The rapid spread of cryptocurrencies is one of the most relevant trends today. One of the significant risks of their spread is the increase in energy consumption, which has a negative impact on the environment due to carbon emissions. This requires the development of a scientific toolkit for assessing relationships and predicting the impact of cryptocurrencies on energy consumption, which is the aim of this paper.With the correlational regression analysis, the model of the dependence of spending on IT sector, energy consumption of Bitcoin, Ethereum and global capitalization of the cryptocurrency market was conducted, based on statistical data from Statista.com, Сoinmarketcap.com and International Data Corporation. To check the possible relationship, tests for the adequacy of the results obtained (Fisher’s test, Student’s t-test) confirmed the correctness of coefficients for independent variables.The results showed a significant direct correlation (Multiple R is 95%) of spending on IT sector, energy consumption and global capitalization of the cryptocurrency market. The established relationships allowed predicting that Bitcoin energy consumption may reach 142 Terawatt hours per year in 2026. And its impact on environment by mining in 2022 was at least 27.4 Mt of CO2 emission.As a proposal, a conclusion was made on the expediency of linking mining to the use of certain sources of electricity production, such as “residual” natural gas, nuclear power, renewable energy sources. The obtained results and conclusions may be used as a basis for political decisions in the field of energy efficiency and climate change mitigation.
The following research is aimed at individuals tangentially involved with digital or virtual currencies, who are increasingly facing questions about how to declare income derived from trading these financial instruments. The purpose of the research is to present the tax treatment of transactions with cryptocurrencies in the part related to the taxation of the income of legal entities and individuals obtained from the activity of trading with virtual currencies according to the legislation of the Republic of Moldova, as well as the practice followed in other countries. The issue of taxation of these types of income is a current one both at the level of the legislation of the Republic of Moldova and at an international level, given the fact of abundant flooding of the world economy with an enormously large number of cryptocurrencies without which today the financial-banking system would look like a quaint one. It is worth mentioning that the clarity of the tax legislation regarding the taxation of new types of income, or the synchronous advancement of the tax legislation with the up-to-date needs of the taxpayers is a priority both for the institutions that collect the sources of the state budget, as well as the income payers. In other words, increasing the clarity of the tax legislation and the tendency to align with international standards and practices ensure greater efficiency in the successful administration of state revenues and an upward growth in the number of compliant taxpayers. At the same time, this research aims to examine the causal link between the harmonization of legislation to the needs of the market with the level of compliance of taxpayers and receipts to the state budget. The scientific methods used in the study are as follows: analysis of the legal framework governing the research, synthesis of information, comparison to identify distinctive features, deduction of challenges.
Propelled by the socio-economic disturbances and the COVID-19 pandemic, advanced technologies such as artificial intelligence (AI), Internet of Things (IoT), robotics, and Web3, which are characteristic of the Fourth Industrial Revolution (FIR), have gained significant ground globally, including the developing countries. As organizations face the array of opportunities and challenges of adopting these technologies, human resource (HR) professionals are tasked with trailblazing the digital transformation of workplaces. Yet, a gap in scientific research regarding the preparedness of HR professionals for this task exists, especially in developing countries like North Macedonia. With this research, the authors aim at addressing this gap and exploring the impact of FIR-related technologies on Macedonian workplaces, employees, their skills, and jobs, as well as, the level of readiness of HR professionals to step up in line with these advanced technologies. The authors build upon a review of the existing literature and use a quantitative online survey distributed to a selected group of HR professionals, operating on the territory of North Macedonia. The findings will contribute to a better understanding of the preparedness of HR professionals to steer organizations in the direction of working in the new era of automation and digital transformation.
The development of cryptocurrencies by banking institutions operating in the online environment provides for the purchase and sale of cryptocurrencies on stock exchanges, not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. The aim of the article is to determine the impact of cryptocurrency on the investment market based on the analysis of key environmental factors that affect the correlation of these variables. The issue of cryptocurrency by banking institutions also ensures its stability, thus expanding the investment potential of this financial instrument. The above contributes to the formation of the cryptocurrency investment market in the structure of the stock market.The development of cryptocurrencies of banking institutions operating in the online environment, provides the purchase and sale of cryptocurrencies on stock exchanges, and not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. Among the factors that indicate the negative impact of cryptocurrency on the investment market are the following: the lack of a stable value of cryptocurrency and its volatility, dependence on fluctuations in the world economy and macroeconomic factors, in particular demand; as a result of the first factor, cryptocurrency as an object of investment activity is quite risky. Further research should be devoted to the issues of central bank digital currencies and their potential impact on competition in the market of private digital currencies based on blockchain technology.
The article considers blockchain technology, which is one of the types of distributed ledger technology and currently has real prospects for application in the medical field, in particular for managing data arrays in clinical trials. The essence of the currently existing discussion among medical managers and other employees on the feasibility of introducing blockchain technology into clinical trials is revealed. To address this issue, the authors carried out a thorough analysis of the social and economic aspects of the application of blockchain technology in clinical trial data management. As a result of the analysis of a large number of scientific publications, social effects of the use of blockchain technology in the management of clinical trial data have been established and systematized. The article proves that the social effect of using blockchain technology in the management of clinical trial data is certainly significant. This factor clearly indicates the need to use this technology in the practice of clinical trials. The authors argue that it is important for a contractual research organization, pharmaceutical company, healthcare institution or other entity in which a clinical trial is performed to take into account the economic component of using blockchain technology to manage data sets in the process of performing clinical trials. Therefore, for the final decision on the adoption of blockchain technology in the management of clinical trial data, the article also considers the approach to taking into account the economic aspect. To determine the economic effect of the introduction of blockchain technology, an appropriate calculation method has been proposed. According to this methodology, the effect of the application of blockchain technology depends on: the proportion of conflicting disease and treatment records (drug studies) that require reconciliation; percentage reduction in the cost of issuing one conditional entry in the patient's medical card. It is indicated that the predictive assessment of the effect for a medical institution depends on a specific blockchain solution. The conditional example in the article shows the expediency of applying the proposed methodology for determining the economic effect of using blockchain technology in the management of clinical trial data.
Motivation: So far, nothing has been known about the impact of the war in Ukraine on the dynamics of cryptocurrency markets, in particular on the intraday trading patterns in Bitcoin, nowadays the largest market capitalization and trading volume cryptocurrency.Aim: Use the data from the period January–April 2022 exhibiting over 1.5 million trades at Bitstamp, one out of four largest in trading volume Bitcoin markets, to identify and compare the day of the week and the hour of the day effects in the rate of return, bid-ask spread and trading volume at times preceding and following the war outbreak.Results: The analysis based on the regression including dummy variables showed that the bid-ask spread and trading volume exhibited both the day of the week and the hour of the day effects. The same applied to the rate of return — but only incidentally. The effects differed in the magnitude across the peace and war periods being mostly smaller in the latter one due to increased risk faced by market participants who, as reflected in the number of trades and trading volume, lowered their activity. Since Bitcoin at Bitstamp is traded 24 hours a day and 7 days a week and incoming information is continuously impounded into its prices, the intraday trading patterns are different from those at the mature and emerging stock markets. The wider spreads and larger trading volumes were found present close to open of the major stock markets (NYSE, NASDAQ, London, Frankfurt, Tokyo).
Today, the main threat to the security of the country in general and its regions and territorial communities in particular is still the armed aggression of the Russian Federation. This requires the concentration of efforts of state and local authorities, military administrations in this direction. Despite all the problems caused by the war, local self-government bodies respond to unforeseen challenges in a timely manner, ensuring the restoration of destroyed objects, providing services to the population, creating jobs for internally displaced persons, attracting investments, etc. The Law of Ukraine “On the Legal Regime of Martial Law” defined the modes of functioning of local self-government bodies and their interaction with military administrations. During the war, military administrations perform the powers of local state administrations and, partially, local self-government bodies, defined by current legislation.The article analyzes the main measures to protect the population from possible emergency situations at the level of territorial communities. It is noted that local authorities are making efforts to restore destroyed housing, schools, kindergartens, hospitals, critical infrastructure facilities, etc. In the conditions of war, decentralization makes it possible to strengthen the potential of territorial communities, to strengthen the initiative of citizens in solving issues of social and economic development. On this path, the State Fund for Regional Development, international partnership between communities, new subventions, and additional sources of income for local budgets demonstrated their success. The article emphasizes that communities have shown their ability to effectively increase and manage the received financial resources. Despite this, the funds received from international donors and grants for the reconstruction of destroyed objects should be partially used to finance the country’s reconstruction projects.
The article examines the procedure for accounting transactions with cryptocurrency as a special type of asset. Circulation of cryptocurrency in Ukraine currently does not have proper legislative regulation, and the Law of Ukraine "On Virtual Assets" adopted in 2022 has not yet entered into force. There is no proper legal provision for accounting and taxation of transactions with cryptocurrency carried out by business entities taking into account the advantages of using a decentralized means of circulation. Solving the issue of proper accounting of cryptocurrency and operations with it will contribute to the unshadowing the economy and the receipt of taxes to the state budget. It has been established that cryptocurrency can exhibit characteristics of goods, cash and their equivalents, financial instruments, investment real estate, intangible assets, shares, etc. With this in mind, the article analyzes permissible options for classifying cryptocurrency and operations with it to specific classes of accounting accounts based on international and national accounting regulations (standards). The European practice of accounting for operations with cryptoassets is analyzed, which is based on two options for accounting for cryptocurrencies: as an intangible asset or as stocks. It was concluded that in the absence of a single methodical approach to the issues of proper accounting of cryptocurrency and operations with it, it is necessary to use international accounting standards and recommendations for accounting of cryptocurrency developed on their basis as an intangible assets (if it is held for sale in the everyday economic activity) or stocks (if held for the purpose of obtaining an investment profit from resale). The purpose of its use by the business entity should be the basis for selecting the recommended accounting options for cryptocurrency as a virtual asset.
Background: An investigation was conducted into the 2020 campaign to declare the incomes of civil servants in Ukraine. On June 23, 2022, the country became a candidate for full accession to the European Union, subject to increased efforts to combat corruption. During the study period, it was found that 652 Ukrainian officials declared 46,351 bitcoins, which as of 04/01/2021 was the equivalent of 2 billion 564 million US dollars or 2 billion 348 million euros. Against this background, the existing anti-corruption legislation and the state anti-corruption apparatus are characterised . Methods: To achieve objective scientific results, the author used methods such as analysis and synthesis to understand and build a logical chain of ideas. The author used the statistical method to emphasise their positions with real data regarding the situation that developed in practice. Results and Conclusions: The study revealed a potential threat of money laundering by civil servants through the declaration of cryptocurrencies before their legalisation, against the background of a complete absence or imperfection of current laws. It was established that this factor was the most acute form on the evening of the planned state legalisation of cryptocurrencies. This highlights the need for states to take preventive measures to eliminate such risks before legalising cryptocurrencies and preventing “silent amnesties” regarding illegal capital transferred to cryptocurrencies or to “whitewash” future illegal proceeds in advance through the declaration of non-existent cryptocurrency.
Blockchain technology is known as one of the most transformative technologies of recent years, revolutionizing digital transactions and data storage. Originally developed as the underlying technology for Bitcoin, blockchain has since found numerous applications beyond cryptocurrencies, such as in supply chain management, identity verification, and smart contracts. In the digital economy, blockchain has the potential to significantly impact a wide range of industries and business models, from finance to healthcare and e-commerce. Blockchain issues have been developed by researchers who have focused on blockchain as the latest digital technology capable cause profound changes in society and are, to some extent, debatable. In particular, the work examines how blockchain and decentralized platforms have the potential to be powerful tools for managing large-scale social interactions and disrupting traditional power structures. However, it also cautions that the dominance of private interests within these distributed ecosystems could lead to the emergence of a stateless global society, posing significant risks. The purpose of the work is to explore the potential applications and impacts of blockchain technology in the digital economy, and to identify the opportunities and challenges that arise from the adoption of this technology in various sectors such as finance, healthcare, supply chain management, and intellectual property. Additionally, the work aims to provide insights into the role of blockchain technology in promoting digital transformation and innovation, and to assess the potential benefits and risks associated with the use of this technology in the context of the digital economy. It has been established that the use of blockchain in intellectual property can change the way creative works are protected, managed and monetized. It found that blockchain technology can be used to provide secure and transparent ownership records, automate licensing and royalty payments, and facilitate the identification of infringing uses. The main problems and limitations created by the use of blockchain technology are systematized: scalability, compatibility and regulatory regulation. As the technology continues to develop and evolve, it is imperative that these challenges are addressed in order to realize the full potential of blockchain. We believe that while blockchain technology is still in its early stages of development, it has the potential to transform various industries by providing secure, transparent and efficient data management solutions.
Hanna Yarovenko, Agnieszka Łopatka, Tetyana Vasilyeva, Imre Vida
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The article analyzes challenges and prospects of development of business activity of territorial communities (hereinafter – TC) in terms of decentralization. Particular attention is paid to the extension of the opportunities for entrepreneurs due to the establishment of TC and in the context of implementation of the European Green Deal. The principal powers concerning support of economic development, solving environmental problems and supply of social services on the territory are delegated to the local bodies. It is a positive aspect, but it requires improvement of human resources of the local governmental bodies to secure efficient use of the provided opportunities. The research substantiates directions of business activation in TC, particularly creation of favorable environment for enterprises development at the state level, supply of broader access to financing for small and medium-size enterprises, simplification of tax administrating for small and medium-size enterprises, promotion of business culture and development of business skills and sustainable thinking, support for internationalization and greening of small and medium-size business, improvement of competitive capacity and innovative potential of enterprises. The work suggests a model of efficient management of business activity of territorial communities. The authors define the principal criteria for setting local taxes and charges at the level of community. The research also marks the problems that have a negative impact on business development of TC, particularly, restraints for business running, development of local infrastructure, and employment of population. The article specifies the reasons and factors of the obstacles appearance and proposes the ways for them overcoming.
The article is devoted to the study of the basics of the development companies' integration into the virtual assets market as a component of their economic potential growth in the context of the digital transformation of Ukraine. The article proves the role of development companies in the digitization development of the construction industry of Ukraine. The current state of Ukrainian legislation regarding digitization and the virtual assets market was considered, the analysis of which allowed to single out the virtual assets’ application areas in the operational activities of development companies, in particular, investment activities and marketing communications. The application areas of secured virtual assets are defined and the concepts of construction products tokenization are considered. The issue of entering smart contracts by the development company on Blockchain technology using secured virtual assets was investigated. Particular attention is paid to the construction of the development company metauniverse with a hierarchical structure in the form of non-fungible tokens (NFTs) sets of different levels. The relationship between the growth of the development project metauniverses and the implementation of BIM technologies in the design of real estate objects is proven. A universal concept of metauniverse construction of development company that implements residential construction projects has been developed. With the help of artificial intelligence technologies, conceptual views of non-fungible tokens at the level of the development company, development project (housing complex), individual multi-story residential buildings, individual apartments in these buildings, as well as individual stages of real estate development have been created. The main features of the created tokens are described concerning the corresponding characteristics of particular real estate objects. A scheme for integrating the real estate development process into the virtual asset market has been developed concerning the stages of the real estate object's life cycle. The prospects for the growth of development projects metauniverses after the introduction of "real" real estate objects into operation are determined, in particular, through the introduction of PTE technologies.
Purpose: In this paper, we analyze the impact of the war in Ukraine on the price and volume volatility of bitcoin. Design/methodology/approach: We apply a two-stage methodology, to explore whether bitcoin price and volume were affected by the Ukraine war event, and to analyze the magnitude of this effect. Findings: Our results show that the Ukraine war affected more bitcoin volume, than bitcoin price. Practical implications: We explore whether the effect of a major political event, such as the war in Ukraine, is differentiated between bitcoin price and volume respectively, and we show that volume is affected much more than price. This has important practical implications for traders and investors in the crypto-market, since bitcoin is gradually perceived as an asset that can bear portfolio diversifying features. Originality value: Our results are surprizing since prior event literature shows that bitcoin price is heavily affected by major political and economic events, but is in line with the only to-date study of Bitcoin price and Ukraine war (Yatie, 2022).
Researcher and Assistant Professor Dr. & Scarborough Street, Southport, Gold Coast, Queensland, 4215, Australia, Bundit Anuyahong, Nipol Ek-udom
<strong>ABSTRACT: </strong>This study aimed to investigate the impact of cryptocurrency on global trade and commerce. The research objectives included examining the extent to which the adoption of cryptocurrency has disrupted traditional financial systems and affected cross-border transactions, as well as investigating the potential benefits and challenges of using cryptocurrency for global trade and commerce. A mixed-methods research design was used, incorporating both quantitative and qualitative data collection and analysis techniques. The study involved an extensive literature review, a survey of businesses involved in international trade, and interviews with key stakeholders. The results showed that cryptocurrency offers benefits such as reduced transaction costs, faster settlement times, and increased transparency in transactions. However, there are also challenges such as regulatory and legal hurdles, security concerns, and limited understanding of cryptocurrency. The study also highlights the factors that influence the adoption of cryptocurrency in international trade, including regulatory and legal frameworks, security concerns, awareness and understanding of cryptocurrency, transaction costs, and integration with existing systems. Finally, the attitudes and perceptions of businesses towards cryptocurrency are discussed, with the study showing that confidence in the reliability and security of cryptocurrency is a significant factor for adoption. Overall, the study provides insights into the potential opportunities and challenges presented by cryptocurrency in global trade and commerce, and the implications for policymakers, businesses, and investors.
Олена Кравченко, Natalia Nebaba, John O. Aiyedogbon
The purpose of the paper is to conduct a bibliometric analysis of scientific literature on the use of blockchain technologies in accounting for the period 2013–2022 based on the use of a number of special methods and tools, including Scopus and WoS, VOSviewer, Publish or Perish, Google Trends, and Google Books Ngram Viewer. Based on the results of the bibliometric analysis of relevant scientific publications, a map of the relationships between the concepts of «blockchain» and «accounting» with other categories was formed, which allowed identifying seven clusters. Based on the results of the analysis of the evolutionary time block of blockchain technology research, it was possible to identify several main periods during which the main accents in this area changed. It has been proven that it was in 2020–2021 that the interest of researchers was directed to considering blockchains as tools for working with financial and accounting information. An analysis of the space-time dimension of bibliometric analysis in Ukraine showed that the publication activity of research on the use of blockchain technologies in accounting has intensified since the second half of 2021. Analysis using Google Books and Google Trends confirmed the absence of analogies in the dynamics of changes in search queries «blockchain» and «accounting». The use of bibliometric analysis tools allowed identifying the most relevant works by the searched terms. Relevance was mostly determined by the significance of the scientific work and the scientific cluster. On the basis of these works, key theses are presented, which will become the basis for further empirical research on the chosen topic.
Olesya P. Kazachenok, Galina V. Stankevich, Natalia N. Chubaeva, Yuliya Tyurina
Abstract The purpose of the article is to study the current experience and prospects of the humanization of FinTech in the economy of artificial intelligence. The research methodology is based on the use of the method of structural equation modeling (SEM). The study analyzes statistics for 2021–2022 (annual indicators). The sample included 118 countries. As a result, the modern international experience of FinTech humanization in the economy of artificial intelligence has been studied and the causal relationships of FinTech humanization in the economy of artificial intelligence through the integration of blockchain into ESG finance have been identified. The article proposes an economic and legal approach to the humanization of FinTech in the economy of artificial intelligence by integrating blockchain into ESG finance to ascertain the economic and political implications. The article contributes to the literature by clarifying the scientific provisions of the concept of the humanization of the economy. The theoretical significance of the obtained results is that the developed model (SEM) and the detailed regression equations have formed a comprehensive understanding of the patterns of humanization of FinTech. The resulting econometric model can be used to predict prospects for the development of blockchain-based ESG finance, as well as high-precision planning of state economic policy. The practical significance of the authors’ conclusions and recommendations is that they have formed a clear idea of modern barriers (“market failures” and “institutional traps”) and prospects (improvement of the institutional environment through the application of an economic and legal approach) to the humanization of FinTech in the economy of artificial intelligence through the integration of blockchain into ESG finance.
The subject of the research is theoretical approaches to the formation and development of the cryptocurrency market and its integration into the national financial system. The purpose of the article is to determine the theoretical foundations of the functioning of the cryptocurrency market based on a systemic approach and to explore the possibilities of its integration into the financial system of Ukraine. Method or methodology of research. The article uses the methods of scientific abstraction, analysis and synthesis, generalization, systematic approach. Results of the article. The article examines the theoretical aspects of the economic category "cryptocurrency". A retrospective analysis of cryptographic money research was carried out. The largest cryptocurrencies by capitalization were studied and it was concluded that Bitcoin remains the leader in terms of price and level of capitalization among existing cryptocurrencies. The state of introduction and development of the cryptocurrency market in Ukraine is considered. In particular, the article presents Ukrainian companies that offer the purchase of their goods and services for cryptocurrency. The prospects for the use of cryptocurrencies in the financial system of Ukraine are outlined. Field of application of results. The results of the research can be used in the process of streamlining the legal framework regulating the circulation of virtual assets and electronic money. Conclusions. A significant potential for the development of the cryptocurrency market is seen in Ukraine. Currently, the issue of implementation, full legal and institutional support for the circulation of cryptocurrencies is open and relevant, but has certain inhibitions, which are caused by an objective factor – the war in the country.
Blockchain is a modern, influential technology that is already transforming organizations and their business models in all business processes, including accounting and auditing. The article identifies and analyzes the risks of blockchain application in accounting and audits of fuel and energy companies. Areas of application of blockchain in accounting and auditing of fuel and energy companies have been determined, which include - integration of cryptocurrency into the accounting system of an energy company, creation of smart contracts, certification of renewable energy sources, automation of accounting and document flow, operational management of energy company assets, accounting of accounts consumption of energy and fuel resources. The risks of using blockchain technology in accounting and auditing of fuel and energy companies are systematized, which are grouped according to the following directions: high requirements of blockchain for energy consumption, lack of sufficient knowledge and skills of accountants in working with blockchain, technical, accounting and auditing problems. An example of choosing an economic risk management strategy of an energy company using maximax, Bayes, Laplace, Wald, Savage, Hurwitz criteria has been developed. The results of the research can be useful for accountants, auditors and managers of fuel and energy companies during the implementation and use of blockchain technology in practical activities.
Abstract. Introduction. The history of the emergence of Bitcoin and other cryptocurrencies is analyzed. Basic concepts related to blockchain technology are explained. The main focus is on issues important from an investor's point of view, as well as on technical aspects, including the essence and importance of blockchain technology. Purpose. The purpose of the article is to generalize and systematize the available information about the emergence of cryptocurrencies and analyze their patterns. Results. The specifics of digital assets and the bitcoin exchange rate in 2012-2021 were studied in more detail. It was found that on the cryptocurrency market you can earn (as well as lose) both as a trader and as a so-called cryptocurrency hodlers. A rating of cryptocurrency exchanges was developed according to the following indicators: security, number of crypto currencies, fiat currencies, advantages of the exchange, disadvantages of the exchange. Cryptocurrency exchanges are a central part of the entire digital collection ecosystem today. Currently, there are already several hundred crypto exchanges on the market, which differ in terms of transactions, security levels or listed values. In this article, we have described cryptocurrency as objectively as possible so that you can assess for yourself whether it will be the right form of investment for you. Conclusions. The wide choice of service providers and the fact that digital currencies are a relatively new form of investment means that finding the best place to trade is not easy. The cooperation of international financial conglomerates in the development of blockchain technology will save these enterprises billions of dollars per year and will be able to improve their operations and eliminate errors related to the human factor. Participants in the financial system are forced to propose standards that would apply to each participant in the network without disturbing the established status quo in international markets.
The number of countries that express concern for the danger of using cryptocurrencies for illegal activities among which are money laundering and terrorism financing is increasing. Cryptocurrencies are virtual assets created and managed through advanced computer encryption and operate on a decentralized network known as a blockchain. The key issue of concern and attention in the world is the anonymity and pseudonymity of cryptocurrencies, which prevents proper monitoring of transactions by state institutions and allows the completion of suspicious transactions outside the regulated systems. The paper provides an overview and elaborates the existing European legal framework and the measures and activities undertaken by the Republic of North Macedonia, harmonized with the European ones, in the fight against money laundering and terrorist financing in the crypto sector. For that purpose, the legal documents adopted at EU level, as well as those adopted by North Macedonia are analyzed and discussed. At the end, the paper clearly brings out a major way in which the abuse on the use of crypto-currency can be stopped at the international level.
Alina Yuriivna Yakymchuk, Olena Panukhnyk, L Horal, S Hrynkevych · 5 authors
Abstract The development of efficient local governance and establishment of comfortable conditions for the living activity are the major strategic tasks of the public governance and authorities’ decentralization system modernization that is currently underway in Ukraine. The complicated socio-environmental and economic situation faced by Ukraine due to the deployment of military and political events, the collapse of the national currency, the deformation of industrial infrastructure, the depletion of natural capital, the exhaustion of natural resources, the spread of coronavirus infection COVID-19, and other destabilizing factors constitutes an incredibly high threat to the socio-political and economic security of the state as a whole and of each territorial community (TC). In this perspective, each element of the complex national economy system is important and should be translated into the principles of intellectualization in a strategic perspective. Today, the economic systems of both the state and the TCs are largely supported by international organizations – mainly through the provision of international loans and grants. The harmonization of national legislation on the preservation and reproduction of natural capital with European directives is the priority area of the foreign policy of Ukraine. Cooperation with international organizations sets a number of requirements for Ukraine, including the transparency of financial flows and natural capital accounting. Clear regulation of accounting, storage, and reproduction of natural capital is an urgent task of the public administration system. Taking into account the fact that climate security is a global problem, adaptation of national standards to European directives will make it possible to unify the information support of public finances and form a strategy for the development of natural capital. The main factors of economic efficiency in the Republic of Poland and Ukraine are compared. The research verifies the regression relationships between budget funding of territorial communities and the population of these territorial communities and provides conclusions about the efficiency of TCs’ funding in Ukraine.