The relevance of the study is determined by the growing role of decentralized autonomous organizations (DAOs) as an institutional basis for coordination and management in scalable digital business ecosystems in conditions of limited effectiveness of traditional hierarchical models. The purpose of the article is to provide a theoretical justification for the institutional effectiveness of DAOs and to identify the main mechanisms of their influence on the processes of coordination, distribution of responsibility, and decision-making in digital ecosystems. The methodological basis of the study is formed by the provisions of institutional economics, transaction cost theory, and collective action theory.The research uses methods of system analysis, theoretical generalization, comparative analysis, and institutional modeling. As a result of the research, the essence of DAOs as a new type of institutional construct in which formal and informal rules are integrated directly into the mechanism of coordination of economic agents has been clarified. It has been found that algorithmic enforcement, implemented through smart contracts, contributes to a reduction in transaction costs associated with the fulfillment and control of obligations, while strengthening institutional constraints. The main mechanisms of DAO’s influence on coordination have been identified, in particular procedural and asynchronous interaction, tokenized collective decision-making, and distributed responsibility. It has been found that the effectiveness of DAOs critically depends on the interaction between formal institutions and informal factors such as trust, reputation, and the activity of the community core. A generalized analytical model has been developed that demonstrates the relationship between DAO institutional mechanisms, their effects, and potential risks in the context of scaling digital ecosystems. The conclusions indicate that DAOs perform the functions of institutional coordination and reduction of transaction costs in digital business ecosystems through the algorithmization of formal rules and the use of smart contracts as a mechanism for ensuring compliance with norms.
Світлана Володимирівна Ковальчук, Віталій Григорович Федоришен
The article explores the fundamental essence and strategic role of investment capital within the context of the dynamic development of the stock market amidst the global digitalization of the economy. The authors conduct a comprehensive analysis of the conceptual apparatus, focusing on refining the definition, classification, and multifaceted functions of investment capital as a core resource for ensuring the financial stability of enterprises and maintaining a high level of liquidity in the securities market. Particular attention is paid to the transformation of capital from traditional forms into digital assets, a process that is fundamentally reshaping the architecture of modern financial relationships and global capital flows. The study demonstrates that the synergy between investment capital and digital technologies critically enhances market transparency, minimizes transaction costs, and accelerates the execution of financial operations. The research details the impact of cutting-edge technologies, such as blockchain-based trading, artificial intelligence for predictive analytics, and decentralized finance (DeFi) protocols, on the efficiency of capital allocation. Based on an empirical analysis of statistical data for the period 2021–2025, the correlation between investment capital inflows and key market capitalization indicators is identified. The paper further examines the influence of digital platforms on asset structures, price dynamics, and the overall resilience of the stock market to extreme volatility and external economic shocks. The authors reveal that digitalization acts as a powerful catalyst for the redistribution of capital i favor of high-tech sectors of the economy, thereby altering traditional investment paradigms. Furthermore, the research substantiates practical recommendations for stimulating the effective use of capital through the development of robust fintech infrastructure, the adaptation of regulatory frameworks to the requirements of the digital era, and the implementation of comprehensive programs to enhance digital financial literacy among market participants. The findings of the study demonstrate that the active involvement of investment capital under the conditions of stock market digitalization enhances the international competitiveness of the national economy and contributes to the sustainable development of the financial system. This article will be of significant value to researchers, financial sector practitioners, and investors interested in modern approaches to capital management and the evolution of the stock market under the ongoing pressure of digital transformation and technological progress.
The digital transformation of the global economy necessitates fundamental changes in traditional mechanisms of scientific financing, particularly in grant funding systems. This study examines priority directions for improving grant financing in the context of accelerating digitalization processes and provides evidence-based recommendations for modernizing existing financial support mechanisms for scientific research and innovation projects. The research employs a comprehensive methodological approach combining systematic analysis, comparative examination of international best practices, and case study methodology. Special attention is devoted to analyzing the European Union’s “Digital Europe” Programme as an innovative model of digital financing, as well as Ukraine’s National Strategy for Digital Development of Innovation Activity for the period until 2030. The study identifies strategic directions for digital transformation of grant systems, including implementation of blockchain technologies for creating decentralized transaction registers, development of AI systems for decision-making support, creation of integrated project lifecycle management systems, and introduction of Industry 4.0 technologies for synergetic enhancement of research ecosystems. Analysis of the “Digital Europe” Programme demonstrates the EU’s strategic orientation toward building a comprehensive digital ecosystem through targeted grant financing. A comprehensive 12-point modernization programme for Ukraine’s grant financing system is proposed, encompassing the creation of a national digital platform integrating all grant programmes, the introduction of digital identification systems for researchers, the development of intelligent expert evaluation systems, the modernization of financial monitoring mechanisms, and integration with international grant platforms. The programme provides a clear roadmap for systematic digital transformation during 2025–2030. The research demonstrates that digitalization of grant financing represents a critical factor for modernizing scientific financing systems and ensuring compliance with post-industrial society requirements. Integration of Ukrainian grant systems with European digital initiatives creates strategic opportunities for accessing international resources, forming international scientific consortia, and strengthening the competitiveness of domestic institutions. The proposed conceptual model establishes methodological foundations for the phased implementation of technological innovations and sustainable development of research activities in conditions of global digitalization and post-war economic recovery.
Stablecoins, cryptocurrencies engineered to maintain a stable value relative to fiat currencies, have become one of the fastest-growing segments of the digital asset ecosystem. While early research focused primarily on their role in cryptocurrency trading and decentralized finance, stablecoins are increasingly being used for real-world payments. One of the most notable developments in this transition is the emergence of stablecoin-linked payment cards, which allow consumers to spend digital dollars at traditional merchants through established card networks such as Visa and Mastercard. This paper documents the rapid growth of stablecoin card spending and examines its implications for payment infrastructure, merchant economics, consumer fee structures, and regulatory policy. Drawing on data from Artemis Analytics, industry reporting, and payment network disclosures, the analysis shows that monthly crypto-card transaction volumes expanded from approximately $100 million in early 2023 to more than $1.5 billion by late 2025, reaching an annualized spending rate exceeding $18 billion. The paper also examines how stablecoin cards alter fee dynamics for merchants and consumers, how traditional card networks have responded to blockchain-based payment instruments, and what regulatory and competitive implications may follow from continued adoption. Although still modest relative to the global payments market, the rapid expansion of stablecoin card usage suggests that stablecoins may be transitioning from speculative trading instruments into a new form of digital payment infrastructure.
Blockchain technology has progressed from a novel notion in bitcoin to a widely used system in nations throughout the world, encompassing a wider range of industries, including agriculture. The decentralized nature of blockchain allows for increased transparency, cheaper transaction costs, and greater financial inclusion. This study reveals a comparative analysis of the applications of tokenized stocks, blockchain adoption, and fintech ecosystem between two countries, an emerging one, Turkiye, and a developed country, Germany, based on studies conducted between 2019 and 2025, to see how they differed in their approaches to implementation as Germany taking the lead in government adoption and Turkiye being the lead in fast adoption of innovations, as well as how each of the countries can learn from the other by presenting similarities and differences that will guide this research paper.
This study examines whether the launch of the iShares Bitcoin Trust (IBIT) is associated with a persistent reconfiguration of Bitcoin's second-moment dynamics, extending beyond the short-run announcement effects documented in prior event studies. Using a multi-method empirical framework on daily data from 2020 to 2026 and a sustained twenty-eight-month post-event window, we document a durable transformation of volatility, persistence, and tail risk rather than a transitory announcement response. While Chow, HAC-Wald, Andrews sup-F, and PELT procedures fail to reject mean stability, annualized volatility declines by approximately 19% to 28% across estimators, with close-to-close, Parkinson, and Garman-Klass measures all yielding statistically significant reductions. EGARCH(1,1,1) estimates indicate that the implied half-life of volatility shocks shortens from approximately 45 to 12 trading days, with a complementary GJR-GARCH specification yielding a post-IBIT half-life of approximately 25 days; both specifications point to a substantial acceleration of shock dissipation. Extreme downside exposure, measured by 1% Value-at-Risk and Expected Shortfall, compresses by approximately 44%, with bootstrap inference confirming statistical significance. At the portfolio level, Bitcoin's marginal contribution to tail risk declines by approximately three-quarters at standard allocation weights. Non-parametric ICSS variance-break detection identifies no discrete break within thirty days of the launch, consistent with a gradual regime adjustment rather than an instantaneous structural switch. Robustness tests using weekly returns, exclusion of the April 2024 halving window, and alternative breakpoints confirm the findings. The results contribute to the literature on cryptocurrency risk dynamics by documenting a coincident compression in Bitcoin's second-moment characteristics around the spot ETF era, a pattern distinct from the volatility responses previously documented for derivative-based products. In contrast to short-window event-study evidence, the compression is shown to persist and to extend into the tail of the return distribution and the portfolio risk budget, dimensions outside the scope of an announcement-window design.
The article examines risk management as a strategic foundation for managing the economic activity of an enterprise under conditions of wartime instability, macroeconomic turbulence, and digital transformation. The relevance of the topic is driven by the growing level of environmental uncertainty, intensified competition, and the emergence of new digital and war-related risks that require the formation of an integrated system of strategic risk management. The purpose of the article is to substantiate the theoretical foundations and develop practical approaches to the formation of a risk management system as a strategic tool for managing the economic activity of an enterprise.The paper systematizes the main risk management instruments (risk acceptance, avoidance, transfer, and mitigation), identifies the structural elements of the risk management process, and proposes a model for organizing business processes within the framework of a risk management strategy. The concept of risk zones (risk-free, acceptable, critical, and catastrophic) is disclosed, enabling the assessment of risk concentration levels and ensuring timely adjustments of managerial decisions.Special attention is paid to digital risks arising from the implementation of cross-cutting digital technologies, including artificial intelligence, big data, robotics, and distributed ledger systems. The authors propose an original classification of digital transformation risks at the enterprise level, distinguishing economic, technical, organizational, and war-related risks, as well as identifying key risks associated with the use of artificial intelligence technologies (data privacy risk, infrastructure risk, statistical discrimination risk, incorrect managerial decision-making risk, workforce imbalance risk, etc.). The necessity of integrating digital risks into the corporate risk management system (ERM) is substantiated.The article also considers modern strategic approaches to risk management, including the “three lines of defense” model, the method of defining risk appetite and risk tolerance, and the development of risk culture and effective communication. It is proved that their integrated application creates a holistic risk management architecture aimed at preventive response, balancing profitability and sustainability, and enhancing the economic security of the enterprise. It is concluded that under modern conditions, risk management acts not only as a mechanism for minimizing threats but also as a strategic concept for ensuring long-term stability, innovative development, and competitiveness of an enterprise in the context of the digital economy and wartime challenges.
This paper examines the transformation of the interest rate transmission mechanism under the conditions of rapid financial digitalization. The emergence of new financial intermediaries, decentralized finance (DeFi), digital lending platforms, and the growing role of big data and algorithmic pricing are reshaping how changes in the central bank policy rate affect the real economy. The research identifies novel transmission channels, including digital funding channels, crypto-asset price channels, and algorithmic expectation channels, while highlighting the risks of transmission fragmentation and uneven pass-through across sectors. The study concludes with policy recommendations for central banks to adapt their monetary policy strategies to the high-tech financial landscape.
The article examines the role of blockchain and financial technologies in ensuring the transparency of operations with virtual assets in the context of the digital transformation of the financial system. It is substantiated that the development of financial technologies is one of the key drivers of the modernization of contemporary financial markets, shaped by global processes of digitalization, innovation, and changes in the economic behavior of market participants. It is determined that financial technologies form a new architecture of the financial system and contribute to increased efficiency, accessibility, and transparency of financial services.The study analyzes global and national factors influencing the development of financial technologies. Among them, particular emphasis is placed on the digitalization of the economy, the advancement of blockchain technologies and decentralized finance, changes in consumer expectations, the globalization of financial markets, as well as institutional, regulatory, and infrastructural challenges at the national level. It is demonstrated that the combination of these factors determines the pace and directions of the implementation of innovative financial solutions, particularly in the sphere of virtual asset circulation.The paper explores the economic essence of virtual assets as digital objects that possess value and operate within a digital environment based on distributed ledger technologies. The main types of virtual assets include cryptocurrencies, tokens, stablecoins, and non-fungible tokens (NFTs). Their economic functions, specific characteristics, and risks associated with high volatility and the cross-border nature of their circulation are systematized.Special attention is paid to the impact of financial technologies on the management of virtual assets. It is substantiated that the use of blockchain platforms, smart contracts, analytical and monitoring financial solutions, digital custodial services, and regulatory instruments contributes to enhancing transparency, accountability, and controllability of operations with virtual assets.The study systematizes practical solutions for ensuring the transparency of operations with virtual assets and identifies their impact on building trust, reducing operational risks, and improving the effectiveness of financial control.It is concluded that the transparency of operations with virtual assets is formed through the comprehensive integration of blockchain and financial technologies into a unified digital financial infrastructure, where the maximum effect is achieved through their combined application. Ensuring transparency in virtual asset operations is systemic in nature and requires the integration of technological, organizational, and regulatory instruments. In this context, blockchain and financial technologies act not only as technical tools for recording transactions but also as key drivers of trust, efficiency, and stability in digital financial markets.The necessity of combining technological, organizational, and regulatory instruments is emphasized, along with maintaining a balance between the transparency of financial operations and the protection of confidential data. Prospects for further research are identified, including the evaluation of the effectiveness of financial technology implementation across different segments of the financial market and the development of regulatory models for the circulation of virtual assets.
The article provides a theoretical substantiation of the essence of investment technologies within the system of decentralized finance. Based on a synthesis of existing scientific approaches, the author proposes original definitions for key concepts: "investment technologies", "financial technologies", and "decentralized finance". It is demonstrated that decentralized finance represents an alternative ecosystem built on public blockchains and smart contracts, which ensures the complete elimination of intermediaries. The formulated theoretical propositions establish a foundation for the further development of the organizational and economic framework for managing investment technologies within the DeFi space.
Дмитро Люшенко, Нодарі Горгіладзе, Олександр Туголуков, Михайло Шептун · 6 authors
Висока волатильність криптовалют та швидке поширення технологій штучного інтелекту (ШІ) у фінансовому секторі визначають необхідність точного прогнозування ризиків і поведінки інвесторів у процесі цифрової трансформації фінансових ринків. Метою дослідження є розробка системи економетричних моделей для оцінки прибутковості, волатильності, ліквідності та ризику падіння основних криптоактивів із використанням методів на основі ШІ. Методологічна структура включає моделі специфікацій ARDL-MIDAS, GARCH-MIDAS, PMG та logit, які поєднують високочастотні ринкові дані, макроекономічні індикатори, он-чейнгові метрики та індекси настроїв інвесторів. Вибірка охоплює вторинні дані за 2018-2025 роки для п'яти провідних активів — Bitcoin, Ethereum, BNB, XRP та Solana. Результати моделі ARDL-MIDAS показали, що збільшення обсягів торгівлі на 1% збільшує короткострокову прибутковість на 0,012 пункту, водночас зростання індексу VIX зменшує їх на 0,014 пункту. У моделі GARCH-MIDAS коефіцієнти α=0.085 та β=0.900 підтверджували високу інерцію волатильності біткоїна, а компонент MIDAS у VIX мав значний вплив 0.27. Модель панелі PMG виявила негативний довгостроковий вплив волатильності на ліквідність (−0,27) і позитивний ефект надпливу стейблкоїнів (−0,12), що вказує на функцію стабілізації. Логіт-модель довела, що збільшення на стандартне відхилення індексу VIX збільшує ризик краху на 52%. Отримані результати підтверджують ефективність поєднання економетричних методів і ШІ для аналізу цифрових фінансових ринків і технологій ШІ для аналізу цифрових фінансових ринків. Висновки підкреслюють можливість практичного застосування запропонованих моделей у фінансовому прогнозуванні, управлінні ризиками та політиці стабілізації цифрових активів у контексті розробки інтелектуальних фінансових систем на основі ШІ.
The article examines the economic nature of local finance and determines its social role under the transformation of Ukraine's public finance system. The study analyzes the historical evolution of local finance in foreign and domestic contexts, revealing a transition from viewing it as a simple community expenditure estimate to recognizing it as a complex instrument for territorial viability and financial independence. The research highlights that while foreign models followed a gradual path toward autonomy, the Ukrainian experience was marked by a long period of centralization within an administrative-command system, which is currently being overcome through fiscal decentralization. The paper systematizes academic approaches to defining "local finance" into five categories: system-resource, functional, economic, socio-economic, and legal. This classification demonstrates the multidimensional nature of local finance as both a component of public finance and the foundation of local self-government. The authors propose an updated definition, describing local finance as an institutionally regulated system of economic relations that ensures the implementation of both own and delegated powers, satisfies public needs, and promotes sustainable socio-economic development. Under the conditions of martial law and the challenges of post-war recovery, local finance is shown to transform from a mere budgetary tool into a strategic mechanism for social stability. The study concludes that the modern social role of local finance is centered on supporting internally displaced persons, ensuring security, and facilitating the recovery of territorial communities, thereby serving as a fundamental element of public finance sustainability.
This article develops a methodological approach to the digital transformation of public administration for sports infrastructure at the regional level under the systemic challenges of martial law. The relevance of this research is determined by the necessity to transition from universal digitalisation models to targeted technological solutions capable of addressing specific institutional dysfunctions within the management system. The aim of this article is to substantiate the methodology of targeted digitalisation as an alternative to comprehensive automation of management processes in the sphere of sports infrastructure. The research combines empirical analysis of management practices with theoretical modelling of digital transformation mechanisms, employing the concept of ‘digital levers’ for organisational change adapted from Westerman, Bonnet, and McAfee’s framework.The study identifies systemic dysfunctions in public administration, including fragmentation of the management hierarchy, deficiency of control mechanisms, limited regional absorptive capacity, and institutional barriers to innovation implementation. Through triangulation of budgetary reporting data, audit conclusions from the Accounting Chamber of Ukraine, and technical documentation from the DREAM digital platform, the research reveals a fundamental disconnect between technological capabilities and institutional readiness for transformation. The developed targeted digitalisation matrix establishes a methodological connection between the characteristics of management pathologies and the functional capabilities of digital technologies. This approach differentiates technological interventions according to three criteria: the nature of dysfunction (structural, procedural, behavioural), the level of digital maturity amongst management entities, and existing resource constraints.The principle of ‘problem-oriented digitalisation’ is substantiated, whereby technologies are selected not for their innovative qualities but for their capacity to influence the reproduction mechanisms of specific management dysfunctions. Each digital instrument is mapped to particular pathology reproduction mechanisms: automation reduces subjective factor influence, distributed ledger technology ensures data immutability, machine learning algorithms optimise resource allocation, and IoT networks provide objective infrastructure monitoring. The research demonstrates that whilst platform-based solutions like DREAM represent technological advancement, their effectiveness remains limited without addressing underlying institutional incentives that perpetuate dysfunctional practices.Prospects for implementing distributed ledger technologies are identified for ensuring transparency of financial flows and automating resource allocation through smart contracts. The study proposes a three-tier implementation architecture: cloud-based solutions for frontline territories lacking local infrastructure, hybrid platforms for regions with moderate capacity, and comprehensive smart ecosystems for developed urban centres. The conclusion is drawn that targeted digitalisation ensures systemic transformation of public administration through precise impact on the reproduction mechanisms of institutional pathologies, unlike universal solutions that merely digitise existing inefficient practices. This methodological approach offers particular value for post-conflict reconstruction contexts where resource constraints demand maximum efficiency in technological investments.
The article is devoted to the study of blockchain technologies as an institutional tool for modernizing public administration in the context of the transition to Democracy 3.0. The relevance of the study is determined by the need to find new mechanisms to improve the efficiency, transparency, and legitimacy of public administration in the context of the digital transformation of society. This issue is of particular importance for Ukraine, which is simultaneously modernizing its state institutions in the context of war and European integration processes. The aim of the study is to provide a theoretical and methodological justification for the role of blockchain technologies as an institutional tool for the transformation of public administration in the context of the emergence of Democracy 3.0 and to determine the prospects for their implementation in the Ukrainian public sector. The methodological basis of the study is a neo-institutional approach, which allows us to consider blockchain not only as a technology, but also as a new type of institutional organization that transforms the rules, norms, and mechanisms of interaction between the state and citizens. The main results of the study include the conceptualization of the phenomenon of Democracy 3.0 as a new paradigm of public administration based on the principles of decentralization, transparency, and continuous citizen participation. It has been proven that blockchain acts as the technological basis for institutional change through three mechanisms: decentralization of trust, automation of execution through smart contracts, and immutability of records. Key institutional transformations influenced by blockchain technologies have been identified: the transition from representative to participatory and “liquid democracy” (a hybrid model of political governance that combines elements of direct and representative democracy, allowing citizens to flexibly choose between personal voting and delegating their vote to trusted representatives with the possibility of revoking this delegation at any time), the replacement of centralized control with decentralized verification, and the transformation of the trust economy from institutional to cryptographic. It is argued that blockchain creates a new architecture of state power, where traditional hierarchical structures are complemented by network forms of organization and decentralized autonomous organizations. The Ukrainian context of digital transformation of public administration is analyzed, including the experience of creating the Ministry of Digital Transformation, implementing the Dія ecosystem, and developing blockchain registries. Specific challenges to the implementation of blockchain technologies in Ukraine have been identified: legal barriers, the digital divide, bureaucratic resistance, and the need to ensure cybersecurity in the context of hybrid warfare. The novelty of the research lies in the development of a conceptual model of blockchain-mediated institutional transformation of public administration, which integrates the theory of neo-institutionalism with the concept of democracy 3.0. The practical value of the results is determined by the possibility of using the proposed approaches to form public policy on the digitalization of the public sector in Ukraine. Prospects for further research include empirical verification of the proposed model, development of metrics for evaluating the effectiveness of blockchain solutions in public administration, and research on the socio-psychological factors of citizens’ acceptance of decentralized forms of participation in public administration.
the paper examines the phenomenon of decentralized finance (DeFi) as one of the most promising and at the same time controversial areas of the digital economy. DeFi is defined as an ecosystem of protocols and applications based on blockchain and smart contracts that allows financial transactions to be carried out without the intermediation of traditional institutions. It is noted that the key advantages of the technology are transparency, automation, reduction of transaction costs, and expansion of the accessibility of financial services. Simultaneously, risks associated with the lack of unified regulatory approaches, high vulnerability of smart contracts, the use of DeFi for unlawful purposes, and the uncertainty of legal liability are emphasized. Particular attention is paid to AML/KYC problems, as well as the use of DeFi platforms for money laundering of criminal proceeds.
Blockchain-based financial systems: Trust, transparency, and the future of decentralized financeBlockchain technology is increasingly recognized as one of the most transformative innovations in contemporary finance (Andronie et al., 2024).By embedding verification, trust, and transparency into decentralized digital infrastructures, it challenges conventional assumptions regarding the organization, regulation, and governance of financial systems (Turek et al., 2023;Balcerzak & Valaskova, 2024).The conceptual foundations and practical implications of blockchain-based financial systems are examined, with particular emphasis on three interrelated dimensions: the reconfiguration of trust, the emergence of transparency as a systemic aFribute, and the evolving architecture of decentralized finance (Lzroiu et al.,
The paper studies DeFi (decentralized finance) as a decentralized system for the circulation of financial tokens in virtual and cryptocurrency spaces. The subject of the study is the basic concepts, structures, and properties of DeFi. The relevance of the work is determined by the presence of unresolved issues related to the conceptual apparatus and structure of DeFi, factors of reduction and methods for determining the level of decentralization of DeFi, the functioning of the DeFi infrastructure, which highlights the need for further research into the concepts, structures and properties of DeFi. The aim of the study is to form a theoretical and methodological foundation for DeFi by clarifying the conceptual apparatus and identifying the features of DeFi functioning. The methodological framework of the study is based on the following principles: an object-subjective approach to describing entities, a method of structural analysis of objects, a systems approach to model objects, a process approach to analyzing the functioning of systems, and a service approach to analyzing interactions between serving and served systems. The study resulted in the formulation of the concept of DeFi (including the concept of a decentralized system). The following were identified: factors of centralization (reduced decentralization) of DeFi; the structure of DeFi as a set of subsystems for the circulation of virtual financial tokens and crypto tokens; a method for assessing the degree of DeFi decentralization as a system for the circulation of digital financial tokens; a three-tier service model of the DeFi infrastructure; and a model for the interaction of financial token circulation processes. Conclusions: The conceptual framework of DeFi, including the definition of DeFi as a decentralized system for the circulation of financial tokens in virtual and crypto spaces, allows us to identify the functional features of DeFi that ensure conditions for significantly greater transparency of the rules and results of financial transactions compared to traditional centralized financial systems. The use of virtual and crypto tokens, along with other DeFi mechanisms in financial circulation, significantly reduces uncertainty and the associated risks of executing financial agreements between economic entities.
The work is devoted to an overview of modern investment methods, the cryptocurrency market, ways of their development and strategies in this direction. The article analyzes the investment opportunities of cryptocurrencies; presents conclusions about the main advantages and disadvantages of each investment method, the level of risk, determining factors and investment attractiveness. The article considers one of the main methods of investing in cryptocurrency - speculation on the rates of various coins. In particular, two strategies for generating income through speculation are considered: the first is Buy&Hold, it is designed for long-term investment, involves buying cryptocurrency on the exchange and storing it in an account for a certain period of time; the second - the Buy&Sell strategy differs from the previous one in that it is designed for short-term investment. The presented work briefly describes a widely known method of investing in cryptocurrency - mining; in this case, all activities are based on blockchain technology, and the efficiency of the blockchain directly depends on the computing power of the computer. As a result, the profitability of mining is relatively low, special, very expensive equipment is required; In this paper, we have studied and tried to convey to the reader a widespread method of investing in cryptocurrency — initial coin offering (ICO), which means a form of attracting investment funds for the implementation of a project by issuing cryptocurrency. It is argued that the above tactics are also borrowed from the traditional financial market — initial public offering (IPO). In conclusion, the article summarizes the pros and cons of cryptocurrency investment methods; several simple recommendations are presented that will help increase your existing capital and diversify your investment portfolio.
Industry 4.0 technologies are accelerating the digital transformation of financial systems, reshaping money, payment infrastructures, and the strategic role of central banks. This study examines the emergence of Central Bank Digital Currencies (CBDCs) within this evolving landscape, exploring the evolution of payment systems, fintech integration, and the implications of distributed ledger technology and private cryptocurrencies. Using qualitative content analysis of secondary data, the paper compares the approaches of the U.S. Federal Reserve, the Bank of England, and the South African Reserve Bank to CBDC design, adoption, and regulation. Findings highlight shared policy concerns including cybersecurity, privacy, regulatory gaps, financial inclusion, and the need for international interoperability while revealing notable differences in institutional priorities and pace of development. The study underscores that central banks stand at a pivotal moment: their responses to Industry 4.0 innovations and digital currency initiatives will shape future monetary stability and the global financial order.
Topicality. The current stage of economic development is characterized by rapid changes occurring under the influence of digitalization. One of the most characteristic phenomena of the digital economy is the proliferation of cryptocurrencies. This trend opens up new opportunities for financial transactions, but at the same time creates significant challenges for legal regulation, accounting standards and tax policy. Aim and tasks. The purpose of this study is a comprehensive analysis of the theoretical foundations, the regulatory framework, and the existing practical approaches to accounting and taxation of cryptocurrency in conditions of legislative uncertainty in Ukraine. Materials and methods. The study is based on existing works by authors that cover the issues of accounting and taxation of cryptocurrency, which allows us to study the development of this problem in the economic sphere. The methods of the system approach, general scientific methods of analysis and synthesis, comparison, classification, induction and deduction were used. Research results. The theoretical and methodological foundations of accounting and taxation of cryptocurrency were studied, in particular, an analysis of approaches to defining the concept of «cryptocurrency» was conducted, global trends in the regulation of transactions with crypto assets were studied, and the views of domestic scientists on this issue were summarized. The application of international accounting standards is justified and relevant recommendations for accounting for cryptocurrency are developed, which depend on the purpose of its holding. Conclusion. The urgent need for a comprehensive modernization of the national regulatory framework is substantiated. This includes legislative regulation of the legal status of cryptocurrency, the introduction of relevant provisions on accounting for digital assets into the NAS (National Accounting Standards), the formation of a clear mechanism for taxation of transactions with virtual assets, and harmonization of national approaches to financial reporting with IFRS (International Financial Reporting Standards).
Topicality. The digitalization of the economy in the context of the Fourth Industrial Revolution fundamentally changes the logic of the functioning of economic systems. Industry 4.0 encompasses a range of breakthrough technologies, such as artificial intelligence (AI), the Internet of Things (IoT), blockchain, cloud computing, 3D printing, big data, and robotics, which not only modernize production but also transform value creation processes, labor organization, consumption, and governance. This creates a need for scientific reflection on these processes, taking into account economic, social, and institutional aspects. Existing theoretical models do not fully explain the new patterns of economic development under conditions of digital transformation, which necessitates research into the mechanisms of structural change. Aim and tasks. The purpose of the article is to substantiate the mechanisms and forms of structural transformation of the economic system under the influence of the core technologies of Industry 4.0. In particular, the study examines how digital and autonomous solutions change the nature of production, distribution, consumption, and management. Materials and methods. The methodological basis of the study is a set of scientific approaches. The systems approach made it possible to consider digital technologies as a unified architectonics of a transformation model. Structural and logical analysis was used to identify the key directions of change: what is produced, how it is produced, and for whom. Comparative analysis was applied to contrast the classical “push economy” model with the modern “pull economy,” as well as human-centered and automated management solutions. Research results. The study established that the widespread implementation of Industry 4.0 technologies leads to systemic changes in the key parameters of the functioning of the economic system, namely the transformation of the coordinates “what to produce,” “how to produce,” and “for whom to produce.” It is proven that the integration of artificial intelligence, additive technologies (3D printing), and big data forms a model of customized, autonomous, and localized production, which is accompanied by a shortening of value chains and an increase in the flexibility of production processes. It is substantiated that blockchain technologically ensures a reduction in transaction costs and the decentralization of coordination mechanisms, while robotics drives productivity growth, and cloud computing and the Internet of Things ensure the rapid synchronization of production with real demand and enhance the adaptability of economic systems. Conclusion. The generalization of the obtained results allows us to assert that Industry 4.0 technologies form a qualitatively new architecture of the economic system, manifested in the transition from an extensive to an intensive model of economic growth, from a “push” to a “pull” logic of economic functioning, from mass to customized production, and from centralized to decentralized data management models. The identified shifts indicate the transformation not only of individual production or management processes but of the holistic structure of the economic system under the influence of digital technologies.
The article explores the institutional paradigm of the transformation of the global financial architecture under the conditions of digitalization of the global economy. It is substantiated that the proliferation of digital financial technologies, including fintech innovations, crypto-assets, decentralized finance (DeFi), and central bank digital currencies (CBDCs), generates profound structural shifts in the functioning of the global financial system and necessitates a reconsideration of the role of key institutions of international financial governance. The study analyzes the evolution of the roles of central banks, international financial institutions, national regulators, and private financial technology companies in shaping the new global financial landscape. It is determined that central banks are gradually transforming from traditional monetary regulators into key architects of digital financial infrastructure, while private fintech and BigTech companies are becoming systemically important actors capable of influencing payment systems, financial inclusion, and cross-border financial flows. Particular attention is devoted to the analysis of contemporary global trends in the implementation of CBDCs, the development of crypto-asset markets, and decentralized financial platforms. It is demonstrated that these processes are forming a hybrid model of financial globalization that combines elements of centralized regulation with decentralized financial mechanisms. The article highlights key initiatives of international coordination and regulatory harmonization implemented within the frameworks of the Bank for International Settlements (BIS), the International Monetary Fund (IMF), the Financial Stability Board (FSB), and the G20, aimed at ensuring financial stability, cybersecurity, and preventing regulatory arbitrage. Based on the conducted analysis, an institutional model for the transformation of the global financial architecture is proposed, grounded in the integration of international standardization, public–private partnership, and multi-stakeholder interaction. It is proven that the effectiveness of the digital transformation of the global financial system depends on the capacity of international institutions to adapt regulatory approaches to dynamic technological changes and to ensure a balance between innovation, financial stability, and economic security.
This article examines the theoretical and methodological foundations of local budget management within the public finance system, specifically addressing the complex challenges of wartime and post-war recovery. The research systematizes diverse scientific approaches to positioning local budgets, proposing a refined definition of the local budget as a multi-functional financial instrument essential for regional strategic development and the provision of public services. The study argues that the multifaceted role of the local budget is a prerequisite for ensuring the socio-economic security and stability of territorial communities amidst current military and economic pressures. The authors establish that efficient public finance management is fundamental to national economic growth and financial system stability. A primary contribution of the research is the development of a conceptual model for local budget management, structured as an integrated complex with clearly defined objectives, subjects, and functional principles. This model incorporates regulatory, legal, and informational support mechanisms, allowing for the effective allocation of funds and increased transparency in the context of decentralization. The study emphasizes that both internal and external factors determine the effectiveness of decision-making and the choice of regional management strategies. Ultimately, the proposed model enhances the accountability of local authorities and reduces uncertainty in financial activities. By providing a framework for robust budgetary analysis, this conceptual approach fosters sustainable development and strengthens the financial capacity of Ukrainian regions. The findings provide a theoretical basis for improving the budgetary security of territorial communities during both conflict and reconstruction phases.
Financial innovations have emerged as one of the most influential forces shaping contemporary commerce, redefining the mechanisms through which businesses operate, transact, and compete. As global markets become increasingly interconnected and digitalized, the demand for more efficient, secure, inclusive, and scalable financial systems continues to grow. This research article investigates the multi-dimensional role of financial innovations—spanning digital payments, block chain technologies, neobanking, artificial intelligence in finance, and alternative lending models—and examines how these advancements are reshaping commercial practices, market structures, and customer experiences. The study draws from established literature, recent empirical findings, and theoretical frameworks to provide a comprehensive understanding of how financial innovations contribute to transactional efficiency, risk management, cost reduction, and value creation within commerce. The article further explores how financial innovations facilitate business expansion, enhance consumer accessibility, and support regulatory compliance through technologies such as RegTech and Insur Tech. Special emphasis is placed on the convergence of financial services with digital commerce platforms, leading to embedded finance models and the democratization of financial access for micro, small, and medium enterprises (MSMEs). Additionally, the study highlights emerging trends including decentralized finance (DeFi), tokenization of assets, real-time data analytics, and the growth of digital currencies—each of which represents a new frontier in commercial transformation. The findings suggest that while financial innovations bring unprecedented opportunities for growth, they also introduce challenges related to cyber security, regulatory uncertainty, data privacy, and operational risks. The paper concludes by identifying key future prospects and research directions, emphasizing the need for stronger governance models, global regulatory harmonization, and interdisciplinary research to unlock the full potential of financial innovations in commerce. The study contributes to ongoing scholarly discourse by offering a holistic and forward-looking perspective that can guide policymakers, businesses, researchers, and financial institutions.