Introduction. The functioning of decentralized autonomous organizations (DAOs) is based on the principles of blockchain technology and smart contracts. The functioning of the DAO is based on the understanding and compliance of smart contracts, the activity and participation of participants, as well as the development and resolution of emerging challenges in this experimental field. The purpose of the presented work is to determine the main features of the functioning of decentralized autonomous organizations and to present a conceptual approach to the development of the presented organizations. Materials and methods. The main information base of the research is the works of leading scientists in the field of digital economy, the implementation of digital technologies, the problems of the management decentralization system at its various levels, and the use of modern management and digital tools to ensure the optimization of management decisions. The main methods of research are methods of analysis, synthesis, comparison, induction, deduction and a graphic method for visual display of the presented research results. Results and discussion. The essence of decentralized autonomous organizations is to create an ecosystem in which management and decision-making is carried out on the basis of blockchain technology and smart contracts. The basic idea is that DAOs have no centralized governing body or leadership. Decisions are made collectively by members of the organization. The main mechanism of management and interaction in the DAO is smart contracts, which are software codes on the blockchain. They automate the execution of agreements and define the rules of the organization. Cryptocurrency and tokens are used for funding and participation in DAOs. Members can purchase tokens that give them the right to vote and participate in the organization's decisions. All transactions and decisions are recorded in the blockchain, which guarantees transparency and irreversibility of actions. Information is open to all participants. Conclusions. Decentralized autonomous organizations are a paradigm of a new approach to organizational management and interaction of participants, aimed at increasing transparency, democratization and autonomy in resource management and decision-making. Success largely depends on the ability to understand risks and resolve technical and legal issues, as well as community support and participation of qualified professionals in the development and evolution of the DAO concept.
The processes of digitization and rapid development of information technologies have a direct impact on the transformation of modernity. The sphere of finance did not bypass these processes. A few dozen years ago, it became impossible to pay for services and goods without having a physical monetary unit with you, but now cashless transactions are being given more and more advantages. But today requires consideration of the issue of the functioning of a new type of currency, "cryptocurrencies", which have appeared very recently and began to develop rapidly. Such innovations need to be sensibly and legislated correctly, based on the prevailing principles of law. The article examines essential issues that clearly demonstrate the main problems that need to be resolved by legislators in order to legalize the cryptocurrencies. When studying the problem, attention was paid to the history of the creation of the first cryptocurrency and its development, others see cryptocurrency and their differences among themselves, the principles of operation and the advantages of using such currencies. At the current stage, there are already more than two thousand types of cryptocurrencies, but this is not the final number of such currencies, because the progress of growing interest in the topic of digital money attracts the attention of more and more Internet users every day. Since development processes don’t stand still and the trend of digital money acquires new manifestations, the exceptional need to regulate such phenomena challenges the many rights systems of different countries, as well as their budgets, to properly achieve legal value and stability for the state and society as a whole. Although domestic and foreign regulation of cryptocurrencies circulation is insufficiently resolved, the analysis of information and positions of scientists and law owners gave a fairly broad identification of the growth of the cryptocurrencies circulation market and interests among citizens of both Ukraine and foreign countries. With proper research, development, and compliance with legal regulations, cryptocurrencies can gradually take a significant place in people's full lives.
Yuriy Ivanov, Olga Ivanova, O. Y. Poliakova, Viktoriia Shlykova · 5 authors
The article is devoted to solving the urgent problem of the spatial development of territorial communities on the basis of self-sufficiency and self-financing. The purpose of the article is to develop a methodology for substantiating the directions of development of territorial communities based on the ability of territories to self-development, taking into account resource availability, management capacity, financial capacity, and types of territorial community in the context of fiscal decentralization. The objectives of the study are to substantiate the priority directions of territorial communities' development; substantiation of the criteria for choosing the directions of territorial communities' development depending on their types; determination of directions depending on the components of self-development of territorial communities: self-government, self-sufficiency and self-financing on the basis of fiscal decentralization.A methodological approach to determining the priority directions of stimulating the development of territorial communities has been developed. It provides for the consistent development of methodological approaches to the analysis of resource endowment of the territory, identification of problems of development of territorial communities; modeling of the development of territorial communities based on the method of fuzzy sets; substantiation of the directions of the spatial development of territorial communities by the method of hierarchy analysis.It has been established that the spatial development of territorial communities foresees: the availability of natural, labor, production, environmental and other resources, the effective use of which leads to the formation of new and strengthening of existing advantages of the community; the formation of community development zones is impossible without the presence of effective organizational and management mechanisms in the community; the availability of a resource base for development and effective management mechanisms does not ensure the development of the territory without financial support. It is important to form own financial resources through development projects or through the cooperation of territorial communities. It is proved that self-sufficiency, self-government, and self-financing are the main components and at the same time conditions for the spatial development of territorial communities. The resource base of the territorial community is a sufficient condition for development, but the inefficiency of its management leads to a decrease in the self-sufficiency of the territory and reduces the financial capacity of the community.
The article is devoted to the research of the impact of the phenomenon of “corruption” in the state authorities on the functioning of the healthcare system in Ukraine. The article considers not only the impact of corruption on the functioning of the healthcare system in general, but also such issues as state regulation of medical institutions, redistribution of management functions in the healthcare system, granting autonomous status to medical institutions (autonomization), and financing of the healthcare system in general. The article describes the Ukrainian legislative anti-corruption regulators, institutional levers of the Cabinet of Ministers of Ukraine, local administrations and executive authorities. The author presents an organizational and economic mechanism for preventing corruption in the healthcare sector. The mechanism is based on the system of institutional and legislative regulators, and also reveals their subordination and sequence of influence. The main elements of the organizational and economic mechanism for preventing corruption in the healthcare sector are anti-corruption legislation, legalization of the healthcare market, decentralization of the healthcare management system, autonomy of healthcare institutions, openness of financial and economic activities, and transparency of information and communication activities. The presented scheme of the mechanism reflects the elements of regulatory prevention of corruption, as well as the subordination and sequence of activation of elements in healthcare management. the proposed mechanism for preventing corruption in healthcare allows for effective and anti-corruption management of healthcare institutions at all levels of subordination to state and local authorities. The author formulates conclusions regarding the possibility of corruption’s impact on the functioning of the healthcare sector. The author analyses the possibility of creating and implementing a rational organizational and economic mechanism for preventing corruption in public authorities in the context of ensuring effective regulation of the healthcare system.
Ministry of Digital Transformation of Ukraine, Yuliya PARKHOMENKO
Introduction. Сryptocurrency as a component of Ukraine's digital war against Russia. Rapid collection of funds from all over the world to help Ukraine.The USA imposes sanctions on the Russian Federation. Russia is looking for methods to circumvent sanctions. The purpose of the research work is to develop proposals for greater effectiveness of international sanctions and to find new useful methods of using cryptocurrency for Ukraine, which is part of the international financial system. Problems. Sanction packages are applied to various sectors of the economy, and following the implementation results, the following packages of sanctions are produced by the countries, so, according to the results of the implementation of sanctions, certain Russian banking institutions have been circumvented by using crypto market tools and operators that interact with sanctioned Russian banks, companies, and individuals. The use of traditional financial services, financial technologies and alternative payment services is a more effective way of circumventing sanctions in terms of volumes and costs than the use of crypto-assets.Goal. Development of proposals to increase the influence on the implementation and effectiveness of international sanctions, the need to take quick and optimal actions to eliminate the activities of many Russian cryptocurrency tools for circumventing sanctions. Materials and methods. General scientific and research methods are used: analysis, theoretical generalization, synthesis, description, comparison, observation and study of foreign mass media articles. Results. Attention was focused on Ukraine's new positive use of cryptocurrency, which is part of the international financial system, unprecedented use of new digital assets to raise funds to support Ukraine during the war. Conclusions. Crypto assets have become Ukraine's deadly weapon against Russia. Taking into account the advantages of the circulation of cryptocurrencies and virtual assets in general, the private sector in Ukraine organized charitable funds for the accumulation of resources, among which crypto funds took a leading place and were able to quickly cover the needs of defenders of Ukraine, citizens who suffered from Russian military aggression, supported socially vulnerable Ukrainian citizens. At the same time, IT specialists and amateurs organized themselves into an IT army, which was able to completely or for significant periods stop the activity of the infrastructure of the aggressor states, which slowed down the flow of resources for the continuation and escalation of military operations.
The implementation of state regional policy is closely interconnected with the reform of the administrative and territorial system, fiscal decentralization, development and stimulation of the competitive foundations of the economy, strengthening the role of local self-government. The purpose of the study is to justify the implementation of state regional policy to solve the problems of financing regions and territorial communities in conditions of decentralization. The article examines how the mechanism of state support for regions has changed, which led to the need to review approaches and principles of state regional policy formation. It is substantiated that the creation of a new regional support tool – the State Fund for Regional Development (SFRD) should contribute to the development of territorial communities. It has been established that the effective functioning of the DFRD allows financing of regional development projects to be initiated in Ukraine on a competitive basis and in accordance with regional development strategies and action plans for their implementation.
Purpose: The article aims to measure the impact of the voluntary amalgamation approach applied in Ukraine in the course of the decentralization reforms undertaken over a period of five years, and assess how much these reforms have been successful in improving the local government fiscal situation. Ukraine began a long-delayed decentralization process in 2015 through amalgamation based on a voluntary approach, with an emphasis on improving the fiscal resources of the amalgamated units. The decentralization reform was based on three pillars: (1) voluntary amalgamation of the territorial units, (2) enhanced financial resources through own source revenues and infrastructure grants, and (3) utilization of inter-municipal cooperation to support improved service delivery.Methodology: A time series of fiscal data from amalgamated territorial communities in selected regions of Ukraine have been analysed to measure the impact of the amalgamation policy on the amalgamated territorial units.Findings: The fiscal improvements anticipated by the amalgamated territorial units have not been demonstrated by the statistical data analysis and no significant improvement in local government finances appears to have been realized through the application of a voluntary merging approach. There have been significant regional and urban/rural variations based on the population segments and access to financial resources.Academic contribution to the field: While there has been considerable research on the impact of merging or amalgamating local governments, there has been very little, if any, on the voluntary approach to amalgamation.The study seeks to address this problem and present evidence of the advantage of utilizing a voluntary over a mandatory approach to amalgamation.Significance: The study provides a unique opportunity to measure the impact of amalgamation process in Ukraine over a five-year period based on the voluntary approach to amalgamation and determine how much this approach and the accompanying policies have been successful in improving the local government fiscal situation.
The study is based on the example of Ukraine, which in 2014 has implemented decentralization reform and become a follower of globalization basic concept, based on subsidiarity and decentralized financial regional development. The study's main purpose is to identify the positive and negative aspects of the development of local self-regulation in the process of global transformation in Ukraine. To this end, a study was conducted based on the latest published statistics on regional production, population, average income, international trade, and foreign direct investment. As a result, it allowed identifying the main areas that form the potential for economic development based on foreign direct investment activity. It should be noted that the main aspect of regional development quality is financing, so an analysis of the entrepreneurial activity of the regions, an analysis of the funding for the regional development support fund, and the main areas of financing by international funds was conducted. The main problems of quality of economic development related to globalization were also identified, which relate to the uncontrolled activities of Transnational corporations, which reduces the resource potential of Ukraine and reduces the level of economic security.
The article analyzes the results of the activities of territorial communities in 2020-2021, as well as the methodology for determining their capacity, from a socio-geographical perspective. The main advantages of reforming the basic level of the administrative and territorial system are indicated, the main trends and factors of the formation of successful communities are revealed.
 The methodology of the formation of capable territorial communities, defined by the authors of the reform, contains criteria for the size, population, accessibility zones of new administrative centers, as well as the presence of social, educational and household infrastructure. Such communities of villages, towns, and cities are considered capable, which, as a result of voluntary association, are able to independently ensure the appropriate level of services provision in the field of education, culture, health care, social protection, housing and communal services, while taking into account personnel resources, financial support and infrastructure development of the corresponding administrative and territorial unit. At the same time, the financial capacity and infrastructural security of a territorial community depends on many socio-geographical factors: favorable location, effective use of the socio-economic and demographic potential of community centers, development of transport links, etc.
 In particular, it was found that communities of regional centers, large cities, as well as satellite communities of these cities or with a powerful business sector have the best financial indicators. Large enterprises of wealthy communities are the main tax payers and jobs provider for residents, as well as sponsors of the construction of social infrastructure facilities (kindergartens, sports complexes, etc.). An interesting fact is that the rating of the most successful communities in 15 regions of Ukraine is headed by rural communities. A significant number of communities have not benefited from financial decentralization and the level of their subsidy is more than 50%.These are communities in general, with a significant share of the rural population, where there are not enough jobs, the entrepreneurial sector, and, accordingly, tax revenues.These are also large communities of sparsely populated areas with a demographic crisis situation, where there are problems with the transport connection of villages, remoteness from the center of the community. We counted the number of communities by region that at the end of 2021 had a subsidy level of more than 50% and the number of those with a subsidy level higher than the average for Ukraine (14.5%). Thus, the maximum number of subsidized communities is in Chernivtsi, Ivano-Frankivsk and Zakarpattia regions. In the Lviv region, only in Strilkivska and Borynska communities, subsidies amount to more than 50%. In general, in the 16 regions of Ukraine, rural communities are the most subsidized: the 5-8 poorest communities in each region are mostly rural and peripheral, only 1 urban - Vatutinska, the rest ones - townships.
 The question of the capacity of the community is also related to the controversial changes that are taking place regarding the optimization of the network of secondary education institutions. Support institutions are being created in urban and town communities, as well as in the centers of rural communities, which receive a larger amount of funding and better conditions for development. On the other hand, subsidized communities cannot finance small rural schools. Over 2 years in Ukraine, the status of almost 670 schools was lowered, and 918 schools were closed, and this process will continue in the future.
 Therefore, the self-organization of the population and local authorities in communities has become an important factor of self-defense and resistance in the conditions of a full-scale invasion of the Russian aggressor. Thus, after the end of the war, the support and provision of self-government of territorial communities will become an important condition for the reconstruction of the state. At the same time, it will be necessary to improve the mechanism of formation of local budgets, as well as the methodology of determining the capacity of territorial communities
 Consequently, in a special period, it is worth providing exclusively state financing of educational and medical institutions, especially in the front-line regions. Obviously, it will not be possible to avoid another stage of consolidation, primarily to ensure the real capacity of territorial communities in areas with a deep crisis demographic situation. Using the potential of capable communities, developing their infrastructural and industrial base will contribute to strengthening the grassroots link of the administrative and territorial system as well as to ensuring the national security of the state.
 Key words: capable community, decentralization, financial capability, infrastructural capability.
Tomasz Michalski, Yevhen Matviyishyn, Vіktoriia Luhova
raine is one of the last post-communist countries where implementation of administrative reforms has started in practice. The aim of the study is to analyze the local-level results of the main stage of the administrative reform in Ukraine which was carried out in 2014–2020. The analysis concerns Ukrainian local government units equivalent to LAU 1 and LAU 2. When collecting data, the so-called triangulation of sources was applied. The SWOT method was used in the analysis, and Neshkova and Konstadinova’s publication (2012) constitutes the reference point. The decentralization of power and finance has led to the creation of amalgamated territorial communities (ATCs), better able to deliver public services. Thus, in this respect, the effects of the administrative reform in Ukraine so far have been similar to those diagnosed by Neshkova and Konstadinova (2012) in other post-communist countries. Admittedly, corruption in Ukraine has decreased, but only slightly. Therefore, Neshkova and Konstadinova’s (2012) assumption about the positive impact of administrative reforms on reducing corruption in post-communist countries was not confirmed in Ukraine. Referring to the detailed results of the SWOT analysis, the greatest strengths of this reform included the partial success of financial decentralization and the establishment of the State Regional Development Fund (SRDF) to support the development of local governments. The quality of public services has also improved. However, there were also weaknesses in the form of still too small funds received by the new ATCs and irregularities in the functioning of the SRDF. International support for this reform and the intensification of the activities of non-governmental organizations were considered to be the greatest opportunities. The still existing strongest threat of an endogenous nature is (despite its decline) the level of corruption, and the exogenous one is a threat from Russia. In addition, the negative impact of the COVID-19 pandemic can be seen at the end of the implementation of the reform.
The financial support of territorial communities is proposed to be considered as a process of formation, distribution and use of financial resources in order to satisfy the needs and interests of citizens in the sphere of all life activities in the relevant territory. At the same time, the main form of financial support of territorial communities remains budget financing, the quality of which depends on the level of their economic and social development. The state of financial support for the development of territorial communities under conditions of decentralization in Ukraine was analyzed. It was found that during the studied period the number of UTC grew quite quickly and by the beginning of 2022 was 1469 units. It was well founded that the main source of formation of own and fixed incomes of local budgets is precisely tax revenues. However, in the conditions of the war, the budgets of the communities underwent significant transformations, became more dependent on transfers from the central budget. Communities had to cut capital spending and direct it to defense and the reserve fund. The financial decentralization of local self-government helped the communities to withstand the conditions of large-scale Russian aggression. Keywords: decentralization, financial support, territorial communities, development.
Abstract. Introduction. The world today, gets acquainted with a new tool which is cryptocurrencies also known as virtual money. Governments and Central Banks of different countries often dispute about the use of these innovations. Some researches believe that virtual money (cryptocurrencies) is a crime, others believe that we are talking about a true revolution in the world of finances. Some of them share radical views and propose to impose criminal penalties on one who distributes and uses virtual money in view of the possibility of the potential for using them for the money-laundering purposes or for the financing of terrorism; others point out the inevitability of the development and spread. The latter is epitomized by the adoption of cryptocurrency as the official state currency. However, such a decision of governments imposes new questions and problems of cryptocurrencies accounting. Purpose. Deepening the theoretical foundations of the bitcoin accounting as an official currency and, accordingly, a legal instrument of payment. Results. The article deals with the economic essence of cryptocurrency, current situation and prospects for the development of this phenomenon in the world through the analysis of scientific articles of leading scientists and experts. In addition, the paper considers preconditions for cryptocurrency accounting as the official state currency on the example of Bitcoin in El Salvador and The Central African Republic, discusses the reasons of the adoption of cryptocurrency as the official state currency by poor countries. Conclusions. It is found that the use of bitcoin is an important factor in solving the country's current economic and financial problems, which was used by El Salvador and The Central African Republic for today. Among such problems are the investment climate, speed and cost of payments, access of the population to banking services. The possibility of a negative impact of the use of cryptocurrencies on the economy is also allowed. As for accounting, the issues of adoption of bitcoin as an object of accounting, accounting estimate, accounting methods and criteria for its recognition in financial statements remain unresolved. Keywords: cryptocurrency; bitcoin; legal currency; accounting object; cryptocurrency accounting; accounting and financial reporting problems.
Constantin Yarovyi, Olena Martynenko, Антонина Шнурко
Abstract. Introduction. Cryptocurrency is a completely new economic and legal phenomenon, different from traditional or electronic money. At the same time, it should be noted that there is no single definition in the world that would reveal its essence, economic and legal nature. Purpose. Taking into account the opinion of other scientists, it is necessary to consider the concept of cryptocurrency, the functions performed by virtual assets, as well as to determine the legal status of cryptocurrency in different countries of the world and the chronology of events that regulate the legal status of cryptocurrency in Ukraine. Results. Cryptocurrency provides a fast and reliable system of payments and money transfers, which is based on the latest technologies and is not under the control of regulatory state institutions. The article provides a brief overview of the term cryptocurrency as used by various sources. The most common cryptocurrency, created back in 2009, Bitcoin is also considered. Questions of its similarity to electronic money are raised. The advantages of cryptocurrency have been identified, some of which can be disadvantages at the same time. The analysis of the opinion of the scientific community allows us to distinguish the functions characteristic of virtual assets and the functions characteristic of fiat money. Positions of foreign central banks and other financial regulators regarding cryptocurrencies and cryptocurrency markets were also presented. The paper considered the chronology of events regulating the legal status of cryptocurrency in Ukraine. It is proposed to carry out further research on issues of cryptocurrency legitimization. Conclusions. The mechanism of state regulation of cryptocurrency in Ukraine requires further refinement, starting with streamlining the terminological base and determining the directions of work with this type of currency.
Бердянський державний педагогічний університет, Ірина Застрожнікова, T. СHEREMISINA, Бердянський державний педагогічний університет
The article considers the main aspects and problems of transforming an educational network in the current context of decentralization. Reference is made to the urgent need of restructuring the responsibilities in education management between the center and regions providing the latter with independence in finances, organization and management at the regional level. It is emphasized that extending powers of the local executional bodies in management of educational institutions is the primary purpose of decentralization process. There was examined a pattern of decentralizing the basic education in Poland, according to which it was recommended to oblige the local self-government bodies to implement the education politics according to the local needs, finding the school administration and continually appraise the quality of education. It has been observed that currently the essential functions of state in education are assigned to the regional state administrations, regional and local educational departments. The local authorities are burdened with responsibilities of financing and providing the social security for children, defining the network of training institutions, maintaining their records and performing control over their activities. The author points out that at present the local and regional authorities duplicate the functions of the Ministry of Education and Science of Ukraine, which is non-effective. The author believes that the local government officials are able to perform political management well up to the officials of educational departments and administrations. However, prior to assignment of new obligations, it is necessary to develop and implement an effective retraining program for personnel and staff of the municipal structures. There have been reviewed the results of the pilot project: «Decentralization: education reforms at the local level», which experts had been analyzed the consistency of educational network. It pointed to the major areas of concern for the education reforms in local communities, namely a significant expense side of budget for education financing, low level of education in rural students according to the data obtained from the independent external assessment, and lack of subject oriented teachers. The author makes a conclusion that the purpose of decentralization in education should be an overall improvement of educational services and be based upon the following basic principles: students’ right to have a free choice of educational institution, equal access to good-quality education services, decent conditions to develop their abilities, improving the quality and efficiency of the educational process, effective use of types of resources. Key words: decentralization, transformation, education, educational system.
The influence of globalization and the strengthening of Ukraine's aspirations to successfully integrate into the European Union and become a full member of the international community necessitate the reform of the health care system and the payment of considerable attention to primary health care. In this context, the issue of effective management of primary health care facilities, increasing the capacity of their managers and determining the role of local governments towards them takes on increasing importance. The purpose of the research lies in substantiating the theoretical and applied principles for studying the management of primary health care facilities in Ukraine and assessing the impact of decentralization reforms on them. The general and special methods of economic analysis have been used in the research, in particular as follows: scientific abstraction and historical method, analysis, synthesis, analogies, comparisons, systematization, generalization, graphic method. Regarding the results of studying the state and trends in the management of primary health care facilities in Ukraine and the impact of the decentralization reform on them, their direct interaction has been established, which consists in obtaining additional opportunities for the implementation of managerial functions based on accessibility, openness, timeliness and effectiveness. It has been revealed that the volume of financing primary health care in Ukraine in the amount of 13 283 800,00 thousand UAH in 2018, 15 314 892,9 thousand UAH in 2019 and 20 667 909,1 thousand UAH in 2020 is in deficit and constitutes an average 4,1 % of the country's GDP (in the Netherlands – 9,9 %; Denmark – 9,6 %; France – 9,0 %; Austria – 8,7 %; Germany – 8,6 %; the USA – 8,1 %; Sweden – 7,9 %; Great Britain – 7,8 %; Italy – 7,2 %; Poland – 4,7 %). It has been proven that the mechanism for managing primary health care facilities requires revision and improvement, which is proposed to be carried out taking into account the level of development of a particular region in which these institutions operate within the capabilities of local governments and their financial solvency.
This article is devoted to the study of the economic nature of cryptoassets, the development of their original classification, and the determination of the main directions of regulation of their turnover. These topics are the objects of modern discourse of international organizations such as the International Monetary Fund (IMF), the World Bank (MB), the Group of 7 (G7), the Group of 20 (G20), the World Trade Organization (WTO), the Organisation for Economic Co-operation and Development (OECD), the Bank for International Settlements (BIS), and the Financial Stability Board (FSB). The study reviews the modern discourse of international organizations regarding cryptoassets, presents an interpretation of cryptoassets as a new class of financial assets, justifies the classification of cryptoassets, and identifies the main types and economic characteristics of digital assets. The study was conducted using a system-functional and system-structural method. As a result of this study, it is concluded that the activities of international organizations are focused on developing recommendations and principles for regulating transactions with cryptocurrencies and global stablecoins, prudential supervision of their issuers, unifying approaches to taxation, and countering illegal transactions using cryptoassets. The study concluded that crypto-assets are private digital assets that are recorded digitally in a distributed ledger and can be used as a means of exchange and/or investment tool and/or means of access to goods and services of issuer. According to the authorʼs classification crypto-assets are divided into two main types: virtual currencies and digital tokens. Virtual currencies are a means of exchange or payment as well as a means of saving. The two main subtypes of virtual currencies are cryptocurrencies and stablecoins. Digital tokens are issued for specific investment functions or consumer purposes. Tokens can be divided into investment tokens and utility tokens. The study also finds that there is no international regulation of cryptoassets turnover. National regulation is significantly differentiated between countries due to the lack of common interpretation and classification of cryptoassets and different assessments of economic risks of their turnover for national financial systems. In most developed countries: the USA, EU countries, UK, Switzerland, etc. – a flexible approach to regulating various types of cryptoassets and their issuers prevails. In emerging market countries such as China, Turkey, and Russia, regulation is more stringent and characterized by the widespread use of prohibitive measures. The main problem of the legal regulation of cryptoassets in Russia is its fragmentation and the predominance of a prohibitive bias. Modern regime of regulation of cryptoassets in Russia is weakly related to their economic nature and is not equivalent to the risks of turnover of cryptoassets.
The article explores the organizational and methodological aspects of the assessment of financing of secondary education institutions in conditions of decentralization. The purpose of the article is to provide a scientific substantiation of directions for improving the methodology for assessing the level and effectiveness of funding of secondary education institutions in conditions of decentralization. It has been established that one of the main problematic aspects of such an assessment is that standard approaches of financial analysis cannot be applied in this case. After all, the result of secondary education does not have an obvious financial dimension. An important prerequisite for the stability and development of general secondary education is the improvement of the financing system. Optimizing the financing system of Ukrainian schools directly depends on the formation of a scientifically based methodology for assessing the level and effectiveness of financing of general secondary education institutions. Therefore, the article proposes to apply the approaches used to evaluate social projects to evaluate the financing of secondary education institutions. Such approaches are innovative and are used in the practice of evaluating the effectiveness of social projects in economically developed countries. This foreign experience needs to be studied and used, taking into account the specifics of the use of funds in secondary education institutions. Accordingly, the article proposes the following: to develop programs of development of secondary education institutions, which will become the basis for conducting an objective assessment of the effectiveness of their financing; combine the method of assessing the level of funding (by comparing the funding of different periods and different schools) with the method of assessing the quality of education; to develop an integrated universal methodology for evaluating the financing of secondary education institutions, which can be adapted to the different conditions of different schools.
Introduction. In the last decade, the cryptocurrency market has shown significant development. The active growth of this market has created significant investment opportunities for entrepreneurs. In order to form highly profitable investments, one should pay attention to the price behavior of cryptocurrency coins and their niche in the cryptocurrency market. Scientific research analysis. Despite the impact of investments in cryptocurrencies on the economic development of many countries, scientific research in the field of cryptocurrencies is still inconsistent. Investment activities on the primary and secondary cryptocurrency markets were analyzed in the scientific publications by M. Duchenko, T. Pavlenko, Z. Dvulit, H. Peredal, M. Rebryk, I. Gonak and other scientists. However, scientific research on cryptocurrency investing is at an initial stage since a significant number of aspects of their implementation have not yet been worked out and require systematic development due to the rapid transformation of both the cryptocurrency market and the legislative provision of their functioning in the conditions of dynamic geo-economic changes. The purpose and tasks of the research. The purpose of studying cryptocurrencies as an investment field is to find out the advantages of investing in cryptocurrencies in comparison with other investment objects, as well as to evaluate the effectiveness of such investment through the use of mathematical modeling methods. Research methodology and methods. The following special research methods were used: direct observation; applied information processing methods for the development of tables of linear dependence; to determine the closeness of the relationship between the dynamics of the value of the main cryptocoins, the method of conducting analytical work on the calculation of the correlation coefficient was used. Research results. Cryptocurrencies have taken an important place in the development of investment activities. As an investment object in the primary cryptocurrency market, it is advisable to mine the Ethereum cryptocurrency, and in the secondary market, it is advisable to buy Ethereum and Bitcoin for investments, which occupy two thirds of the cryptocurrency market and between which there is a significant correlation. Investing in cryptocurrencies is advisable due to the significant potential of mining, the growth of the value and limits of the cryptocurrencies use. Investing in cryptocurrency coins is advisable both in the short term and in the long term. There is an average (not high) correlation between the primary and secondary markets of cryptocurrency, so an investor is recommended to focus on one of the forms of investment in order to obtain a high profit, and to reduce risks, you can diversify your business by investing in the primary and secondary markets. Scientific novelty of the research results. The possibilities of cryptocurrency investment in short-term and long-term periods were considered, and a slight correlation between the primary and secondary markets of cryptocurrencies was revealed. Cryptocurrency is a relatively new object of savings and investment, therefore, with dynamic changes in the legal regulation of the cryptocurrency market, the transformed conditions for the attractiveness of cryptocoins will be formed, and this will require reflection in further scientific publications. Practical significance of the obtained research results. According to the authors, investing in cryptocurrencies is appropriate both in the primary and secondary markets of cryptocurrencies (although the correlation between them is not high) in both the short-term and long-term perspectives. The obtained research results will be useful for use in the practical activities of conducting cryptocurrency business. The article contains: formulas: 6, fig. 2, table 5, bibl. 24).
The article analyzes the correspondence of bitcoin, most common cryptocurrency, to the concept of "money". The analysis was carried out from the point of view of the possibility of explaining the origin of bitcoin from the standpoint of competing approaches (evolutionary, charter and debt theory) and the performance of bitcoin functions of money. It is concluded that despite the partial fulfillment of monetary functions, bitcoin is not a universal medium of exchange, i.e. money. Potentially it could reach such a state in the case if the state abandoned the monopoly on money and allowed free competition of all instruments of exchange, and bitcoin would win the competition from other possible applicants for the role of money.
The article explores the issues of school education financing in the context of decentralization in Ukraine. School education in Ukraine is funded from different sources. About a third of the total education budget consists of the education subvention for teachers' salaries, which is an inter-budget transfer from the state budget to local budgets. For the purpose of our research, we selected a network of schools in the Zaporizhia region of Ukraine and its financing for the period of 2014-2021. This region is typical, plain, and without significant geographical features (unlike, for example, areas with mountainous or inaccessible areas). To identify the framework of financing school education in Ukraine within the decentralization process, we utilized methods of empirical analysis of statistical indicators, as well simulation to assess the relationship between a number of indicators such as the number of students in the school, class size and the average costs of education per student using educational subvention. The purpose is to determine opportunities to increase the efficiency of budget expenditures on education. Our analysis of the use of educational subvention funds by the different types of local budgets shows that the schools financed from city budgets use these funds with the most efficiency. The schools funded from regional budgets and district budgets use the funds with the least efficiency. Our research is very valuable for improving theoretical and empirical aspects of the calculation of the projected amount of the educational subvention, as well as for the optimization of the school network.
The article highlights analogues of traditional financial instruments - decentralized financial services (DeFi), their protocols and essence, it also explores the spheres and types of activities, crypto-financial operations, defines the concept of decentralized finance and reveals the essence of blocked capital and market making. Concepts and prospects for the development of decentralized stablecoins and stable assets, their interaction, disintermediation function and decentralization are considered. Current risks associated with the use and adoption of DeFi areanalyzed, including market manipulation, wrong incentives, excessive short-termism, systemic risks, fraud and money laundering issues. Implementation of a risk-oriented approach in the context of combating money laundering and terrorist financing (AML/CFT) by national state supervisory and law enforcement agencies and enterprises involved in activities on the virtual assets market, is a mechanism for preventing threats and developing a legislative framework for regulation crypto market and interaction on these issues at the international level.
Purpose. The aim of the article to work out the theoretical and practical aspects of the functioning and development prospects of the cryptocurrency market in Ukraine in the context of international monetary and credit relations.. Methodology of research. The theoretical and methodological basis of the research is the fundamental provisions of modern economic theory, scientific works of scientists. General scientific and special methods were used in the research process, in particular: dialectical, monographic and systemic analysis – to substantiate the essence of the cryptocurrency market; analysis and synthesis – for studying the object and subject of research; comparative analysis – to compare economic indicators in time and space; graphic – with a visual representation of the dynamics and structural changes of the cryptocurrency market; constructive and experimental – to form a decision with the help of analytical support; abstract and logical – during the formation of theoretical generalizations, assumptions, conclusions. Findings. The peculiarities of the development of the cryptocurrency market in Ukraine as a component of the financial market are considered. Ukraine's place in the Global Cryptocurrency Adoption Index has been studied and analysed. Originality. It has been proven that there is correlation dependence between the prices of Bitcoin and Ether cryptocurrency coins on the Ukrainian cryptocurrency market, and there is no multicollinearity between Ether and Litecoin coins. It was found that the correlation between cryptocurrency mining and their price is average. Prospective directions for the development of the cryptocurrency market in Ukraine are offered. Practical value. The main results of the conducted research will create favourable conditions for a better understanding of cryptocurrency as a new type of money, which will make it possible to use it more widely in the economic activities of economic entities and countries. Key words: financial market, cryptocurrency market, cryptocurrency, crypto coin, cryptocurrency coin, Bitcoin address, Bitcoin, Ether, Litecoin.
Relevance of the study is due to the need to implement tools of strategic municipal management in local self-government authorities in order to successfully complete the reform of decentralization. Foreign experience testifies that one such tool is the Balanced Scorecard (BSC) of Kaplan and Norton, which was evolved from a performance management tool for business to a dominant system of strategic management in the public setor. This tool allows use of non-financial indicators, take into account social aspects and environment as well as manage risks under uncertainty. The article argues that the BSC implementation in local self-government authorities will ensure the solution of the following tasks: 1) aligning the strategic and tactical goals with measures for their implementation; 2) increasing the institutional capacity of authorities (through development and motivation of personnel, formation of innovative organizational culture, introduction of performance management system, improvement of internal processes, development of information systems); 3) increasing the transparency and stakeholders confidence, in particular foreign investors, to attract financing in the post-war period. It was found that the structure of the BSC model and the algorithm of its implementation depend on the field of activity, size, tasks and features of the organization. An algorithm for developing the BSC model of the city council executive committee (its structural unit for the pilot project implementation) is proposed and the main strategies for the four components of this model (stakeholders, finance, internal processes, training and development) are identified. Based on the experience of Canada, Denmark, the Czech Republic and other countries, the main advantages, conditions of success and challenges of implementing the BSC concept in local self-government authorities are identified, taking into account political, organizational, financial and other aspects. It is proposed to define the ways to solve considered challenges using the design thinking methodology.
2021 marked the official start of a post-Brexit era for the European Union (EU) since the United Kingdom (UK) had only fully withdrawn when the transition period lapsed on 31 December 2020. The transition period prevented the EU and the UK from falling off a cliff before a mutual Trade and Cooperation Agreement (TCA) was to be ratified and implemented into UK law by Parliament before 1 January 2021. This cumbersome process marked the pinnacle of a three-decades long period of European integration which saw the political architecture of the EU gradually shift from a system characterized by integration to one that is more succinctly marked by differentiation. Using Brexit and the Covid-19 pandemic as cases in point, we argue that differentiation has become the system property of the EU's institutional polyarchic architecture. While differentiation has sometimes been conceived as being mostly temporary in nature, we may think of a differentiation of the EU's political order as a permanent and systemic property. Differentiation is both an empirical and a theoretical phenomenon. Empirically, it has been on the rise ever since the ratification of the Maastricht Treaty in 1992. As Euroscepticism progressively became more mainstream, disintegrative tendencies feature more prominently in Europe's political order (Bátora and Fossum, 2020; Gänzle et al., 2020). Membership withdrawals or centrifugal moves away from the EU, such as Brexit or Switzerland calling off negotiations on a partnership agreement in 2021, have therefore been coined conceptually as differentiated disintegration (Schimmelfennig, 2018). Similarly, reverse processes of ‘de-differentiation’, such as the Danish people's decision in May 2022 to revert the former opt-out in EU defence (Politico, 2022), have occurred, too. Prior to the landmark process of Brexit, European integration generally followed the ‘ever closer union’ model – as famously stated in the preamble to the Treaty of Rome of 1957. Even so, European integration was never truly uniform but shaped by mechanisms of differentiated integration (Leuffen et al., 2022). In addition to policy-centred vertical differentiation (that is, the variation in the level of centralization across policies), such as most prominently in Economic and Monetary Union (EMU), the EU has encountered various forms of horizontal differentiation. This includes an internal dimension with EU countries opting out from certain policies both de jure and de facto (Hofelich, 2022), as exemplified by Denmark and Sweden's non-adoption of the common currency as well as an external dimension with non-EU countries, such as Norway and Switzerland, opting into selected policies (Leuffen et al., 2022). Today, the EU can therefore be considered as an institutionally polyarchic architecture of concentric circles with a core of club members surrounded by countries that have managed to negotiate opt-outs from specific policy areas; countries willing to join; and various neighbourhood agreements involving both European and non-European countries (for example, Gstöhl and Lannon, 2018). Studies of European differentiation have underlined that it is paramount to conceive of differentiation as a comprehensive phenomenon that is not tied to specific directions of either integration or disintegration (Gänzle et al., 2020; Leruth et al., 2022; Olsen, 2007). Yet, while differentiation was initially considered as a temporary phenomenon (through the concept of ‘multi-speed Europe’), we nowadays witness the emergence of permanent forms of differentiated political order(s) within the EU, for instance through the form of opt-outs from the Eurozone. This study suggests that forms of macro-level differentiated political order in the EU may lead to transformations at the meso-level, which in turn may affect the institutional robustness of the EU. Ultimately, differentiation may serve as a vehicle for the long-term sustainability and institutional robustness of the EU. This argument is supported by studies showing that the survival of international organizations (IOs) is associated with the size of their executive capacity (Debre and Dijkstra, 2020). This also suggests how institutional features of IOs may assume a paramount role of robust global governance. It is also necessary to emphasize the attractiveness of studying the robustness of a differentiated European political system in turbulent times (Ansell et al., 2017). Clearly, the robustness of institutions may be taken for granted during periods of stability (Olsen, 2007). During periods of turbulence or crisis, however, established institutions may become subject to contestation, requests for reform, and objects of scholarly studies. Rather than leading to fragmentation and dissolution of institutions, we maintain that manifestations of differentiation foster resilience of the political order of the EU. After a concise conceptualization of differentiation, we examine how the EU has dealt with both internal and external differentiation at the meso-level using Brexit and Covid-19 as cases in point. Second, in our view, differentiation is and will continue to be prominent in the years to come, hence we sketch out an institutionalist research agenda which suggests how macro-level differentiation – for example, with respect to polity-level differentiation – may lead to meso-level institutional responses. Finally, we close by discussing implications for the post-Brexit and post-pandemic future of differentiation. As a strategy of integration, the roots of differentiation can be traced back to a report produced under the direction of Leo Tindemans (1975), which laid the conceptual foundations of a ‘multi-speed Europe’ (Stubb, 1996). Yet, scholarly debates on differentiated integration only started in the early 1990s – against the backdrop of the legally enshrined British and Danish opt-outs in terms of currency union and defence for example. With subsequent discussions on further constitutionalizing forms of differentiated integration, the enhanced cooperation mechanism was introduced in the Treaty of Amsterdam. Considering these developments, Stubb (1996, p. 283) defined differentiated integration as ‘the general mode of integration strategies which try to reconcile heterogeneity within the European Union’ in terms of time, space, and matter. From a theoretical perspective, other scholars also focused on the scope and limits of differentiated integration in the EU (for example, de Neve, 2007; Holzinger and Schimmelfennig, 2012; Leruth and Lord, 2015; Schimmelfennig et al., 2015; Sitter and Andersen, 2006). The financial and economic turmoil of 2007–2008, subsequently followed by socio-economic and political unrests of many kinds, brought the EU into a new multi-faceted poly-crisis (Riddervold et al., 2021). The future of European integration became increasingly questioned, as domestic Eurosceptic actors pushed for reducing the scope of core EU powers, opt-outs or even withdrawing from the Union as a whole. Brexit eventually opened a new chapter in the study of differentiation (Leruth et al., 2019). Some of the recent literature on crisis, disintegration and differentiation in Europe also combines explanations based on collective actors' cost–benefit calculations – such as the promotion of equality of opportunity among EU members (Jones, 2018) and institutionalist explanations focusing on how crises are channeled through and mediated by pre-existing institutional frameworks and resources (for example, Bátora and Fossum, 2020). Brexit thus largely reinvigorated differentiation as a central focus of research in EU studies. In contrast to previous iterations of differentiation – which were exclusively used to qualify forms and grades of integration – the term has now come to be applied in instances of both integration and disintegration. Both growth and reduction of the level, scope and membership of IOs remain unequal and therefore differentiated. Differentiation applies to the institutional, policy and territorial dimensions of such processes. With regards to the institutional dimension, differentiation is relevant for grasping the settlement of both emergent organizations and organized systems. Institutions and organized systems are temporary sets of rules and procedures, demography, locations, beliefs and norms. Different approaches to differentiation are particularly helpful in conceptualizing the settlement of emergent political orders such as the EU that involve multiple tiers of authoritative decision-making. The EU has been depicted in a two-pronged way both as ‘a conceptual battleground and an institutional building site’ (Olsen, 2010, p. 81) with a varied mix of organizational forms, governance patterns and ideas about legitimate forms and speeds of integration. Institutional differentiation was eventually understood as ‘new institutional spheres [that] have split off from older ones and developed their own identities’ (Olsen, 2010, p. 142). From an institutional theory perspective, differentiation ultimately ensures a form of interdependence that ties institutional spheres together. In such a highly dynamic process of institutionalization, de-institutionalization and re-institutionalization, European integration is constantly being reconfigured. Varieties of organizational structures and institutional norms in the EU contribute to institutional change within EU member states. It has been observed that both intergovernmental, supranational as well as non-majoritarian institutions tend to encourage patterns of institutional differentiation. Egeberg and Trondal (2017) demonstrate that EU agencies have become vehicles for integrating regulatory bodies also from non-EU member states. In addition, they document an acceleration in the creation of new decentralized agencies over time not only in terms of numbers but also in terms of powers and quality. The ‘agencification’ of both EU (non)member-states and the EU administrations serve as an institutional infrastructure for differentiated administrative integration (Trondal, 2014) through a differentiated inclusion of administrative bodies from member and non-member states in EU governance. Central agencies in Switzerland, EEA/EFTA countries, candidate and neighbouring countries are offered access to EU decentralized agencies' management boards, leading the latter to become privileged fora for external differentiated integration (Lavenex, 2022). During the Covid-19 pandemic, EEA countries coordinated their response strategies with the European Centre for Disease Prevention and Control (ECDC). Since agency officials generally enjoy a considerable degree of independence from their states' central administration, and that their involvement in EU networks is thus relatively insulated from political intervention form their governments, they are highly sensitive to governance processes at different levels of government (Egeberg and Trondal, 2009). The result is a differentiated and semi-autonomous polycentric patchwork of memberships and associations in EU administrative networks. In March 2020, the global Covid-19 pandemic eventually hit Europe; it affected most policy domains of the EU and substantially put solidarity amongst member states to a test. Although the EU has only limited competence on public health, which remains largely under the control of member states (European Court of Auditors, 2021), the EU was criticized for its lack of coordination, for not acting immediately concerning medical equipment for Italy and not reintroducing internal borders (Wolff and Ladi, 2020). The EU's immediate health policy responses mostly rested on the use of pre-existing resources and institutions: the ECDC, the health emergencies system, the Joint Procurement Program (JPP) and the RescEU civil protection mechanism. The initial EU response to the crisis was differentiated partly because the ECDC was dwarfed by the many national agencies it was supposed to coordinate, the lack of an independent budget line, and its sole support by an administrative agency with no independent legal basis (Consumers, Health, Agriculture and Food Executive Agency, CHAFEA). As a result, member states responded quite differently to the crisis, largely reflecting different government systems, governance traditions, policy styles, attention structures and pre-existing crisis routines within each country (Askim and Bergström, 2021; Zahariadis et al., 2021). On the issue of fiscal support to struggling EU member states, an existing political division lingering from the Eurozone crisis between so-called ‘frugal’ Northern countries and the Southern member states reemerged, yet with one crucial difference: Germany appeared to have changed its stance on the matter (Schulz and Henökl, 2020). This resulted in the approval of the unprecedented €750 billion NextGeneration EU recovery plan. With a view to violations of the rule of law in Poland and Hungary, the recovery plan included access clauses tied to the fundamental principles of the EU via the Rule of Law Conditionality Regulation, which acted as preventative mechanisms against further democratic backsliding in both countries, thereby implying that differentiation cannot be applied when it comes to these core values. Legal challenges were unsuccessfully launched by the governments of both countries, yet there were still major concerns over the inaction of European institutions to tackle democratic backsliding in Poland and Hungary. However, the Commission's decision to endorse Poland's recovery and resilience plan in June 2022 was met with strong skepticism, given the government's refusal to loosen control over the judicial system (The Guardian, 2022). Existing patterns of territorial differentiation led to institutional differentiation among national health agencies. Health agencies in Norway and Sweden, for example, activated different strategies first to combat the virus nationally and second in their adoption of advice and services from the ECDC. Contrary to the general observation of tight agency networks among the Nordic countries (Schrama et al., 2020; Stie and Trondal, 2020), the Norwegian and the Swedish health agencies adopted opposite strategies in both regards, for example regarding the implementation of lockdowns and with regards to their referral to the ECDC. Reflecting different domestic institutional designs and past choices, the Norwegian and Swedish governments differed in how they framed and managed the crisis – as a healthcare crisis (in Norway) and a public health crisis (in Sweden; Askim and Bergström, 2021). This observation moreover reflected general patterns of EU differentiation, in which administrative differentiation of the EU contributed to provide institutional architectures for meso-level differentiation (Leruth et al., 2022). One effect was that a non-EU member state (Norway) coordinated Covid-19 responses vis-à-vis the EU more extensively than an EU member state (Sweden). Subsequent internal differentiation occurred once vaccines were deemed safe by peer-reviewed studies: as the EU and the European Medicines Agency were criticized for initially slow-paced decisions to approve vaccines and organizing an effective rollout program, some countries such as Hungary and Slovakia relied on non-European Medicines Agency-approved vaccines such as the Russian Sputnik V (Politico, 2021). 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