Blockchain Papers

Валерія Аркадіївна Динту, А. А. Мітрофанов

Статтю присвячено дослідженню криптовалюти Bitcoin, її значення у реалізації кримі­нальних правопорушень. Визначено механізм використання Bitcoin як елемента системи легалізації доходів, одержаних злочинним шляхом.

Agnessa O. Inshakova, А. И. Гончаров, Daniil A. Salikov

No abstract is available for this record.

Тетяна Олегівна Мороз

Recently, blockchain technology has been used in various sectors of the economy. Mainly, it is actively implemented in the financial sector of the state. But, now more and more we are talking about its use in the agro-industrial complex. Agriculture provides over 14% of Ukraine’s GDP, making it one of the most important industries in the world. The agricultural sector brings every third dollar that Ukraine receives. Since a huge number of jobs depend on the sustainable success of Ukraine’s agro-industrial complex, big stakes are placed on ensuring that agriculture remains a viable and competitive market for all. Negotiating changes in international trade policy and supporting affordable labor on the extent of potential border strengthening present two new challenges for agriculture in the future. However, older, more persistent threats to the agribusiness sector are also present, as they involve decisions about what technology should be used and when it is appropriate to invest in innovation.

Maksym Dubyna, Артур Жаворонок, Maiia Fedyshyn

With the increasing complexity of payments and the distances between participants in financial transactions, the number of third parties involved in making payments is also growing. This entails an increase in commissions. Cryptocurrency solves this problem. This, in its way, is a digital “cash” that can be used by network participants, regardless of the distance and type of transaction. Cryptocurrency is a new type of electronic money, is rapidly gaining popularity.Purpose. The purpose of the article is to study the directions of increasing the level of development of cryptocurrencies in Ukraine.

Mykola Kucheryavenko, Olga Dmytryk, Oleksandr Golovashevych

The advent of cryptocurrencies and rapid growth of crypto-networks heralded a new era in evolution of financial relations. The main goals achieved by introduction of cryptocurrencies included: a) removal of the third party (the government, banking and financial institutions) from transactions between the parties to a transfer; b) anonymity of the parties; c) transaction security. The governments of various countries of the world have a different stance as regards the use of cryptocurrencies, and in some cases, they consider this medium of exchange illegal. The transnational nature of transactions involving cryptocurrencies and the absence of physical borders for these transactions complicate legislative regulation of the circulation of cryptocurrencies in Ukraine.The use of cryptocurrencies has significant effect on the economies of Ukraine and other countries of the world due to easy dissemination and popularity of this technology and the growing capitalization of cryptocurrencies. The exchange of cryptocurrencies into fiduciary money and the possibility of gaining substantial profits on a cryptocurrency exchange due to high volatility of cryptocurrencies necessitate development, as soon as possible, of approaches to legislative regulation of both terminological apparatus related to circulation of cryptocurrencies and the exchange transaction procedures, profit taxation, etc. Considering the multisided nature of crypto-networks and the diversity of cryptocurrencies currently existing in the world (over 2000 variants as of today), classification of existing cryptocurrencies and definition of their features represents a contemporary task.This article characterizes development of blockchain technology that serves as the basis for the functioning of cryptocurrencies, defines their characteristic features, positive and innovative concepts implemented with their advent. Cryptocurrencies were classified based on various criteria (issue type, network decentralization, limitation on issue, controllability of cryptocurrency issue, etc.), and two groups of features typical either for all cryptocurrencies or for their certain variants were proposed. It was proposed to define a cryptocurrency as a variety of e-money used as an alternative additional currency and circulated within global computer networks on the basis of blockchain technology that envisages asymmetrical encryption and the use of various cryptographic protection methods.

S. Andryushin, В.В. Кузнецова

Objective: to identify characteristics of modern financial technologies, which have become a catalyst for rapid and irreversible changes in the financial sector; to classify the problems of regulation of finance technologies and their products; to search for a compromise between the promotion of financial innovations and financial risks to ensure financial stability. Methods: systematic approach to the cognition of economic phenomena, enabling to study them in dynamic development, taking into account the influence of various environmental factors. The systematic approach determined the choice of specific research methods: empirical, historical, logical, comparative, and statistical. Results: it is shown that the modern financial system is evolving towards its decentralization based on the distributed registers and blockchain technologies. The evolution of decentralized platforms and their impact on the development of crypto networks are considered. The basic principles and working mechanisms of decentralized crypto networks, the advantages and disadvantages of decentralized protocols are reviewed. It is shown that the development of a decentralized financial market is inextricably linked with centralized technologies - artificial intelligence technologies and the use of software interfaces, big data analytics and machine learning. The use of modern financial technologies reduces barriers and costs of entry to the markets for financial intermediaries, but also generates new risks in the system, requiring codification and updating of regulation forms. Regulatory actions of the authorities aimed at minimizing the risks generated by innovative technologies are also described.Scientific novelty: the article shows for the first time that the basis of the modern financial system is decentralized technologies of distributed registers and blockchain, which allow maintaining databases, reaching consensus, generating new transactions and controlling them from more than one center of the distributed network. In order to maximize the impact of the third era of the Internet, decentralized platforms must be synchronized with centralized technologies, the development of which contributes to further decentralization of the financial system. In order to maintain financial stability, prudential regulators and supervisors will have to find an effective compromise between encouraging further financial innovations and the financial risks posed by them.Practical significance: the main provisions and conclusions of the article can be used to clarify the target mandates, tools, channels and mechanisms of monetary policy of the Bank of Russia, directly related to technological innovations, acting, under the growing uncertainty in the economy, as a built-in stabilizer of financial stability, elastic regulation of trading and financial imbalances within the country and between countries.

Ковальчук Андрій, Yaroslav Kotlyarevskyy, S.I. Knyazev

One of the more notable developments in financial infrastructure framework during recent years has been the emergence of networking alternative financing platforms, aimed at bringing together firms and individuals looking for capital and others that have money to lend, invest or donate. That was upticked by establishment of innovative financing platforms and different business models, starting with peer-to-peer lending and equity crowdfunding and evolving to cryptocurrencies and virtual services providers. The emergence of crypto-assets is an important area of interest for regulatory authorities, including those dealing with issuance and secondary trading of crypto-assets. This article focuses on the innovative financial technologies impact phenomena, acknowledging FinTech imputed substantial benefits to the financial sector infrastructure, as well as considerable risks. Along with the analysis of theoretical developments of domestic and foreign scholars, an attention is paid to global discourse involving G20 and G7 countries, Financial Stability Board, Financial Action Task Force on Money Laundering (FATF), The International Organization of Securities Commissions (IOSCO) that raise serious regulatory and systemic concerns, as well as wider policy issues, which both need to be addressed before such projects can be implemented in full scope and integration prospects. Thus, emphasized the necessity to introduce the highest standards of financial regulation, especially with regards to anti-money laundering and counteraction to financing terrorism (AML/CFT), anti-corruption, financial transparency, accountability and inclusion in order to guarantee the stability of the financial system and consumer protection with awareness towards possible regulatory gaps. Addressing a consideration of modern developments of virtual assets regulation framework abovementio ned issues are investigated inter alia with regard to aspects of sustainable development and coordination in measures of institutional economy and Financial Law. REFERENCES Hasanov S.S. Strukturni transformatsii ekonomiky i derzhavni finansy: problemy metodolohii, teorii, ekonomichnoi polityky. Kyiv: DNNU "Akad. fin. upravlinnia", 2012. 352 p. [in Ukrainian]. Bilorus O.H. Strukturna transformatsiia hlobalnoho kapitalu ta hiperfinansializatsiia vidtvoriuvalnykh protsesiv. Finansy Ukrainy. 2016. No. 1. P. 7-19 [in Ukrainian]. Kotliarevskyy Ya.V., Kolosova V.P., Maksymenko L.P. Rozvytok zbalansovanoho rehuliuvannia u sferi innovatsiinykh finansovykh tekhnolohii dyhitalizatsii zahalnoi miry vartosti. Biznes Inform. 2017. No. 11. P. 402-417 [in Ukrainian]. Douglass C. North. Institutions, Institutional Change and Economic Performance. Washington University, St Louis, 1991. 164 p. Yefymenko T.I., Zhuk V.M., Lovinska L.H. Informatsiia v antykryzovomu upravlinni: hlobalnyi aspekt standar tyzatsii obliku ta finansovoi zvitnosti. Kyiv: DNNU "Akad. fin. upravlinnia", 2015. 400 p. [in Ukrainian]. Schumpeter, Joseph A. Capitalism, Socialism and Democracy. London and New York: Routledge, 1994. 437 p. Kovalchuk T., Palyvoda K. Tsyfrova valiuta yak virtualne dzherelo fiktyvnoho kapitalu. Bankivska sprava. 2014. No. 1-2. P. 3-11 [in Ukrainian]. Hetmantsev D. Suchasnyi svit. Novyi pohliad na lehitymnist publichnykh finansiv. Pravo Ukrainy. 2018. No. 4. P. 181-203 [in Ukrainian]. Derevyanko B. Pro porivniannia hospodarskoi diialnosti z vydobutkom kryptovaliuty ("maininhom") ta zdiisnennia operatsii z neiu. Pravo Ukrainy. 2018. No. 5. P. 164-175 [in Ukrainian]. Yarova K. Kryptovaliuta: vyznachennia pravovoho statusu v Ukraini. Molodyi vchenyi. 2017. No. 10. P. 1117—1120 [in Ukrainian]. Kovalchuk A. Finansove pravo: problemy utverdzhennia ta efektyvnoho zastosuvannia. Publichne pravo. 2017. No. 1. P. 10-17 [in Ukrainian]. Kovalchuk A., Stetsenko S. Finansovo-pravovi zasady rehuliuvannia krypto valiutnoho rynku. Publichne pravo. 2018. No. 1. P. 85-92 [in Ukrainian]. Kornieieva Yu.V. Mizhnarodne instytutsionalne finansuvannia stratehichnykh derzhavnykh pidpryiemstv na osnovi suchasnoi tekhnolohii smart-kontraktu. Ekonomika Ukrainy. 2019. No. 1. P. 16-33 [in Ukrainian]. Virtual currencies: key definitions and potential AML/CFT risks. 2014, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Virtual-currency-key-definitions-and-potential-aml-cft-risks.pdf Guidance for a Risk-Based Approach to Prepaid Cards, Mobile Payments and Internet-Based Payment Services. 2013, June. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-RBA-NPPS.pdf Guidance for a Risk-Based Approach for Money or Value Transfer Services. 2016, Feb. FATF. URL: http://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-RBA-money-value-transfer-services.pdf The FATF position on FinTech and RegTech. 3 November 2017. FATF. URL: http://www.fatf-gafi.org/publications/fatfgeneral/documents/fatf-position-fintech-regtech.html Kovalchuk A.T., Kotliarevskyi Ya.V. Zapobihannia ta protydiia vidmyvanniu koshtiv: ryzyk-oriientovanyi pidkhid u konteksti mizhnarodnoho spivrobitnytstva. Finansy Ukrainy. 2016. No. 10. P. 77-88 [in Ukrainian]. Guidance for a risk-based approach to virtual assets and virtual asset service providers. 2019, June. FATF. URL: https://www.fatf-gafi.org/media/fatf/documents/recommendations/RBA-VA-VASPs.pdf IOSCO Research Report on Financial Technologies (Fintech). February 2017. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD554.pdf Issues, Risks and Regulatory Considerations Relating to Crypto-Asset Trading Platforms. Consultation Report. May 2019. IOSCO. URL: https://www.iosco.org/library/pubdocs/pdf/IOSCOPD627.pdf Decentralised financial technologies. Report on financial stability, regulatory and governance implications. 6 June 2019. Contacting the Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P060619.pdf Cyber Incident Response and Recovery Progress. Report to the G20 Finance Ministers and Central Bank Governors meeting in Fukuoka, 8-9 June 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P280519-1.pdf Crypto-assets. Work underway, regulatory approaches and potential gaps. 31 May 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P310519.pdf Crypto-assets regulators directory. 5 April 2019. Financial Stability Board. URL: https://www.fsb.org/wp-content/uploads/P050419.pdf Osaka Declaration on Digital Economy. G20 Summit Japan. 2019. URL: https://www.g20.org/pdf/special_event/en/special_event_01.pdf Communiqué, G20 Finance Ministers and Central bank Governors Meeting, Fukuoka. 8-9 June 2019. G20 Summit Japan. URL: https://www.g20.org/pdf/documents/FINAL_G20_Osaka_Leaders_Declaration.pdf Chair’s summary: G7 finance ministers and central bank governors’ meeting. 17-18 July 2019. URL: https://www.gouvernement.fr/sites/default/files/locale/piece-jointe/2019/07/g7_chairs_summary.pdf Update from the Chair of the G7 working group on stablecoins. BANQUE DE FRANCE. URL: https://www.banque-france.fr/sites/default/files/media/2019/07/18/update_from_the_chair_of_the_g7_working_group_on_stablecoins_18072019_noon.pdf Pro skhvalennia Kontseptsii derzhavnoi polityky u sferi virtualnykh aktyviv: Proekt Rozporiadzhennia Kabinetu Ministriv Ukrainy. Ministerstvo ekonomichnoho rozvytku i torhivli Ukrainy. 2018. URL: http://www.me.gov.ua/Documents/Download?id=68b47292-ee09-4545-85e2-a969a0d0330c [in Ukrainian]. Voloshenko A. Antykoruptsiinyi dyryzhyzm. Kyiv: Parlamentske vydavnytstvo, 2018. 392 p. [in Ukrainian].

Γεώργιος Μαρούλης

Στα πλαίσια της παρούσας διπλωματικής εργασίας, αναλύθηκε, σχεδιάστηκε και υλοποιήθηκε πλήρως κατανεμημένη εφαρμογή εύρεσής εργασίας βασισμένη στην τεχνολογία του Blockchain. Η εφαρμογή αναπτύχθηκε στο σύστημα Ethereum το οποίο εφαρμόζει την τεχνολογία του Blockchain και υποστηρίζει έξυπνα συμβόλαια. Τα έξυπνα συμβόλαια αποτελούν τον πυρήνα της υλοποίησης καθώς είναι υπεύθυνα για όλες τις διεργασίες της εφαρμογής. Τα συμβόλαια έχουν αναπτυχθεί στην γλώσσα προγραμματισμού έξυπνων συμβολαίων του Ethereum Solidity. Το κομμάτι διεπαφής με το χρήστη υλοποιήθηκε με χρήση των WEB τεχνολογιών HTML, CSS και JavaScript λόγω της υποστήριξής τους από σχεδόν όλες τις συσκευές. Οι δυνατότητες της εφαρμογής καλύπτουν όλο το φάσμα των λειτουργειών που θα αναζητούσε κανείς σε μια εφαρμογή εύρεσής εργασίας. Κάποιες ενδεικτικές λειτουργίες είναι η αναζήτηση εργαζομένων, η δημοσίευση θέσεων εργασίας, η οργάνωση συνεντεύξεων και η αντιστοίχιση εργαζομένων με θέσεις εργασίας τις οποίες μπορούν να καλύψουν. Σκοπός της εφαρμογής είναι η διαφανής, ασφαλής και δίκαιη διαδικασία εύρεσης εργασίας τόσο για τους εργαζόμενους όσο και για την εταιρία. Με την χρήση του blockchain διασφαλίζεται η διαφάνεια εφόσον όλα τα δεδομένα σε αυτό είναι δημόσια ενώ τα έξυπνα συμβόλαια εφαρμόζοντας τις κατάλληλες μεθόδους επιβάλουν την τήρηση των συμφωνιών τόσο σε οικονομικό όσο και σε επίπεδο διάρκειας συνεργασίας μεταξύ ενός εργαζομένου και μιας εταιρίας.

Igor Kovalenko, Yevhen Davydenko, Alyona Shved, Anzhela Boiko

Creation of funds transfer system of the main organization between its instances in the form of a smart contract has been studied. This contract fully covers the expenses of third parties, provides support for information security in the network and maintains a security protocol that guarantees the inviolability of funds by anyone other than the specified addressees.

Олена Фоміна, Olena Moshkovskа, O. O. Avhustоva, Olha Romashko · 5 authors

Various mechanisms for implementation, and at the same time contradictory approaches to the essence, evaluation, reflection, and regulation, led to the need to consider and improve approaches to the recognition of cryptocurrency. Based on the critical analysis of the legal provisions in Ukraine and the approaches of scientific experts, practitioners and international experience, the economic essence of cryptocurrency is substantiated. The legal, economic and accounting aspects of cryptocurrency recognition in developed and transformational economies are revealed. In order to meet the information needs of users, the peculiarities of the application of methods for estimating cryptocurrency commodities and the influence of the chosen method on the reflection of such an asset in the financial statements have been identified. The necessity to clarify and harmonize existing national accounting standards for recognizing and reporting on cryptocurrency transactions has been identified. The proposed approach to the identification and recognition of cryptocurrency goods will improve the relations between the owners of cryptocurrency and the state, legalize cryptocurrency transactions and form an effective system for managing such transactions in Ukraine.

V.A. Ustymenko, N.Yu. Polishchuk

Today, the world is on the threshold of a digital revolution that will affect all spheres of public life. The application of cryptocurrencies and blockchain technology has gone a long way since its introduction. Now it has reached a new milestone as it gets implemented in the energy sector. Blockchain and cryptographic technology have the potential to radically change the energy industry of the usual. Blockchain and cryptocurrencies are changing the energy sector and in the article is considered how it will affect the energy industry. Blockchain systems and cryptocurrencies no longer require either intermediaries or a central authority. But it is still difficult today to put such models into practice. In addition, there are a number of legal and regulatory requirements that blockchain projects must also comply with. Cryptocurrency is one of the most relevant topics when it comes to digitalization. On the basis of the analysis of the foreign practice of the use of cryptocurrency in the electric power industry, the prospects of implementation of such projects for Ukraine and their legal support are analyzed. Emphasized the advantages of blockchain and cryptocurrencies and demonstrates the mechanism of their work. The situation regarding the definition of the legal status of cryptographic goods in foreign countries and Ukraine is analysed. The main points to be solved in the course of approval of the right regulation of cryptocurrencies in Ukraine are determined. Foreign and certain domestic experience of using the blockchain technology and cryptology in the field of electric power industry indicates the prospect of further development of this direction. In the implementation of such instruments,it seems that it will allow accelerating the payments in electricity supply relations, will allow them to be more transparent, and at the same time protected from unauthorized interference, enhance the culture of contractual relations. REFERENCES1. Maidanyk R.A. Virtualna valiuta v tsyvilnomu pravi Ukrainy: stan, tendentsii, perspektyvy. Visn. Nats. akad. prav. nauk Ukrainy. 2018. Vol. 25, No. 2. P. 114-129 [in Ukrainian].2. Husieva I.I., Petrova T.O. Tendentsii rozvytku kryptovaliut na rynku Ukrainy. Naukovyi visnyk Mizhnarodnoho humanitarnoho universytetu. 2017. Iss. 24 (1). P. 48050 [in Ukrainian].3. Lukianov V.S. Zarodzhennia rynku kryptovaliuty v informatsiino-merezhevii paradyhmi. Aktualni problemy ekonomiky. 2014. No. 8 (158). P. 4360441 [in Ukrainian].4. Svon M. Blokchejn: Shema novoj jekonomiki. M.: Olimp-biznes, 2017. 240 p. [in Russian].5. Blokchein — novi mozhlyvosti dlia vyrobnykiv ta spozhyvachiv elektroenerhii? Ohliad svitovoi elektroenerhetyky, pidhotovlenyi PwC. Pricewaterhouse Coopers International Limited (PwCIL), 2016. URL: https://www.pwc.ru/ru/publications/blockchain/blockchain_opportunity-for-energy-producers%20and-consumers_RUS.pdf [in Ukrainian].6. Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. EUR-Lex: Access to European Union law. URL: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L08497. Federal act on banks and savings banks. URL: https://www.admin.ch/opc/de/classifiedcompilation/19340083/index.html8. O razvitii cifrovoj jekonomiki: Dekret Prezidenta Respubliki Belarus' ot 21.12.2017 № 8. URL: http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/ [in Russian].9. Zelena knyha rehuliuvannia rynku kryptovaliut: Ofis efektyvnoho rehuliuvannia. Traven 2018. URL: https://cdn.regulation.gov.ua/fe/5b/20/42/regulation.gov.ua_Zelena-Knyha.-Rynok-Kryptovaliut.pdf [in Ukrainian].10. Bitcoins: Aufsichtliche Bewertung und Risiken für Nutzer. Bundesanstalt für Finanzdienstleistungsaufsicht. 19.12.2013. URL: https://www.bafin.de/SharedDocs/Veroeffentlichungen/DE/Fachartikel/2014/fa_bj_1401_bitcoins.html [in German].11. Blockchain: Hype or Innovation: CoinForum.de. 26.02.2016. URL: https://Bitcoinblog.de/2016/02/26/rwe-undslock-it-wollen-ethereum-fuer-elektroautos-nutzen/12. Kryptovaliuta SolarCoin ta soniachni elektrostantsii. "SolarCoin" Nova kryptovaliuta yaka stymuliuie montazh dzherel alternatyvnoi elektroenerhetyky. 17.01.2018. URL: https://prel.prom.ua/a322224-kriptovalyuta-solarcoinsonyachni.html [in Ukrainian].13. Pro obih kryptovaliuty v Ukraini: proekt Zakonu Ukrainy vid 06.10.2017 No. 7183. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684 [in Ukrainian].14. Pro stymuliuvannia rynku kryptovaliut ta yikh pokhidnykh v Ukraini: proekt Zakonu Ukrainy vid 10.10.2017 No. 7183-1. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62710 [in Ukrainian].

Iryna Kondrat, Roman Drala

No abstract is available for this record.

Alex Plastun, Anna Oleksandrivna Drofa, Tetyana Viktorivna Klyushnik

Purpose – to investigate the Month of the year effect in the cryptocurrency market. Design/Method/Research Approach. A number of parametric and non-parametric technics are used, including average analysis, Student's t-test, ANOVA, Kruskal-Wallis statistic test, and regression analysis with the use of dummy variables. Findings. In general (case of overall testing – when all data is analyzed at once) calendar the Month of the Year Effect is not present in the cryptocurrency market. But results of separate testing (data from the period “suspicious for being anomaly” with all the rest of the data, except the values which belong to the “anomaly data set”) shows that July and August returns are much lower than returns on other months. These are the worst months to buy Bitcoins. Theoretical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This contradicts the Efficient Market Hypothesis. Practical implications. Results of this paper claim to find some holes in the efficiency of the cryptocurrency market, which can be exploited. This provides opportunities for effective portfolio management in the cryptocurrency market. Originality/Value. This paper is the first to explore Month of the Year Effect in the cryptocurrency market. Paper type – empirical. Authors gratefully acknowledge financial support from the Ministry of Education and Science of Ukraine (0117U003936).

Ruslan Brukhanskyi, Iryna Spilnyk

The paper is dealing with the problem of cryptographic assets (cryptocurrency and other, non-cryptocurrency, assets) recognition as objects of accounting. The compliance of cryptographic objects with the attributes of the asset in accounting is proved. The issue the essence of cryptocurrency for the accounting purposes is raised: cash, cash equivalents, currency, commodities, stocks, financial investments or intangible assets. The necessity of legislative regulation of digital economics and its adjustment by accounting standards is actuated. The assumption about the problem of the universal approach application to displaying cryptoassets in the accounting system in view of their diversity and the distinction of the performed is made.

Olena Bondarenko, Oksana Kichuk, Andrii Antonov

The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the “grey” zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.

D. I. Pogribnyy

No abstract is available for this record.

Yurii Pronchakov, Oleg Bugaienko

The article describes the problem of forecasting prices of cryptocurrencies at the financial markets. Methods for analyzing and forecasting prices of cryptocurrencies at the financial markets are considered in detail. A trend indicator – moving averages – is considered as an auxiliary tool for technical analysis that helps to analyze and forecast prices of cryptocurrencies at the financial markets. During the study there were analyzed several methods of different categories, namely: SMA (Simple Moving Average), EMA (Exponential Moving Average), WMA (Weighted Moving Average). For analyzing moving averages, there were conducted the analysis, based on mean-square deviation together with the standard graphic analysis. The whole process was divided in several stages: a moving average was calculated, based on basic values; based on values of the calculated moving average, there was calculated a mean square deviation; deviation with the least numerical value was chosen among the massive of deviations. It has been revealed, that SMA has the least value of mean-square deviation, but EMA is the better choice, because EMA is most sensitive among considered moving averages, although an error extent is rater more.

V. Vasiuta, M. Buniak

The article presents the results of a study of the theoretical foundations of the Blockchain technology. The analysis of the organization structure of its units and the principles of the system. Algorithms of smart contracts are considered and their advantages and disadvantages are analyzed. The purpose of the study is that based on the analysis of the theoretical foundations of building systems using blockchain technology and introducing them into various areas, to propose a system model using smart contracts on the Etherium platform for use in the workflow system in institutions of higher education. Convenient web interfaces for managing the creation of a contract and a module for the interaction of smart contracts with a Web application have been developed. The management of an institution of higher education, namely, a department, faculty or institute, involves the correct and timely preparation of various documentation, in which the documentation on student learning outcomes holds a special place. On its basis various financial and reporting documents are being prepared. To this end, institutions of higher education are introducing workflow system and office automation systems to manage the processing of documents, as well as to organize control over the implementation of these processes. The paper proposes the introduction of a blockchain system on the Ethereum platform using smart contracts written in the Solidity language. Solidity is a tool that is used to create machine-level code that can be run on an Ethereum Virtual Machine. Solidity allows you to create and execute a smart contract without requiring centralized or trusted parties. The use of such technologies makes it possible to significantly reduce the number of paper-based information carriers and, to a significant extent, further automate the existing the workflow system in institutions of higher education. The proposed system is a part of the workflow system of institutions of higher education, which is designed to automate the process of passing documents related to taking into account and submitting to the dean's office of the faculty or the institute the results of the final controls on academic disciplines or the results of retake of tests and exams. This process requires a large number of documents on paper. The proposed system is deployed in the local computer network of the Educational and Scientific Institute of Information Technologies and Mechatronics of Poltava National Technical Yuri Kondratyuk University and is being tested. The results allow us to draw conclusions about the reduction in the number of paper documents; time to obtain permits. In addition, the level of reliability and protection of information transmitted to the administration of the faculty or institute for further processing has increased. In the future, it is planned to introduce the proposed system for document flow automation for all institutes and faculties of the Poltava National Technical Yuri Kondratyuk University.

Valeriia Dyntu, Oleh Dykyi

The target of the article is to study the place of the cryptocurrency in the process of money laundering. The subject of the article is to investigate the ways and means of usage cryptocurrency for money laundering, the possibilities, and limits. Problem’s setting. The authors of the paper have emphasized that despite the broad usage of cryptocurrency all over the world for different kinds of purchasing and transactions, there is no unified position regarding the definition of cryptocurrency, as well as its legal status. Moreover, the aforementioned circumstances trigger the difficulties during the criminal investigation of money laundering by using cryptocurrency. Thus, law informant agencies are facing challenges with the identification of criminals’ personality and the fact of crime commitment. In addition, in the article, the authors articulate the main concept of cryptocurrency: anonymity and decentralization, which engender the main aggro while crime investigation. Methodology. The research is based on an analysis of historical stages of cryptocurrency creation: from Friedrich August von Hayek’s idea of “currency independent from banking and governmental” to the establishment of decentralized currency. Moreover, there were analysed the cases of money laundering where criminals who used cryptocurrency have been identified and press charged. In addition, the comparative methods were used to collate different positions regarding cryptocurrency all over the world and inside Ukraine. The position of the main authorities and organizations regarding the legal status of cryptocurrency was investigated as well. The results of the study revealed that a cryptocurrency is a convenient tool for money laundering because it gives relative anonymity for the owner of the currency, as far as it does not require any personal information about the user and his location. Aforementioned feature minimizes the opportunity for law enforcement agencies to track back the criminal activity and to identify the criminal personality. Furthermore, cryptocurrency transactions are out of the government control because for conducting any transactions by using cryptocurrency, there is no need for their verification by third parties like a bank, governmental authority or nongovernmental organizations. In addition, the user can have more than one account and conduct transactions from different places at the same time.

François Verdier

No abstract is available for this record.

Донецький національний університет імені Василя Стуса, Maya M. Savchenko, В.О. Короленко, Донецький національний університет імені Василя Стуса · 6 authors

The article explores innovations in the monetary sphere, namely the emergence of a modern form of money - digital currency. Forms of this currency, such as electronic and virtual money, are defined. The dynamics of development of the first and the most expensive cryptocurrency now - Bitcoin is analyzed. The general state of the cryptocurrency usage in the world is indicated. The advantages and disadvantages of using digital currency are also highlighted. The Top-10 cryptocurrencies in the world for 2019 are highlighted with the largest market capitalization of Bitcoin, Ethereum, Ripple. The dependence of the economic development level of the country and the degree of cryptocurrency implementation is revealed. The world legislative experience in the field of regulation of the cryptocurrency is researched. The possibility of its application in the Ukrainian legislation by the cryptocurrency legalization and minimization of risks in the process of use are studied. Prospects for the spread and further development of cryptocurrencies in Ukraine and in the world are considered. It is noted that providing the improvement of monetary technology, its proper regulation and improvement of infrastructure, this financial instrument will occupy an important place in people's daily life.

E. V. Lapteva, Vladimir V. Ostroumov, Elena M. Skvortsova

No abstract is available for this record.

Iryna Dulska

The paper deals with the issue of the budget financing of digitalization in Ukraine through e-governance. It was shown that it is very difficult to estimate the real volume of public expenditures on digitalization (informatization) through e-government program at all budget levels and directions, since its components (national, sectoral, regional) are being implemented by many executive bodies and local governments. According to international organizations, the public access to information on budget spending in Ukraine is limited, and transparency level is insufficient, while the level of e-governance is high. However, the interfaces of e-government and e-budgets of the central and local government bodies are not unified, and are mostly inconvenient to users. The official websites provide outdated and limited information. The lack of transparency of the budget resources using reduces the trust of the general public in governmental institutions. The organizational and institutional mechanism of budget financing of e-governance is studied based on the results of audits conducted by the authorized state bodies. It is revealed that the main contractor of the subprograms implementation of the National Informatization Program – the State Agency for E-Governance of Ukraine – has not ensured a proper level of coordination, control, and systemic and consistent action, therefore important goals of the program have not been achieved. While the goals of digitalization of public services are declared as priority in Ukraine, the level of budget financing does not correspond to them. In case of the implementation of regional programs of informatization, insufficient control of the main spending units leads to poor performance or failures in their execution. Still unsolved remains the issue of determining the sources of financial support for the basic sectors of the social sphere, in particular, regarding measures for their digitization, within the framework of regional decentralization. To deal with the above mentioned problems and challenges, it is recommended to establish a single coordinating body in the field of digitalization, including e-government, which should have ministry status and be built up on experience of countries, where similar bodies exist. The publication is prepared during the research work "Formation" of smart specialization in the economy of Ukraine" (state registration number 0117U007701).

N.Yu. Polishchuk

ГЕНЕЗИС ПРАВОВОГО РЕЖИМУ КРИПТОВАЛЮТ У ЗАРУБІЖНИХ КРАЇНАХ ТА УКРАЇНІПостановка проблеми.Нормативне визначення та регулювання відносин створення, обігу, статусу криптовалют є обмеженим у зарубіжних країнах і відсутнє в Україні, хоча цей елемент ринкових відносин є досить