A. Loshkareva, Yu. Dolgikh, А. Я. Лошкарева, Ю. А. Долгих
The article is devoted to the study of synthetic assets within the ecosystem of decentralized finance (DeFi). The interpretations of the concept of «decentralized finance» are analyzed, the main advantages of DeFi are determined. The economic essence, features, mechanism of functioning, advantages and disadvantages of synthetic assets as the most interesting and promising segment of the ecosystem of decentralized finance are considered.
Purpose: The aim of this article is to present the concept of Decentralized Autonomous Organizations in the context of the evolution of organizational structures. The article presents the current state of knowledge about DAOs, taking into account the principles of their functioning and the current state of development. The roles of individual actors involved in the DAO were also discussed and typical features of the DAO organization were indicated. Design/methodology/approach: The main method used in this article is a literature review supplemented with an analysis of online industry sources and reports of consulting companies. The analysis included a review of the characteristics of the DAO organization against the background of traditional structures and the ways of functioning of the DAO. Findings: The article describes the characteristics of organizations managed with smart contracts created thanks to the use of blockchain technology. The stages of the formation of DAOs and the main principles of their functioning based on the possession of digital tokens of a given organization, as well as the right to participate in voting on decisions made in the DAO, were indicated. The basic advantages and risks associated with the functioning of DAOs were also indicated. Originality/value: The originality of this article lies in the confrontation of the theory and practice of DAOs with traditional, hierarchical organizations with specific features. The current literature in the field of DAOs is not very extensive, especially in relation to the issue of organizational structures, as demonstrated in the Materials and Methods section of this article. Keywords: decentralized autonomous organization, organizational structure, blockchain technology, smart contracts. Category of the paper: literature review.
Decentralized Autonomous Organization (DAO) is a new form of organization, the innovation of which consists in the use of blockchain technology to record the applicable rules governing the project as well as the rights and obligations of its members, usually investors. Moreover, the method of financing the project is also new here, since tokens (cryptocurrency), which are acquired by investors for the capital contributed, are most frequently used. Management in DAO is previously unheard of (until the creation of DAO-2016), since there are no governing bodies, and all decisions are made by the voting of all members of the organization. In the article, an attempt is made to assess the DAO management process, having previously analyzed blockchain technology and the specificity of this new form of organization. The own research was conducted on a selected DAO project, when analyzing the management process implemented by voting by the members of this organization from its launch (May 2022) to 11 May 2023. The obtained results confirmed the dominance of majority shareholders in DAO votes, although the method of voting (Qudratic voting) used in the project under study to protect the rights of small shareholders significantly reduced this impact. The unusual unanimity of decision-makers was also noted (as much as 65% of unanimous votes), which, as it turned out, could be the result of information campaigns conducted before each vote by groups of small investors deeply involved in the project. These activities should also translate into the accuracy of the decisions made, and thus the quality of the DAO management process.
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.
The decentralized technologies of the Ethereum blockchain were analyzed, based on the principles of which a decentralized software service solution was proposed using a smart contract implemented in the specialized Solidity programming language. This contract acts as one of the elements of the server-client application and is the server part for processing methods of interaction with the Ethereum blockchain. The methods include a set of various functions, including for interacting with a collection of non-fungible tokens. The metadata that describes the digital product (non-fungible tokens) is directly linked to the blockchain and resides in a decentralized repository for its most reliable and long-lasting existence. The Ethereum blockchain, in addition to development tools, provides stable support for developers and users thanks to the popular decentralization paradigm, and the relevance and constant development of technologies lead to user interest in products created on their basis. Non- fungible tokens can be used as a cryptocurrency unit, and the decentralized application itself as a platform for collecting funds for a specific purpose. The methods of creating decentralized software services using smart contracts of non-fungible tokens were studied. The selection of the main nodes of the decentralized application is substantiated. A detailed functional diagram of the operation of the basic smart contract methods is proposed together with a diagram that describes all the functional nodes of the decentralized application in general. The results of the interaction of the client part of the software service with the smart contract of the Ethereum blockchain are also demonstrated.
Abstract Summary The COVID-19 pandemic experience has driven us to rely on technology so much on the development and expansion of technology, including cashless transactions. Criminal groups may become more interested in electronic payments and virtual currencies because of increased traffic in these areas. When comparing the second half of the 2019 to the first half of the 2020, the number of fraudulent card transactions increased by 11.4%. New developments in virtual currency trading regulations, including the digital finance package, which includes, among other things, a draught regulation from the European Parliament and an amended act to combat money laundering and terrorist financing, among others. For the reasons stated above, these regulations may lead to a virtual currency market collapse and the withdrawal of investors and the siphoning of money into Asian markets as a result. The current regulations are a manifestation of total regulation and do not encourage technological advancement.
В ходе исследования проведен анализ рынка криптовалют для выбора более актуальной монеты с большой капитализацией. Благодаря своей набирающей популярности для исследования была выбрана криптовалюта ETH. Литературный обзор подтвердил актуальность и показал невысокий уровень изученности этой криптовалюты в рамках темы. Рассмотрены значения ряда за период с 14.03.2020 по 30.06.2020. Проведены тесты стационарности с помощью анализа графиков АКФ и ЧАКФ выбранного ряда криптовалюты, а также расширенные тесты Дики-Фуллера. Преобразованы исходные данные для уменьшения разброса дисперсии (логарифмирование) и исключение сезонности и тренда (взятие второй разности). Выполнено построение моделей прогноза с помощью модели авторегрессии — проинтегрированного скользящего среднего ARIMA (p, d, q) и с помощью статистических методов (анализ обычного и скорректированного коэффициентов детерминации) и информационных критериев Акайке и Швардца была выбрана единственная подходящая модель. Для того, чтобы можно было прогнозировать значения, была проведена диагностика модели по трем параметрам (остатки белый шум; модель стационарна и обратима) с помощью анализа остатков и теста единичного корня, и после получения успешного результата, спрогнозированы 2 значения за период с 01.07.2020 по 02.07.2020. Сравнение реальных и прогнозных значений цены криптовалюты показало, что сумма квадратов отклонений существенно ниже от выбранной точности результатов. Визуальный анализ графика также показал: модель способна формировать пики и спады цены. Был сделан вывод об эффективности данного метода в краткосрочных прогнозах криптовалюты. The study conducts an analysis of the cryptocurrency market to select a more relevant coin with a large capitalization. Due to its gaining popularity, the cryptocurrency ETH was chosen for the study. Literature review confirms the relevance and shows a low level of study of this cryptocurrency within the topic. The values of the series for the period from 14.03.2020 to 30.06.2020 are considered. The stationarity tests with the analysis of ACF and ChakF charts of the selected cryptocurrency series, as well as the extended Dickey-Fuller tests are carried out. The initial data were transformed to reduce dispersion (logarithm) and to exclude seasonality and trend (taking the second difference). Forecasting models were built by means of autoregressive model — ARIMA (p, d, q) integrated moving average and by means of statistical methods (analysis of ordinary and adjusted coefficients of determination) and Akaike and Schwartz information criteria the only appropriate model was selected. In order to be able to predict values, the model was diagnosed by three parameters (residuals white noise; the model is stationary and reversible) using residuals analysis and unit root test, and after obtaining a successful result, 2 values were predicted for the period from 01.07.2020 to 02.07.2020. A comparison of the real and predicted cryptocurrency price values shows that the sum of squares of deviation is significantly lower than the selected accuracy of the results. Visual analysis of the chart also shows that the model is able to form price peaks and declines. It is concluded that this method is effective in short-term cryptocurrency forecasts.
Ivana Martinčević, Vesna Sesar, Krešimir Buntak, Ivan Miloloža
The digital age creates new concepts, methods, and rules that are affecting the accounting process which presents new challenges in accounting practice. One of the most significant changes and innovations within accounting processing and the financial industry is the emergence of cryptocurrencies that create a completely new financial business concept. Cryptocurrency is the equivalent of electronic money and is completely digital. Cryptocurrencies and transactions with cryptocurrencies are frequent appearances in todays modern business but are not fully regulated. Accounting and tax treatment in the Republic of Croatia and other European Union countries but also beyond is not fully established and adjusted for doing business with cryptocurrencies. Due to the mentioned lack, cryptocurrencies and their transactions require strict regulation and adjustment operations. This article aims to investigate the development of cryptocurrencies and their involvement in the financial industry and business environment, with a focus on the accounting and tax treatment of cryptocurrencies within the accounting profession. Cryptocurrencies are rapidly developing on a daily basis and pose a significant challenge to the financial industry and especially their regulation within the accounting profession. A systematic literature review was undertaken to provide an overview of the related area of cryptocurrencies and their accounting and tax treatment. The terms ("cryptocurrency") and ("accounting" OR "tax") were used to collect data. The papers were reviewed to investigate whether a cryptocurrency control system has been established from an accounting and tax point of view and whether it functions as such but also its impact on the financial industry. Results indicate that the main problem that arises around the concept of cryptocurrencies and their accounting and tax treatment is insufficient regulation and inconsistencies in the implementation, monitoring, and evaluation of cryptocurrencies in the field of accounting at the local but also global levels.
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.
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 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.
Today, in the world and in Ukraine, in particular, along with fiat money, there are cryptocurrencies in circulation. One type of cryptocurrency is non-fungible tokens (NFT). NFT is a type of digital asset created on the blockchain basis, which allows you to obtain ownership of a product that exists exclusively on the network (images, videos, animations). NFT opens up new opportunities for intellectual property objects. The purpose of the article is to research the theoretical foundations of cryptocurrency accounting, in particular one of its types, non non-fungible token (NFT). NFT framework is the ERC-721 (Ethereum Request for Comments 721) standard for issuing and trading non-fungible assets. The creation of legislative norms to regulate relations related to cryptocurrencies has just begun in Ukraine. The Law "On Virtual Assets" was adopted in Ukraine, but it has not entered into force. Accounting issues remain unsettled due to the lack of a regulatory framework.
The cryptocurrency market is rapidly gaining momentum and is becoming an alternative financial platform to the traditional financial trading market. Currently, cryptocurrency is of particular interest to criminals to make illegal profits, such as money laundering, terrorist financing, financing the proliferation of weapons of mass destruction, corruption. The main purpose of the study is to identify information signs that indicate the implementation of illegal financial transactions using cryptocurrencies. Empirical (observation, description) and theoretical (grouping, synthesis, abstraction) research methods were used for this research. According to the results of the study, it is established that the signs of illegal transactions with cryptocurrency are: non-transparent cryptocurrency contracts; encrypted cryptocurrency transactions; impersonal transactions; fragmented systematic transactions into marginal, limited amounts to avoid identification; transactions that do not comply with the approved transaction protocols; currency exchange transactions by unidentified traders; confusing cryptocurrency to other forms of electronic funds in order to withdraw such funds in cash. The authors of the article identify the main agents in the cryptocurrency economy (centralized and decentralized cryptocurrency exchanges, token issuers, distribution services, gaming services, cryptocurrency wallets). The paper describes software products for the identification of illegal cryptocurrency transactions. The results of the study are of practical value to national regulators in strengthening financial stability and combating illegal financial transactions. management of financial institutions to improve the system of counteraction to illegal financial transactions using payment cards, namely the creation of separate bodies for analysis and regulation of fraud in the banking sector, strengthening responsibility for fraud at the legislative level, establishing a single authentication standard for customers, development of open banking.
「특정 금융거래정보의 보고 및 이용 등에 관한 법률」이 개정되어 가상자산이 처음으로 법적 규제대상이 되었지만, 여전히 가상자산에 대한 법적 규제는 미비한 실정이다. 미국은 증권거래위원회(Securities and Exchange Commission)이 대부분의 가상자산을 증권이라고 판단하여 적극적으로 증권법을 집행하고 있는 등 각 규제기관이 적극적으로 가상자산을 규제하고 있다. 유럽 연합은 자금세탁 방지를 위하여 5차 자금세탁방지정책(fifth Anti-Money Laundering Directive: 5AMLD)을 시행하고 있고, 나아가 가상자산 전반에 대하여 가상자산 시장법(Proposal for a regulation on Markets in Crypto-assets: MiCA)안의 입법이 진행되고 있다. 우리나라에서는 「특정 금융거래정보의 보고 및 이용 등에 관한 법률」에서 가상자산을 “경제적 가치를 지닌 것으로서 전자적으로 거래 또는 이전될 수 있는 전자적 증표 및 그에 관한 일체의 권리”로 정의하여 대부분의 가상자산에 대하여 자금세탁방지 규제를 적용하고 있고, 가상자산 구매를 위한 해외 송금에도 외국환거래법에 따른 신고의무가 있으며 가상자산 거래에 따른 차익에 대한 과세를 위하여 「소득세법」이 개정되어 시행을 앞두고 있다. OECD, IOSCO 등 국제기구들과 일부 국가의 규제당국들은 가상자산을 지급형, 증권형, 유틸리티형으로 분류한다. 결제나 지급을 위한 지급형 가상자산은 특수한 유형의 재산권으로 「전자금융거래법」상 선불전자지급수단에 해당할 수 있으나 발행인이 명확하지 않거나 분산원장기술을 이용하여 중앙전산시스템이 없어 곧바로 「전자금융거래법」 적용이 어렵다. 엘살바도르(El Salvador)의 법정화폐가 된 가상자산의 일종인 비트코인(Bitcoin)의 경우 외국환거래법에 따른 환전영업자 등록이 필요할 수 있다. 투자성이 있는 증권형 가상자산의 경우에는 「자본시장과 금융투자업에 관한 법률」상 금융투자상품에 해당하고, 특히 증권에 관련된 규제의 적용이 가능할 것이다. 유틸리티형 가상자산의 경우 경제적 가치가 없는 순수한 유틸리티형 가상자산은 별다른 규제가 필요하지 않으나, 지급형이나 증권형의 성질을 겸한다면 각 유형에 따른 규제가 혼합적으로 적용할 수 있다. 위 3가지 유형 이외에 새로운 유형의 가상자산들이 생겨나고 있다. 하나의 블록체인 내 각각의 가상자산이 대체불가능한 NFT(non-fungible tokens)는 f-NFT와 같은 NFT의 조각투자 유형은 증권성이 인정될 수 있어 개별적 NFT의 특성을 고려하여 규제가 이루어져야 할 것이고, 가상자산의 가치가 법정통화에 연동되어 있는 스테이블코인(stablecoin)의 경우에는 지급형 가상자산으로 법정화폐의 공신력에 혼동을 줄 가능성이 있어 전자화폐에 준하는 규제가 가해질 필요가 있다. 또한 발행 과정에서 증권성이 인정된다면 증권형 가상자산에 준하는 규제가 추가적으로 적용될 수 있다. 가상자산은 다양한 법적 성질을 가지고 있어 유형별 규제의 필요성이 크다. 대규모 이용자 피해를 방지하기 위하여 지급형 가상자산의 경우 「전자금융거래법」상 전자지급수단에 준하는 규제를 입법하여야 하고, 증권형 가상자산의 경우 소관부처인 금융위원회의 가상자산에 대한 적극적 증권성 판단을 통한 투자자 보호가 필요하다. 다만 가상자산 기술의 발전을 위해 소규모 사업의 경우에는 규제를 면제하는 등 단계적 제도권 편입의 길을 마련해야 한다. 또한 NFT와 같은 새로운 유형의 가상자산의 경우 금융위원회의 조각투자와 같은 선제적 투자자 보호 및 규제 샌드박스 정책 적용과 더불어 새로운 유형의 가상자산 규제를 위한 입법적 근거를 미리 마련하여야 한다.
Introduction. Dynamic changes in the geo-economic and geopolitical spaces associated with the global financial crisis of 2008-2009, the coronavirus pandemic and the Russian-Ukrainian war have led to the accelerated development of fintech, in particular the emergence of cryptocurrencies. Problem. The high probability of widespread use of cryptocurrencies as a means of payment, circulation and investment with particular urgency raises questions about their regulation at the state and international levels. Purpose: an in-depth analysis of the strengths and weaknesses of cryptocurrencies in terms of their regulation within the respective models. The presentation of the material of the article. Cryptocurrencies (bitcoin and others), while not related to fiat money, still have a number of strengths, in particular, such as decentralized character. At the same time, they have many weaknesses, namely, the imperfection of blockchain technology; significant energy consumption of mining; high volatility; the presence of "bad actors" associated with laundering "dirty money"; displacement of national currencies. It is for their neutralization that the regulatory mechanism should be used. Currently, five models of cryptocurrency regulation have been clearly outlined: repressive, which implies a complete ban (Bolivia, etc.); conservative - allows them to buy and sell only to individuals (China); liberal - provides for most operations of their circulation (EU, Ukraine, USA, etc.); legal circulation (Switzerland, Japan, etc.); permitting, under which bitcoin is recognized as a legitimate means of payment (El Salvador). The formation of cryptocurrency regulation models is influenced by the actions of world and national regulators, international payment systems and stock markets.Results and its discussion. Conclusions. Despite significant restrictions, the global volume of cryptocurrency transactions is growing rapidly. Ukraine's cryptocurrency use index, including for the defense of the country, is one of the world leaders.
The purpose of the article is to study the process of digitization, in particular the use of Blockchain technology in accounting and auditing in modern business conditions. The methodology consists in the use of the following methods: dialectical, statistical, structural-analytical, method of observation, methods of analysis and synthesis, induction and deduction, modeling, method of generalization. The scientific novelty of the work is to improve the process of digitization of accounting and auditing and the formation of the algorithm Blockchain-technology, which will significantly reduce errors due to the human factor, reduce accounting costs, reduce the likelihood of falsification of records. Conclusions. In the conditions of globalization the high level of digitalization of world economic space acquires importance. Digitalization of business processes ensures stable development and achievement of strategic goals of enterprises and organizations of Ukraine. The use of modern information technology involves significant changes in the principles of management, external and internal communications, the processes of obtaining, processing and storing data on activities, the formation of new types and methods of accounting and auditing. The concept of Blockchain technology has been studied - a decentralized electronic database that can store and verify information, as well as set rules for updating this information in real time. The use of Blockchain technology in accounting and auditing involves the creation of records and recording the time of their creation, so all data will remain forever and unchanged. The basic principles of application of Blockchain technology in accounting and auditing are considered. Public and private Blockchain technologies are characterized. Promising areas of application of the Blockchain technology in accounting are identified. An algorithm for the application of Blockchain technology in accounting is proposed. The advantages and disadvantages of using Blockchain technology in accounting and auditing are highlighted. The main advantages of using Blockchain technology in accounting and auditing are the inability to falsify the transaction, which is already formed in Blockchain technology, access of all system participants to transaction information, reducing the cost of processing and storing information. That is why it is important to use Blockchain technology in accounting and auditing. Key words: accounting, audit; digitalization, business process, information technology, blockchain technologies.
Abstract. The article examines integration of cryptocurrencies as electronic payment systems in e-commerce enterprises. Practical usage of Ethereum and Bitcoin cryptocurrencies as electronic payment systems, as well as factors that may affect their functionality are studied. Coinbase Commerce and Bitpay, as market leaders in cryptocurrency payment providers, were analyzed to compare integration issues and commission analysis with traditional payment systems LiqPay, PayPal. It is determined that the factors influencing the integration of cryptocurrencies in the enterprise include the field in which this enterprise is operating, instability of the national currency, development of information technology. It has been proven that e-commerce companies specializing on selling consumer goods could use hybrid cryptocurrency payments in Bitcoin in 50% of transactions and Ethereum in 65% of transactions in the studied timeframe to reduce the cost of the transaction compared to the LiqPay system. Key words: electronic payment systems, cryptocurrency, e-commerce, transactions. JEL Classification D2, C50, G23, G41 Formulas: 0; fig.: 9; tabl.: 2; bibl.: 16.
Introduction. It is extremely important to improve the management of territorial development and to determine the priorities of state regional policy and to harmonize national, regional and local interests. At the present stage, the institutional support for the development of territories is characterized by the slowness of state measures to implement reforms, the inconsistency of regional and local development and «point» bills. Therefore, today there is an urgent need to explore the essence of institutional imbalances and their impact on the management of territorial development.Purpose of the research. Research of defining features of the development of territories, the characteristics of the evolutionary transformations of the state regional policy of Ukraine and the definition of institutional imbalances in the modern management model and their impact on the development of territories.Research methods. To achieve this goal, the following research methods were used: system analysis, systematization, generalization - to identify signs of development of territories; chronological - to study the peculiarities of the evolutionary transformations of the state regional policy of Ukraine; institutional analysis - to determine the impact of institutional imbalances on the development of territories.Results. The signs of the development of territories are highlighted, namely: the impact of the development of territories on the national economy as a whole; rational use of various territorial resources through effective institutional mechanisms and management tools; development is always associated with the spatial organization of the territory; the real development of territories is based on partnership relations between public authorities, business representatives and the public. The features of evolutionary transformations and the current state and specificity of the state regional policy of Ukraine are investigated: from smoothing disproportions in regional development and solving point chronic problems to socio-economic cohesion and unity of the country and sustainable growth in the quality of human life, regardless of where he was born, where he lives now and where he will live in the future. It has been proved that decentralization is primarily due to the declared state regional policy, which determines the scale and pace of reforms, and that the relationship between decentralization and the development of territories is ambiguous, since in the context of the new state regional policy, the problems of institutional support for managing the development of territories lead to a number of contradictions and imbalances. , namely: the formation of a hierarchical system of regional and local authorities has not been completed; low involvement of state authorities and local self-government bodies at the district and regional level in the processes of organizing cooperation between territorial communities; lack of a full-fledged system for monitoring the impact of reforms on the development of territories; inadequate participation in the territorial development management model of the Regional Development Agencies; the development of territories requires not only their effective functioning, but also ensuring economic security. It has been determined that the development of territories requires both the effectiveness of measures of state regional policy and the development of local authorities, since the decentralization reform itself will be perceived as an expansion of the powers of local authorities, and therefore the ability of local residents to develop, finance and implement local policy.Perspectives. In the conditions of realization of the new state regional policy the prospects of further scientific researches are directions of improvement of institutional maintenance of management of development of territories.
The article examines the trends of rapid development of blockchain technology. Approaches to interpretation of the concept of "blockchain" in the works of domestic and foreign scientists are revealed. The principles which the development of blockchain technology is based on are determined. Examples of use of blockchain technology applications with class grouping are studied. Examples of application of blockchain technology in such areas as finance, international trade, smart cities, banking are given. The current state of development, opportunities for implementation and features of legal regulation of blockchain technology in Ukraine are described. The advantages and disadvantages of blockchain technologies are highlighted. The further directions of blockchain technology development are analyzed according to such scenarios as centralized programs are replaced by decentralized ones, development of programs for financial inclusion, increase of efficiency of international digital transactions, blockchain turns into "new Internet".
The article describes the Bitcoin cryptocurrency generation system. The use of blockchain technology and encryption algorithm SHA-256 in the Bitcoin generation system is considered. The aim of the work is to research the technologies and value of cryptocurrency. The article describes the structure of Bitcoin and blockchain -the technology that underlies this cryptocurrency. An analysis of existing problems with Bitcoin and its future is presented.
The purpose of the study is to offer a scientific vision of the essence of digital goods and recommendations for its reflection in Ukrainian legal regulation based on the study of scientific publications of researchers of digital goods and existing normative acts regulating the processes of their production and circulation. The article brings forward arguments to support the opinion that «virtual assets», «digital assets» and «crypto assets» are not good names for goods operating on the basis of distributed ledger technology, since such a name is not scientifically based and does not reflect the essence of these objects. From the point of view of economic science, it is more expedient to use the name «crypto goods», which reflects both the commodity essence of these objects and their external technological form, formed on the basis of cryptography and a distributed ledger. According to their functional role, among crypto goods can be distinguished articles related to money, investment goods, personal consumption items, and means of production. It is determined that regulators chose such names, guided not by scientific, but political expediency, as they try to prevent competition on the part of monetary crypto goods for the sake of the monopoly of issuing public money by central banks. Simultaneously, the economic essence of crypto goods in general forces the relevant institutions to be appointed directly responsible for the regulation of certain crypto goods. For example, monetary crypto goods are regulated by central banks, and investment crypto goods are regulated by bodies that are usually engaged in the regulation of the securities market. The philosophy of regulation is aimed primarily at legally making all crypto goods either investment or consumer goods. Monetary crypto goods is only viewed as digital currencies of central banks. A promising direction of research in this area may be the analysis of the consequences of the spread of the production of crypto goods, especially in metaverses, for national economies and for business.
Every year, the cryptocurrency is more active in the global financial market, offering users more convenient and cheaper terms of payment. In addition, it allows you to receive financial income, makes it more and more competitive in the electronic money market. Over the past decade, it is cryptocurrency that has provided the largest 463 increase in the value of assets and the number of services for the population and business. Accordingly, both accounting and auditing are obliged to meet the challenges of the modern economy. The use of cryptocurrency primarily influences the choice of audit procedures. Since, along with traditional audit procedures, it is important to apply new methods to reduce the risks of inaccurate currency valuation and identify possible fraud. The procedures, along with the validation of reporting figures, should ensure that the business is held accountable to the public for the veracity of transactions. While this is more like cybersecurity, its assessment should also be a major part of the expert audit process. Our study summarized the theory and practice of auditing cryptocurrencytransactions, analyzed the main procedures and proposed our own audit sequence in accordance with the International Standards for Quality Control, Auditing, Reviews, and other assignments. Auditors do not assess the state of cybersecurity, however, they use information, the veracity of which is associated with the risks of unauthorized access to IT systems and data. Therefore, for a cryptocurrency, the state and assessment of the IT system of an enterprise has a direct impact on the indicators of financial statements.