky : Zakon Ukrayiny [OnPrinciples of regional policy: The Law of Ukraine], Vidomosti Verhovnoyi Rady Ukrayiny, vol. 13, art. 90.6. The Verkhovna Rada of Ukraine (2010), Byudzhetnyj kodeks Ukrayiny [The Budget Code of Ukraine], Vidomosti Verhovnoyi Rady Ukrayiny, vol. 50—51, art. 572.7. Jakel’ R. (2017), Nu pochti realistichnyj bjudzhet [Well, almost a realistic budget], Zerkalo nedeli, available at: http://gazeta.zn.ua/economics_of_regions/nu-pochtirealistichnyy-byudzhet-_.html8. Slobozhan A. (2013), Mestnoe samoupravlenie i evroperspektivy [Local self-government and Euro-perspectives], Zerkalo nedeli, available at: http://gazeta.zn.ua/macrolevel/mestnoe-samoupravlenie-i-evroperspektivy-_.html9. Derkach M.I. and Lytvyn M.V. (2012), Dosvid Nimechchyny u finansuvanni ekonomichnogo rozvytku regioniv [German experience in financing economic development], BiznesInform, vol. 9, pp. 42—47.10. The Verkhovna Rada of Ukraine (1997), Pro misceve samovryaduvannya v Ukrayini : Zakon Ukrayiny [On local government in Ukraine: The Law of Ukraine], Vidomosti Verhovnoyi Rady Ukrayiny, vol. 24, art. 170.11. The Verkhovna Rada of Ukraine (2003), Hospodars’kyy kodeks Ukrayiny [Economic Code of Ukraine], Ofitsiynyy visnyk Ukrayiny, vol. 11, art. 462.12. Ruchkina G.F. and Kupyzin V.V. (2010), Social’naja otvet stvennost’ sub’ektov predprinimatel’skoj dejatel’nosti i pravovoe regulirovanie otnoshenij po raspredeleniju pribyli [Social responsibility of subjects of entrepreneurial activity and legal regulation of relations on distribution of profit], Predprinimatel’skoe pravo, vol. 1, pp. 35—40.13. The Cabinet of Ministers of Ukraine (2011), Pro zatverdzhennya Metodyky vyyavlennya ryzykiv zdijsnennya derzhavno-pryvatnogo partnerstva, yih ocinky ta vyznachennya formy upravlinnya nymy : Postanova [On approval of Methodology identify risks of public-private partnership, their evaluation and determination of management forms: Resolution], Oficijnyj visnyk Ukrayiny, vol. 18, art. 769.14. The Cabinet of Ministers of Ukraine (2015), Pro vnesennya zmin do postanovy Kabinetu Ministriv Ukrayiny vid 16 lyutogo 2011 r. № 232 : Postanova [On Amendments to Resolution of The Cabinet of Ministers of Ukraine on February 16, 2011, Number 232:],Oficijnyj visnyk Ukrayiny, vol. 76, art. 2525.
Mar 28, 2017·Вісник Житомирського державного технологічного університету. Серія: Економічні науки // THE JOURNAL OF ZHYTOMYR STATE TECHNOLOGICAL UNIVERSITY. SERIES: ECONOMICS
The article analyses the directions of tax management in the context of budgetary decentralization. The paper aims to research tax management in the system of forming local budgets in the conditions of financial resources decentralization and analyze the current tools of tax management on the local level. In spite of a great number of researches, the issue of tax management in strengthening financial independence of local budgets is not enough studied; therefore, to reach financial independence of local communities it is necessary to adopt new normative and legal acts concerning decentralization of financial resources taking into account tax potential of each territorial community. The lack of financial resources causes the problem of optimal redistribution of power among central and local authorities. The author proposes the new mechanisms of solving the current problems on the example of local budget of the city of Uzgorod to contribute budgetary decentralization. The principal idea while conducting the reform of the budgetary process must be the adoption of certain changes in budgetary legislation which have to shift the mechanisms of budgetary financing and equating local budgets. The author concludes that the progressive vector of well-being increasing completely depends on the developed concept of regional economic policy. The article pays attention to the importance of taking into account the tax potential of a territory and characterizes the directions of strengthening financial independence of local government.
The main focus of this article is the analysis of the global cryptocurrency market as an integrated system of cryptocurrencies and infrastructures that ensure their functioning. In particular, the general state of the cryptocurrency market and its current trends have been considered. The main part of the analysis was conducted on the structure of the global cryptocurrency market and its main components. Based on the indicator of cryptocurrency market capitalization, leading cryptocurrencies have been defined. They currently represent 80% of the world cryptocurrency market. These include Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin and NEM. Key players in the cryptocurrency market infrastructure have been also determined, they support and contribute to the development of the market of almost every cryptocurrency. These include miners, full nodes, exchanges, wallets and payment companies. The main market indicators for each leading cryptocurrencies such as: the market share and its change over the year, the degree of influence of the cryptocurrency on the state of the global market, the dynamics of prices and their volatility have been analyzed. The infrastructure of the market of each cryptocurrency has been estimated on the basis of indicators of the reliability of the infrastructure and its trade opportunities. The study showed a high growth rate of Bitcoin and along with it a number of significant altcoins over the past year, which had a favorable effect on the state of the common cryptocurrency market. Almost every cryptocurrency showed positive trends. Ripple is the absolute record holder of price growth over the past year, followed by NEM. Bitcoin and Ethereum are the least financially risky ones in terms of volatility. In addition, Ethereum has the most reliable infrastructure, and Bitcoin has the most secured by exchanges and wallets. Cardano showed the highest growth rates in a short period of time. In general, these phenomena are positive forerunners for the cryptocurrency industry.
Introduction. At the present stage, Ukraine is steadfastly concentrating its efforts on fulfilling its international legal obligations, including on issues of development of local and regional democracy. An important role in these processes is played by the reform of local self-government and territorial organization of power in accordance with the basic provisions of the European Charter of Local Self-Government, which has become an integral part of the national legislation in this area. Purpose. The purpose of the study is to analyze the actual revenues of local budget revenues of the Ternopil region as a whole and the combined territorial communities and the city of Ternopil in particular. In addition, the task of analyzing the dynamics of individual sources of local budget revenues and determining the possible problems of budget formation in 2017 is set. Results. Summarizing the study, it should be noted that as a result of the decentralization reform, the system of financing has been changed in the country, and tools have been created that allow local authorities to effectively address and prevent problems on the ground. Conclusion. The further introduction of a decentralization policy should become an effective factor in stabilizing the socio-economic situation, overcoming the financial crisis, overcoming the contradictions between different levels of government, organizing relations between the center, regions and territorial communities on the basis of the division of responsibilities and competences, as well as partnerships in the area of providing citizens Ukraine with state and local benefits, and to increase the efficiency of using budget funds at all levels of government.
Urgency of the research. The objective need to popularize the foundations of sustainable development is due to an increase of anthropogenic impact on the environment. An important point is the formation of financial instruments for the sustainable development of rural areas and the development of ways of environmentalizing the agrosphere. Actual scientific researches and issues analysis. The scientific works of such scholars as M. Y. Malik, M. A. Khvesyk, O. M. Alymov, I. M. Lytsur, V. V. Mykytenko, E. M. Libanova and others deal with the financial support of sustainable development of rural territories. Uninvestigated parts of general matters defining. The scientists have not yet sufficiently developed the argumentation of the implementation opportunities of the priority areas of the formation of financial instrumentation for the sustainable agricultural development innovative approach. The research objective. The aim of this article is the substantiation of innovative approaches to the formation of financial instruments for sustainable development of rural communities. The statement of basic materials. The article deals with the features of the formation of financial instruments for sustainable rural development. The key role of the financial sector in the sustainable development of local natural and economic systems has been proved. We have calculated the resource of the local budget of Mukachevo district in 2014-2016. There have been defined the directions of expansion forms and sources of financing of the processes of reproduction of natural resources and improving environmental management through the rent relations in the process of financial providing of sustainable development management of rural communities. Conclusions. The concept of sustainable development, which covers the economic, social and environmental trends, needs to be prioritized. Strengthening the progress of the priority components of the concept of decentralized sustainable development, the possibilities of modernizing economic relations will be expanded on the basis of coordination of interests of communities with the interests of the authorities. It is also necessary to strengthen the development of the concept of a mutually integrated mechanism of accumulation and use of financial resources to ensure the economic basis of environmentally-oriented growth.
Blockchain technology has been raising enthusiasm over a variety of disciplines, from information technology and finance, to law and economics. Blockchain is a decentralized ledger, which facilitates trust and makes peer-to-peer transactions possible without a central third-party authority. Since 2008, cryptocurrency bitcoin has provided an example of how to implement a marketplace without a central authority by using blockchain technology . The fact that a broad range of economic and government activities rely on a centralized recording of the basic data of the economy makes this technology potentially significant. The utopian views of blockchain have argued that it will disrupt a wide range of markets by eliminating the need for intermediation. The objective of this thesis is to review the relevant literature related to the topic and provide a guide to what blockchain means in the field of economics. The published research is mapped through a three stage literature review, and based on this, it is organized in three main categories: monetary-, innovation- and governance-centred research. Even though the literature surrounding the topic is still in its infancy, the potential of blockchain technologies is recognized by the literature. From the monetary viewpoint blockchain gives unprecedented flexibility in designing the attributes of currencies in terms of supply, value and exchange. From the innovation viewpoint, blockchain can create both increased efficiency of existing markets but also profits through entirely new markets. From the governance viewpoint blockchain facilitates trust and can be instrumental in democratizing economy more towards peer-to-peer production and consumption. Rather than a single technology, blockchain should be understood as a part of a greater digital transformation. In this case, blockchain can play a role in unlocking the potential of digital commons as well as the sharing and platform economy through a decentralized, universal record-keeping system.
Introduction. Nowadays there are no active governmental instruments to finance the activities associated with social and professional adaptation of former military servicemen. The implementation of such programs is mainly carried out at the expense of limited foreign assistance. Insufficient elaboration of theoretical fundamentals and practical aspects of financial supply to sustain the mentioned adaptation in Ukraine predominantly explain it. Objectives. One has to identify the semantic differences in scientific approaches to determination of essence of social and professional adaptation of transferred to reserve servicemen, suggest authentic definition of this notion from the viewpoint of its financial supply, systemize, generalize and deepen the theoretical & conceptual fundamentals of financing the mentionedabove events and programs of adaptation. Results. The author critically analyzed the number of definitions of social and professional adaptation of transferred to reserve servicemen and specified the structure of mentioned adaptation due to its main components. The updated definition of social and professional adaptation of transferred to reserve servicemen as an object of financing was determined. On the basis of generalized global and national experience there was developed a typology of financial sources for social and professional adaptation of former servicemen according to three criteria: level of formation, location and financing model. The author conditionally grouped four types of models of its financing due to available financial sources: centralized (budget), decentralizedendogenous, decentralized-exogenous and integrative (mixed). The author has also substantiated the fact that decentralized-exogenous model of financing of social and professional adaptation of former servicemen prevailed lately in Ukraine and identified its peculiarities and disadvantages. Conclusion. The suggested typology of financial sources for social and professional adaptation of transferred to reserve servicemen facilitates selection of optimal financial sources and models taking into account the national specificity. Under modern domestic conditions of social and economic development it is recommended to apply the integrative (mixed) model of financing that is based on the principle of social partnership and assumes the participation of all economic sectors in financing of program events of social and professional adaptation of transferred to reserve servicemen: municipal, business and non-governmental (public) ones