ANNOTATION.This article is dedicated to the financial aspects of the post-war recovery of Ukrainian economy.The article considers the issues of choosing the main approaches to solving organizational problems of creating a mechanism for financing the costs of the Post-War Ukraines Economic Recovery Program.Recognizing the importance and complexity of measures to restore the countrys socio-economic infrastructure destroyed by the War, the author focuses on Post-War Recovery, which should not be reduced to restoring the pre-war level and structure of the economy, but will mean the creation of an essentially new Modern Economy that will provide Ukraine with a worthy place in the Global Economic system.Solving this problem will require a choice between centralized and decentralized systems for developing such development programs and mechanisms for their financing.The author argues that the most effective will be a combined option that will allow for taking into account national and regional interests in practice.The decision on the choice of financial institutions through which the post-war recovery program will be financed looks no less important.It is a question of choosing between existing institutions and the need to create new institutions specifically designed for such work.Having analyzed international experience, the author concludes that it is possible to create a tandem of the EBRD-UkrEximBank as the main financial institution of the Economic Renaissance Program.Although it would be more effective to create a special institution in a timely manner -the Bank for Economic Renaissance (BER).Unfortunately, it seems that the time to create such an institution has been lost in the process of many years of discussions around the Ukrainian Bank for Reconstruction and Development.The next important direction is the choice of funding sources, which, in the authors opinion, should include funds from Ukrainian and foreign participants.The Ukrainian part (at least 35 percent) will consist of funds from the state budget, enterprises and individuals.To a large extent, such funds should be accumulated through special loans, including "diaspora bonds".
This paper examines the operational activities of cryptocurrency exchanges and the distinctive challenges associated with their accounting practices. Unlike traditional exchanges, cryptocurrency exchanges operate within a decentralized and highly volatile environment, which presents unique accounting and regulatory challenges. The paper explores various operational aspects of these exchanges, such as spot and margin trading, deposits and withdrawals, commission structures, liquidity management, and wallet services. Additionally, it analyzes the practices related to staking and lending services, highlighting the specific accounting issues faced in revenue recognition, asset valuation, and compliance with evolving regulatory requirements. Given the absence of uniform international accounting standards for digital assets, cryptocurrency exchanges must address several critical accounting issues. These include accurate revenue recognition from transactions, handling of client assets, and establishing robust security measures to protect client funds. The study discusses the implications of accounting for transaction fees and staking rewards, emphasizing the need for reliable revenue recognition methods aligned with existing accounting standards while also accommodating price volatility in digital assets. Furthermore, the paper addresses the unique nature of cryptocurrencies as intangible assets that require special handling in financial reporting. It examines the implications of recording cryptocurrencies held on behalf of clients versus those owned by the exchange, considering the regulatory uncertainties and market volatility inherent in this sector. The discussion extends to compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, which add to the operational and accounting complexities faced by these platforms. The paper concludes by highlighting the importance of developing new accounting frameworks and standards tailored to the unique characteristics of cryptocurrency exchanges. Such frameworks would support more accurate financial reporting, enhance user trust, and ensure regulatory compliance in a rapidly evolving financial landscape. The findings of this study provide practical recommendations for adapting existing accounting standards to meet the operational needs of cryptocurrency exchanges and underline the role of robust internal controls in mitigating risks associated with decentralized digital finance.
This article examines the application of blockchain technology for creating and circulating new investment assets in the creative industry. The study analyzes the impact of decentralized technologies, particularly blockchain, on the formation of new types of investment assets in the creative sector of the economy and assesses their potential for industry development. The research employs a systematic approach, methods of analysis and synthesis, comparative and statistical analysis, and generalization of expert assessments. The current state and trends in the use of blockchain technologies in the creative industry have been investigated, with a focus on NFTs, intellectual property tokenization, and decentralized autonomous organizations (DAOs). The study concludes that blockchain technologies create fundamentally new opportunities for monetization and investment in creative assets, while also highlighting challenges such as regulatory uncertainty and technological limitations. Recommendations for maximizing the positive impact of blockchain on the creative economy are provided, along with suggestions for further research.
M. Hordyskyi, M. Zborovskyi, O. Kamniev, Y. Pidhorniy
The article is devoted to the study of decentralization's role in improving public finance management. Theprocess of decentralization, which involves the transfer of powers and responsibilities from central to local authorities, is aglobal trend aimed at improving governance, public service delivery, and local economic development by bringing thedecision-making process closer to communities. The article emphasizes that effective financial management, includingbudgeting, debt management, revenue generation, and transparent reporting, enables local governments to meetcommunity needs, maintain fiscal stability, and ensure accountability. The article examines vital legislative reforms inUkraine that have expanded the powers of local authorities, giving them greater control over budgets, taxes, and financialresources. Although decentralization offers significant opportunities, the study identifies challenges such as regionaldisparities, administrative constraints, and conflicts between central and local governments. Potential challenges confirmthe importance of institutional frameworks, financial resources, technological integration, and citizen participation toensure a successful decentralization process. Thanks to reliable financial practices and transparent management, localauthorities can improve the quality of public services and contribute to the state's economic growth and sustainabledevelopment.
This article examines cryptocurrency as the newest form of money, analyzing the main risks, trends, and prospects for its development. The advantages of cryptocurrency, such as decentralization, anonymity, and security, are also analyzed. However, serious risks related to price volatility and the lack of government regulation are also addressed. We analyze the main development trends in the cryptocurrency market, including the growth in the number of users and the increase in transaction volumes.
Financial provision of rural territorial communities in conditions of sustainable development is an important aspect of the country's economic and social development. The successful functioning and development of such communities depend on their ability to attract and effectively distribute the financial resources needed to improve infrastructure, education, health care and other vital areas. In the conditions of sustainable development, which involves a balance between economic growth, social well-being and environmental protection, the financial support of rural communities becomes especially important for the preservation of their unique natural and cultural heritage. That is why the purpose of the presented work is to determine the features of financial support of rural territorial communities in conditions of sustainable development. The methods that were used in the formation of the current study are: methods of analysis and synthesis to determine the key aspects of the development of rural territorial communities; methods of induction and deduction to determine the features of the financial provision of territories; method of comparison; logical method; graphical and tabular methods for visual display of research results. Also, as a result of the study, it was proved that the necessity of diversifying the sources of financing is a prerequisite for the financial provision of rural territorial communities. In particular, such communities should actively attract local tax revenues, state support, as well as use the opportunities of international grants and technical assistance programs. At the same time, effective management of resources aimed at the implementation of sustainable development programs, which includes energy saving, development of local businesses and support of environmental initiatives, becomes an important task. In the context of reforming the financial system in Ukraine, financial decentralization is of particular importance, which opens up new opportunities for strengthening the financial independence of rural communities, at the same time placing greater responsibility on them for the rational use of funds. Rural communities can direct the received finances to improve infrastructure, develop social services, support local entrepreneurs, as well as to environmental and energy-saving initiatives.
The author puts forward the idea that decentralized finance doesn’t act without managerial influence. The management moves from the external circuit to the internal one, there occurs self-ruling and “self-regulation” of the financial system. This indicates the appearance of a new type of financial intermediation—a cyber-social one. The potential of using decentralized finance in post-Soviet countries are formulated the following: freeing up the time of transaction participants due to the autonomy of transactions; a superior degree of information security compared to traditional forms of financial intermediation; financial intermediation cost saving, freeing up human resources; reduction in the speed of transactions; increasing accuracy in contractual relations due to the elimination of the human factor influence; stimulating the development of new business areas expands the competitive environment; information safety due to the constant creation of a large number of backup copies. At the same time, the author identified and substantiated the risks associated with decentralized financial flows, which may have an impact on the well-being of the population of post-Soviet countries. The purpose of this study is to determine the prospects for applying decentralized finance as a growth factor in the well-being of the population in post-Soviet countries.
The article examines the fiscal potential of local budgets in the context of fiscal decentralization in Ukraine. The current state and trends in the development of local finances, the main sources of revenues and expenditures of local budgets are analyzed. Particular attention is paid to the tools for increasing fiscal potential, such as optimization of the tax base, increasing the efficiency of tax administration, attracting investment and intermunicipal cooperation. The main challenges and prospects for the development of fiscal potential in the context of decentralization are identified, in particular, the uneven economic development of regions, dependence on state transfers and the need to increase the transparency of budget funds. It is found that the structure of local budget revenues has changed significantly as a result of decentralization. There is an increase in the share of own revenues, in particular tax revenues, which has a positive impact on the financial autonomy of local communities. The analysis has shown that the main expenditures of local budgets are aimed at financing education, health care, social protection, and housing and communal services. The main challenges for the development of the fiscal potential of local budgets are identified, including uneven economic development of regions, dependence on state transfers, and the need to increase the efficiency of budget resources. A number of measures are proposed to increase the fiscal potential, including optimizing the tax base, improving tax administration, attracting investment, and developing inter-municipal cooperation.
Purpose. The aim of the article is the study of the content of the functioning of local finances, the analysis of the main challenges and crisis phenomena arising in the field of local budgets in the conditions of the martial law of Ukraine. Methodology of research. The research was conducted using a dialectical approach to studying the current state of development of the content of local finances and financing the needs of local budgets. General scientific and special methods were used, in particular: analysis, synthesis, induction, deduction and generalization – to develop the provisions of the theory and practice of the content of local finances; monographic – when studying literary sources on issues of the content of local finances; epistemological – to clarify and deepen the content of the category "local finances"; system and analytical – when processing the information received regarding the financing of the needs of local budgets; abstract and logical – for formulating the conclusions of the study. Findings. A study of the theoretical foundations of the category "local finances" was conducted. The peculiarities of their use in the context of budgetary decentralization of territorial communities were identified. An analysis of the financing needs of local budgets under martial law was conducted. An assessment of the dynamics of revenues and expenditures of local budgets of Ukraine was carried out. The main problems of local budgets were identified. Originality. A review of literary sources was carried out to clarify the meaning of the concept of "local finances", which made it possible to offer a new understanding for optimizing the budgetary decentralization of territorial communities. Prospects for the development of financing of local budgets of Ukraine in the conditions of martial law are offered. Practical value. The obtained results of the study will contribute to increasing the effectiveness of the formation and development of financing of local budgets of Ukraine in the conditions of martial law. Key words: local finances, budget decentralization, territorial communities, local budgets, budget revenues and expenditures.
Law, as the main regulator of social relations, should objectively keep up with their rapid modern changes, respond to the fact that new relations are emerging based on the latest digital technologies. Cryptocurrency, as the general name of the latest technologies, is a new factor that affects economic relations more and more every year. During the last five years, when many countries have already actively begun to include the legal regulation of cryptocurrencies in the framework of national legislation, Ukraine remained aloof from this law-making process. However, every year it became more and more obvious that such a state policy would only lead to lagging behind other states in the development of the latest technologies. Since the beginning of 2022, the understanding of the need for the development of digital technologies, including with the help of adequate legal regulation of “cryptocurrency” in Ukraine has begun.
In an era of changing financial landscapes, the position of cryptocurrencies like Bitcoin as possible national currencies is worth investigating. This study investigates Bitcoin's adherence to currency criteria and its consequences for GDP development in a certain country. The mining industry plays a significant role in the GDP of many countries. The extraction of raw materials such as metals, minerals, and fossil fuels is essential for producing a wide range of goods and services. This generates jobs and tax revenues and supports economic growth. Understanding these processes is critical, given the ongoing debate about Bitcoin's place in modern economies. This research looks into Bitcoin's usefulness as a currency and its possible influence on a certain country's GDP. The results show that Bitcoin fits the requirements for money, acting as a means of exchange and a store of value, with features including mobility, divisibility, commensurability, and fungibility. When examining its influence on GDP, empirical data indicate that, while currency appreciation may provide the illusion of stronger GDP growth when denominated in foreign currency, it damages growth domestically. According to a neural network study, Bitcoin's large impact on GDP renders it unsuitable for use as a national currency in the Czech Republic. Despite matching currency criteria, Bitcoin's adoption confronts problems such as volatility, a lack of central authority, and its worldwide nature, which limit its usefulness in promoting national economic growth. This analysis emphasizes country selection and length restrictions, finding that Bitcoin's existing position as an investment instrument restricts its viability as a national currency.
Introduction. The implementation of the decentralization reform in Ukraine led to an increase in public interest in the indicators laid down in the budgets of territorial communities and the results of their execution. Problem Statement. Availability and openness of information about budgets as a prerequisite for effective control over public finances of territorial communities. Purpose. Analysis of legal acts that establish requirements for disclosure of information about local budgets, providing recommendations for ensuring compliance in practice with the principle of publicity and transparency of the budget process as an important prerequisite for effective control over public finances. Methods. General scientific methods are used, namely: description, comparison, monographic, theoretical generalization. Results. The legal documents regulating the implementation of the principle of publicity and transparency of the budget process in Ukraine are analyzed, the contradictory and ambiguous norms contained in such documents are outlined, the mistakes made by the authorized persons of local councils when disclosing information about budgets are emphasized, the possibilities that provided by the state web portal Open budget, methods of raising the state of awareness of interested persons on issues of budget formation and execution are substantiated. Conclusions. Part of the public data on issues of formation and execution of budgets of territorial communities still remains inaccessible to information users. Increasing the transparency of budgets with the creation of opportunities for full-fledged control of public funds will become possible under the condition of legislative consolidation of norms on the obligation of managers to publish information on budget and financial reporting on the execution of local budgets within the terms and according to the forms approved by the current orders of the Ministry of Finance of Ukraine, disclosure of information on budget expenditures and lending operations, grouped, among other things, by departmental classification, which will be a prerequisite for researchers to have a holistic view of spending budget funds. Public information about budget indicators on the websites of local councils should be systematized, submitted in formats that allow further processing of the published data with the possibility of simple and unlimited access to them.
The article examines the impact of cryptocurrencies on the field of accounting and auditing, emphasizing the need to update existing methodologies in light of the digitalization of the economy. The development of the digital economy leads to the widespread use of electronic currencies. In the modern world, cryptocurrency is not only relevant as a form of electronic payments, but also promising for investments in the international market. In recent years, there has been an unprecedented increase in interest in cryptocurrencies as an innovative financial instrument, which has caused significant changes in traditional accounting and auditing approaches. The development of blockchain technology and an increase in the volume of transactions using cryptocurrencies stimulate the need to adapt accounting systems and audit procedures to new economic conditions. The article is dedicated to analyzing the advantages and disadvantages of cryptocurrencies, as well as developing new audit procedures adapted to the specifics of cryptocurrency transactions. The relevance of the topic is determined by the rapid penetration of crypto assets into the financial world and the challenges they pose for traditional accounting systems. It also necessitates the adaptation of accounting standards and auditing practices to new economic realities. The work uses a comprehensive approach, including the analysis of academic sources, regulatory documents, as well as expert opinions and practical case studies. The results show that the integration of cryptocurrencies requires standardization of accounting and updating of audit approaches, as well as raising the level of specialists' knowledge. The article offers recommendations that contribute to increasing the transparency of financial operations and strengthening investor confidence. This research is of interest to professionals in the field of financial accounting and auditing, as well as researchers studying the impact of digital technologies on economic processes.
This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.
Ensuring economic growth is a necessary condition for the successful socio-economic development of the country as a whole. This requires the activation of the role of public finance and public investment for the development and activation of processes in local self-government bodies, the state and local business as a key factor that determines the dynamics of capital in the economy and has an impact on the pace and nature of economic growth. At the same time, public investment can be considered as a management tool for promoting sustainable development. In conditions of socioeconomic instability, public finances are an important component of the financial system, which cannot adapt to changes automatically. The inertia of public finances generates additional risks notonly for the resource provision of the state's functioning, but also leads to a number of negative phenomena of a macroeconomic and social nature. Under these conditions, the budget is not only an important instrument of the state, through which monitoring of the state of public production and provision of social guarantees to the population is ensured, but also stabilization of the financial system as a whole is carried out. The article proves that an important determinant of socio-economic development of regions is financial decentralization, which contributes, on the one hand, to reducing the role of the state in their financial support, and on the other hand, creates opportunities for strengthening the autonomy of local budgets. The article substantiates the main methods of attracting public investment in the region, namely: regulatory and legal support; allocation of priorities for the selection of investment projects; definition and use of mechanisms for supporting investment activity; development of an investment passport; creation of a separate investment promotion service. A comprehensive analysis of the current state of the public finance system makes it possible to derive some limitations and criteria for the organization of relations between the fiscal and monetary systems in the context of current tasks of socio-economic development
Юлія Кривенко, Вячеслав Бізянов, Олександр Секретар
Стаття присвячена дослідженню інноваційних інструментів фінансового ринку в системі міжнародних розрахунків. Зокрема, досліджувалися переваги використання інноваційних фінансових інструментів порівняно з традиційними методами. Крім того, у статті аналізуються ризики та виклики, пов’язані з впровадженням інноваційних інструментів. У статті розглянуто такі інноваційні інструменти фінансового ринку, як блокчейн і криптовалюти (Bitcoin і Ethereum), фінтех-платформи (PayPal, TransferWise (зараз Wise) та Revolut), цифрові валюти центральних банків (CBDC), смарт-контракти, АРІ та відкриті банківські рішення, Big Data, аналітика та штучний інтелект (Al) і машинне навчання та роботизована автоматизація процесів (RPA). Проаналізовано використання інноваційних інструментів фінансового ринку в світі.
The decentralized anonymous cryptocurrency is a new kind of technology that can be used for many purposes such as transferring money and investing. However, they do not have a legal entity that is in charge monitoring its uses. Its extraordinary rise raises critical questions such as, should we regulate it or ban it? Since its purposes have been converted from an anonymous payment system to a tool that is used in illegal actions and undermining financial standards. This paper seeks CC regulation options. Plus, it attempts to lay out the various risks they pose and benefits they bring with the technology they use (blockchain). The objective is to investigate which approach will be more reasonable for the country’s conditions. The regulators will try to convince CC service providers to obey rules and operate under official standards, while banners restrict the new instrument’s integration with the financial system. The study relied on the descriptive approach to achieve its objectives. The recent literature and publications of the most important related bodies around the world were reviewed. Findings reveal that it is too early for CCs to be considered legal tender. Moreover, both approaches could be adopted according to the country’s conditions. Plus, alternatives may have their say. Some suggestions are made for local agencies and investors.
Aim. To study and describe the main trends in the development of the world market of digital financial assets in the conditions of digital transformation. Objectives. To disclose the essence and role of digital transformation at the present stage; to consider the emergence of digital financial assets and the possibilities of their application against the background of high growth rates of the cryptoasset market; to analyze the main indicators of digital currencies as of February 2024; to identify the key characteristics of the use of cryptocurrencies by different countries; to rank countries according to the index of cryptocurrency ownership for 2023; to describe the development trends of the circulation of digital financial assets in the world in the conditions of digital transformation. Methods. The study uses complex and logical approaches, general scientific methods (analysis, synthesis), methods of comparative and economic analysis, analytical processing and graphical presentation of information. Results . The leading trends in the development of the global market of digital financial assets in the conditions of digital transformation have been considered. The indicators of the top 10 largest digital currencies by market capitalization are highlighted. Based on the results of the study, the ranking of countries by the index of cryptocurrency ownership for 2023 was compiled. The main indicators of digital currencies for February 2024 were analyzed. The key characteristics of cryptocurrency use by different countries in the context of high rate of digital transformation were described. Conclusions. The results of the conducted research allowed us to conclude that the current transformation of the global economy, associated with the active development of breakthrough technologies, including distributed ledger technologies (DLT) and blockchain, has become a trigger for the emergence of digital financial assets and expanded the possibilities of their application in the context of high growth rate of the cryptoasset market. The analysis of the current state and development of the circulation of digital financial assets in the world under the conditions of digital transformation shows the growing interest in the use of cryptocurrencies and the introduction of blockchain technologies in the financial systems of various countries, as well as the growing use of cryptocurrencies by companies and individuals. Taking into account the review of global trends, development of fintech technologies, the conclusion is made about the inevitability of the processes of digitalization of financial assets, the emergence of new forms of digital assets, which dictate the need for advanced development of their legal regulation. In the future, the development of digital assets will give them the official status of a means of payment and expand their use in the system of financial relations in the conditions of digital transformation both in Russia and abroad.
The article highlights the results of a study of the specifics of public finance management in the context of the dynamic development of Ukraine's tokenized economy. It is substantiated that with the beginning of Russia's full-scale military aggression against Ukraine, budget revenues have significantly decreased and expenditures have begun to grow rapidly, which has led to significant imbalances in public finances and a significant increase in the budget deficit, which today has to be covered mainly from external sources. The author emphasizes that one of the alternative options for filling the budget revenues is taxation of the crypto industry, which has been developing rapidly and has become one of the TOP-5 countries in the world of cryptocurrency introduction in recent years. The author reviews the novelties of domestic legislation in the field of regulation of circulation of virtual assets and emphasis is the presence of contradictions in them with regard to the interpretation of their content and functions. The author identifies specific features of virtual assets and proves that they should be considered as an expression of the value of digital things created using the technology of a distributed ledger or other similar technology that allows their issue, transfer and storage in a decentralized manner, without the need to involve traditional financial intermediaries or centralized administrators. The author studies the global experience of taxation of virtual assets. It is substantiated that Ukraine should choose a policy of moderate regulation of the virtual asset market, capable of ensuring both budget revenues and control over the income from transactions with virtual assets. The author develops proposals for accelerating the introduction of the mechanism of taxation of virtual assets turnover as one of the alternative sources of formation of the state revenues of the country and successful implementation of the policy of moderate regulation of the virtual assets market.
Оксана Володимирівна Старчук, Надія Федорівна Чубоха, Artur Androsovych
Introduction. Currently, there is an urgent need to regulate the functioning of cryptocurrency markets in the context of the evolution of social relations. The rejection of the bill aimed at regulating the cryptocurrency market does not have sufficient financial and legal justification, as evidenced by expert opinions and textual analysis, which revealed the narrow approach of the drafters of the bill to solving cryptocurrency issues. Moreover, since the current law of Ukraine "On Virtual Assets" defines cryptocurrencies as unsecured virtual assets, the issue of cryptocurrencies is practically removed from the agenda. At a time when the war with Russia has begun, and the general defense and financial security of Ukraine needs to be strengthened by the state and government, it seems unjustified to ignore not only threats to national security, but also potential sources of financial growth. The purpose of the paper is to clarify the legislative framework regarding cryptocurrencies and the legal status of cryptocurrency market participants in Ukraine. Results. The paper examines the peculiarities of the development of financial and legal regulation of the cryptocurrency market in connection with globalization processes. The main attention is paid to the problems that arise in connection with attempts to solve the issue of regulation of the crypto-currency market partially at the national legislative level, without actively promoting it at the international level. It is shown that international cooperation in the field of regulation of cryptocurrency markets should be based on the principles of international law. In the context of regulating the functioning of cryptocurrency markets in the context of globalization, a set of principles has been formed that can be worked on to harmonize national and international interests. Conclusion. Since the cryptocurrency market is an important component of the transnational global economy, an important condition for the effective response of law-making bodies to dynamic changes in social relations in the context of globalization is the timely formulation of the principles of development of the financial and legal regulation of the cryptocurrency market at various levels. It is argued that this should happen through the timely formulation and implementation of the principles of financial and legal regulation of the cryptocurrency market at various levels.
Ростовский государственный экономический университет (РИНХ), Ростов-на-Дону, Россия, Евлахова Юлия Сергеевна
The article considers non- fungible tokens as one of the types of digital financial assets. The purpose of the article is to study the modern NFT ecosystem and analyze the parameters of the NFT market. The indicators published in the analytical reports of the NFTGO consulting company, as well as scientific publications, were used. The definitions of the term "non- fungible token" are summarized, the criterion for classifying NFT objects is formulated; the participants of the NFT market are considered, the distinctive features of this market are highlighted. Based on the results of a quantitative analysis of the indicators of market capitalization and trading volume, conclusions were drawn about the NFT market in 2022. The elements of the NFT ecosystem are characterized, among which the development of NFT finance is the most promising.
Introduction. As organizations undergo digital transformation, the field of accounting and auditing is experiencing substantial changes. The potential of integrating blockchain technologies into accounting and auditing practices has been explored to identify innovative opportunities arising within the context of the ongoing digital revolution. The purpose of the paper is to analyze the innovative possibilities of utilizing blockchain technologies in accounting and auditing amidst the digital transformation. Results. The concept of blockchain technologies has emerged as a revolutionary and transformative force in the realm of digital innovations. Essentially, blockchain is a decentralized and distributed ledger technology that securely and transparently records transactions across a network of computers. This innovative approach to data management has the potential to reshape various industries, offering numerous advantages such as enhanced security, transparency, and efficiency. Analysis indicates that blockchain technologies present numerous innovative opportunities in the field of accounting and auditing. Immutable ledgers, smart contracts, and decentralized consensus mechanisms form the basis for improved data accuracy, fraud prevention, and real-time financial reporting. Furthermore, blockchain's capacity to streamline reconciliation processes and facilitate seamless information exchange among stakeholders provides significant advantages for both accountants and auditors. Conclusions. Blockchain technologies offer innovative opportunities for a revolutionary transformation of accounting and auditing practices in the era of digital transformation. The decentralized and transparent nature of blockchain enhances the reliability and efficiency of financial record-keeping, while smart contracts automate routine processes. While organizations grapple with implementation and regulatory challenges, the potential benefits of blockchain in accounting and auditing signal a shift in paradigm towards a more secure, efficient, and reliable financial ecosystem. As organizations navigate the digital transformation landscape, the adoption of blockchain in accounting and auditing practices becomes a strategic imperative to ensure financial integrity and transparency in the modern era.
Svitlana Volosovych, Mariia Nezhyva, Antonina Vasylenko, Л. С. Морозова · 5 authors
The Russian-Ukrainian war transformed the needs of consumers of financial services, both in Ukraine and abroad. On the one hand, the civilian population and the Armed Forces of Ukraine needed immediate help from the international community. On the other hand, individual and institutional investors were concerned about threats to traditional financial investments. The purpose of the article is to identify the priority directions for the development of the cryptocurrency asset market against the background of the Russian-Ukrainian war. The article presents an analysis of the cryptocurrency asset market with an emphasis on its structural changes in the conditions of the Russian-Ukrainian war. In the study, a survey was conducted to find out the impact of the war on the Ukrainian cryptocurrency market. The analysis of the survey results substantiates the hypothesis about the impact of increased hacking attacks by pro-Russian forces and missile attacks on the functioning of the cryptocurrency market in Ukraine. It has been confirmed that investments and payments are promising segments of the cryptocurrency market in Ukraine, in which, the most interested users and potential users of cryptocurrency are. Based on the received data, the weaknesses and strengths of the functioning of the cryptocurrency market in the conditions of war were identified. Threats and opportunities for the development of the cryptocurrency market against the background of Russian armed aggression are substantiated. The conducted research made it possible to formulate scenarios for the development of the cryptocurrency asset market in Ukraine in war conditions and the conditions for their implementation.