Relevance of the research topic. The implementation of medical reform in Ukraine, which provides radical structural changes in the health care system, the transformation of financing mechanisms for services, and at the same time the implementation of budgetary reform, an integral part of which is budget decentralization, makes the issue of assessing the role of local budget spending on health care. Formulation of the problem. In conditions of limited budgetary funds, growing debt and budgetary decentralization, successful implementation of health care reform is impossible without increasing the role of local budgets in financing the industry of development priority areas. Analysis of recent research and publications. The works of I. Chygynova, V. Makogon, M. Pasichnogo, Ju. Markuts, I. Kogut, Y. Pasichnik, V. Tropina [1-6] and others are devoted to the study of issues related to the problems of the article. The results of their own research of some of the indicated problems are presented in [6-8]. Segregation of unexplored parts of a common problem. In the context of deepening budget decentralization, strengthening the financial base of local budgets, expanding the functional powers of local governments, it is necessary to further search for ways to increase the role of local budgets in health care financing. The purpose of the article is to assess the role of expenditures of local budgets of Ukraine on the health care sector in the context of deepening budget decentralization and to develop proposals for improving its financing. Duringresearch, general scientific and special methods were used: analysis and synthesis, the method of generalization, statistical, etc. The article analyzes and evaluates the total expenditures of local budgets for health care, as well as for the regional program "Health of the population of the Dnipropetrovsk region for 2020-2024". The attention is focused on increasing the role of local budget expenditures in the process of changing the health financing model. The basis for expanding the capacity of local governments to finance health care was the deepening of budgetary decentralization, changes in the distribution of taxes to local budgets, etc. Conclusions. In conditions of acute limited financial resources, success in the formation and effective use of funds from local budgets of Ukraine for the development of an appropriate health care system is associated, first of all, with the consistent implementation of the financial and budgetary policy of the state, the coherence of medical and budgetary reforms, priorities, increasing the efficiency of the use of budgetary funds in format of target program budgeting. The results of this study can be applied in the process of forming and implementing social and budgetary policies for the development of the health care system in the country.
Halyna Voznyak, Наталия Владимировна Савчук, Iryna Zherеbylo, О. І. Скаско
Modern transformational changes occurring in the socio-economic life of countries are conditioned by the evolution of information and communication technologies, the deployment of globalization, decentralization, the strengthening of the openness policy and the increase of efficiency of use and hence the transition from a bureaucratic model of government to a consensus model, a built model. implementation of entrepreneurial management mechanisms in providing social services to the population actualize the need for rethinking and justification the structure of public finance in the new environment. On the basis of systematic analysis, the theoretical aspects of «public finances» are revealed in the article, their structure is substantiated and the necessity of application in scientific circulation as an important dominant of civil society is proved. It is emphasized that the essential characteristics of this definition are revealed by the existence of financial and economic relations between the population, the state, other public institutions and economic entities regarding the formation, distribution, and use of public funds to meet the public needs of the population. It is shown that the structure of public finances is formed by state and local finances, finances of communal enterprises and state corporations, finances of enterprises and organizations of communal ownership, extrabudgetary trust funds and public funds. Among the dominant features of public finances in the context of modern transformations are transparency and imperative character. It has been argued that the vector of public finance reform must continue to be decentralization, which, in addition to the redistribution of resources and powers, should promote the extension of the financial powers of local governments, increase the transparency of both public and local finances, and raise public accountability. the public sector and improving the quality of life of the population.
Oksana Muzyka-Stefanchuk, Олеся Отраднова, N. L. Huberska, Natalia Borsuk · 5 authors
The decentralization is not a new phenomenon for Ukraine. The processes, directed to establish and to develop the local self-government according to European model, going away from complete subordination of local power to the state power during Soviet times, were activated since the state acquired the independence. The purpose of article is to study how the processes for decentralization of power, finances, etc. are run under conditions of financial, economical and political crisis that take place in Ukraine and countries of Europe. The local self-government and decentralization of power shall ideally have the connection with the territorial community. The decentralization of power in Ukraine is not the aspiration of territorial community but the attempt to remove someone from power, to divide the power, being received, between other people. It is necessary to establish the regulatory background for development of local self-government, as well as to work out and to implement the norms for division of receipts from general state taxes and duties into practice. In our opinion, the abovementioned vision is not only the understanding of decentralization but the understanding of local self-government itself. When the processes, related to development of rights at territorial communities or other territorial formations, start in the totalitarian country, where the real local self-government is absent, in this case one can speak about decentralization of power. That is to say, the state transfers the part of its functions to the communities. If the local self-government already exists, if the budget legislation assigns the corresponding receipts (assigned, own, regulating incomes) to the budgets of different levels, if the will is implemented in communities (through elections, referendums), so, this means that the power is already decentralized. There is a need for identified potential threats from such positive at first sight processes. Because there is the possibility to receive the additional financial resources directly from state budget (budget and fiscal decentralization). Namely this is the main purpose to establish the united territorial communities. And here exclusively the populism slogans are that the purpose of such newly established communities is to approach the services to population, availability of residents in territorial community to solution of issues of local importance, etc. From the other hand, decentralization – this is what the ones who want more power are covered, because the power is money.
This article is devoted to cryptocurrency as the newest form of currency in an era of a rapid IT development. The cryptocurrency<br> is substantially known to have a number of advantages, and, thus, could be integrated into the global financial<br> system to increase its effectiveness. However, there are some issues concerning its usage. In particular, a possibility to use cryptocurrency anonymously might cause some issues with taxation and also lead to an increasing number of illegal<br> transactions. In conclusion it is stated that in the medium run cryptocurrency might qualify as the global currency and<br> even replace fiat money.
The article deals with an important and relevant topic – the definition of the concept and essence of cryptocurrencies, the study of the problems of their legal regulation, the rationale for control over their turnover, as well as the analysis of ways to counter money laundering that involves cryptocurrency. The authors emphasize that measures taken exclusively at the state level are not enough to create an effective, integrated and comprehensive system for regulating the legal status of cryptocurrencies. Therefore, international cooperation and the strengthening of cooperation between various states in the field of cryptocurrency regulation is important. The authors analyze the scientific doctrine regarding the essence of cryptocurrency. It was found out that there was no single approach to the definition of “cryptocurrency” among scientists. Moreover, cryptocurrencies in various laws of the world have different status. The authors used general scientific and special scientific methods, which provided an objective analysis of the purpose of the study. The research methods were used in interconnection and interdependence, which ensured the comprehensiveness and completeness of the research, as well as the validity of the obtained scientific results. The authors have determined states where cryptocurrency has an official status, is at the initial stage of legal regulation or completely prohibited at the state level. The relevance of the research consists in the actual absence of the legal framework for the regulation of cryptocurrencies, which is conditioned by the novelty of this phenomenon and the problems related to its functioning. The authors proposed their own definition of cryptocurrency based on its main features.
The purpose of the paper is to define general trends and approaches to educational reform under the conditions of decentralization in Ukraine. Methodology. The survey is based on the analysis of the development of the regulatory framework of Ukraine for reforming the education sector under the conditions of decentralization. Statistical data on the dynamics of change in the total number of education institutions are studied. The reasons for the decrease in the total number of secondary and vocational education institutions have been identified. The degree of financing of the education sector from the consolidated budget of Ukraine by levels of education is considered. Results. The article outlines general trends and approaches to educational reform under the conditions of decentralization in Ukraine. The problems of the decentralization process, which began in 2014, were emphasized, namely the regional development and unification of territorial communities, which influenced the dynamics of education institutions that gained more autonomy. The dynamics of the total number of education institutions subordinated to the Ministry of Education and Science of Ukraine in terms of educational levels is presented. It is determined that the education sector in Ukraine is in transition, and an important component of this process is the correct choice of the vector of movement, taking into account the interests of all stakeholders. It is determined that the decentralization reform affects mechanisms of management in education. It is established that decentralization for higher education institutions should be considered as a means of forming managerial relations in the industry and joint responsibility for the management of the educational process. The experience of Great Britain and the European Union (Denmark, Spain, Poland, Romania, Finland, France) on improving the quality of educational services by strengthening the motivation of teachers using a differentiated payment system is studied and proposed to introduce into the Ukrainian education system. Practical implications. The possibility of introducing the process of educational / school clustering is considered. It is established that the introduction of decentralization opens the way to changes in creating favorable conditions for the emergence and implementation of intellectual needs of the individual. It is proved that the main task of the government in education in the conditions of decentralization is to coordinate the actions of government agencies, education institutions and the public in order to meet the personal needs of citizens and government demands for intellectual and professional enrichment. Value/originality. In the course of the research perspectives for development of education in Ukraine at the level of territorial communities, the process of formation of new opportunities in education for users of educational services is formed.
The process of transformation of local self-government is connected with solving a complex of problems of its provision. Among them, the constitutional and legal problems of territorial governance, which are the subject of this study, play a significant role. In Ukraine, a course of improvement of Ukrainian unitarism was chosen through widespread decentralization of public power, formation of capable, effective local government on this basis as active interaction and cooperation of subjects, local self-government institutions, executive power, civil society, business environment. This approach actualizes the constitutional and legal discourse of decentralization. The article discusses the issues of constitutional and legislative support for the reform of the territorial organization of power. A constitutional and legal understanding of the decentralization of public power in the context of the provisions of the current Basic Law is given. Modern approaches to amending the Constitution of Ukraine in terms of decentralization of public power, reforming local self-government, and territorial administration are critically analyzed. The novelties of legislative developments concerning territorial governance are considered. The urgency of sectoral decentralization in areas such as local finance, education, health care, social protection, housing and communal services, administrative services, communal land and property, sustainable economic development, human resources, etc. is emphasized. It is noted that, given the principles of constitutionalism, the existing potential of the Constitution should be exploited, the shortcomings of permanent, point-to-point modification overcome, the careful and careful approach to regional level of territorial governance. It is emphasized that the transformation of local self-government in the context of decentralization of public power must be carried out in a comprehensive and systematic manner, taking into account the preservation and strengthening of the unitary nature of Ukraine. Keywords: transformation of local self-government, decentralization of public power, territorial governance, constitutional and legal support of reform, unitary principles of Ukraine.
The paper deals with the experience of reforms of local self-government and administrative and territorial structure in Latvia after its independence was restored. The following components and directions of reform are systematically and elementally studied: organizational and structural aspect; functional transformations; restructuring of the framework of interaction with the central government; problems of financing of powers and formation of local budgets; administrative and territorial division reform; regional development programs; accountability and state supervision. Conclusions have been drawn regarding the feasibility and expediency of using the experience of Latvian local self-government reforms in the context of finalization of the decentralization reform in Ukraine and further reforms in this sector.
The purpose of the work is to determine the main approaches to the organization of accounting and management in a modern enterprise. The study found that blockchain technology supports the invulnerability and independence of the interests of legal entities in relation to the influence of third parties. The introduction of blockchain technology in accounting contributes to the innovative development of the system in the enterprise during the use of cryptocurrency in payments between buyers and customers. The article presents the main risks of using virtual currency. Implementation of modern technologies for the enterprise, such as cloud storage, XBRL technology, blockchain, violates the new requirements for the presentation of business (financial) reporting data and their transfer to stakeholders. Any technology must provide confidence in the representativeness of information and trust in it. The model of carrying out operation between the enterprises by means of cryptoactive assets is offered. The types of risks from the use of certain funds are analyzed. It is
Voznyak, H. V., Savchuk, N., Zherеbylo, І., Skasko, O.
Modern transformational changes occurring in the socio-economic life of countries are conditioned by the evolution of information and communication technologies, the deployment of globalization, decentralization, the strengthening of the openness policy and the increase of efficiency of use and hence the transition from a bureaucratic model of government to a consensus model, a built model. implementation of entrepreneurial management mechanisms in providing social services to the population actualize the need for rethinking and justification the structure of public finance in the new environment. On the basis of systematic analysis, the theoretical aspects of «public finances» are revealed in the article, their structure is substantiated and the necessity of application in scientific circulation as an important dominant of civil society is proved. It is emphasized that the essential characteristics of this definition are revealed by the existence of financial and economic relations between the population, the state, other public institutions and economic entities regarding the formation, distribution, and use of public funds to meet the public needs of the population. It is shown that the structure of public finances is formed by state and local finances, finances of communal enterprises and state corporations, finances of enterprises and organizations of communal ownership, extrabudgetary trust funds and public funds. Among the dominant features of public finances in the context of modern transformations are transparency and imperative character. It has been argued that the vector of public finance reform must continue to be decentralization, which, in addition to the redistribution of resources and powers, should promote the extension of the financial powers of local governments, increase the transparency of both public and local finances, and raise public accountability. the public sector and improving the quality of life of the population.
The use of cryptocurrencies is actively spreading in a lot of countries around the world on the basis of economic and technological progressive development. Cryptocurrency attracts investors to launch the initial coin offering (ISO). Cryptocurrency has important features: it is not controlled by the state, does not require the participation of a third party in the calculations. Cryptocurrency transactions are confidential. However, the lack of legal regulation and a unified approach to determining the economic essence of cryptocurrency makes it difficult to reflect in the accounting.
The author’s scientific and methodological approach to assessing the social effect of public finance management of Ukraine is tested. The object of research is economic relations associated with the formation, distribution and use of state centralized and decentralized funds of bankroll to ensure social justice and human development. The purpose of article is to assess the social effect of public finance management in Ukraine. The trends in certain areas of public life and the effectiveness of the methodical tools used by authorities were determined as a result of evaluation. During the study, the methods of statistical analysis, formalization, comparison, standardization, generalization, as well as ball, graphical, tabular, systemic and other methods are used. The list of indicators of the social effect of public financial management and their normative values is given. The dynamics of the stratification of society and the share of state funding of social institutions in GDP, taking into account transfers from the State budget of Ukraine, are visualized. Formulas for calculating synthetic indicators and social effect are developed. The trends of both individual components and integral indicator of the social effect of public finance management of Ukraine for 2009–2018 are determined. Analysis of social effect indicators that characterize the state of educational and health care institutions development, made it possible to establish the need to improve the methodological tools for public finance management. It seems that at the stage of macro-financial planning, other sources of financing for individual social institutions than the state budget may be provided. In order to improve the social effect of public finance management, it is proposed to use budget lending as a tool for the development of relevant public institutions. Proposals on the need for medical reform, which provide for health insurance implementation in Ukraine, are given. With the aim of training a competitive specialist in accordance with the country’s development priorities is proposed to carrying out an educational reform. The implementation of the proposed measures will help to increase the level of satisfaction of public interests
The article deals with the social and economic development of rural areas as an important component of social and regional policy. It is noted that in the terms of a transformational economy, it should be based on new principles of organizational support and financing, support for integrated rural development, attracting investment resources, based on the needs of the rural population. It is determined that one of the main causes of the crisis in the Ukrainian countryside is the loss of state control over the processes of socio-economic development of rural areas. It is investigated that the most important precondition for overcoming the crisis is the creation of an effective system of state regulation in the rural sector of Ukraine. The formation of self-sufficient (in particular in financial terms) territorial communities of rural areas is proposed is one of the ways of socio-economic development of rural areas. It is analyzed that the state policy of Ukraine in the field of local self-government is based on the interests of residents of territorial communities and provides for decentralization of power, i.e. transfer of large amounts of power, resources and responsibilities from local governments to local authorities. This policy is based on the provisions of the European Charter of Local Self-Government and the best world standards of public relations. The focus of research is state regulation of rural development processes – the main priority of public policy in the vector of European integration of Ukraine's foreign policy. Increasing the importance of solving the problems of rural areas requires a change of state orientation in the direction of increasing the investment attractiveness of rural areas, introduction of structural adjustment of rural economic infrastructure to balanced multifunctional development, formation of organizational and economic tool for risk management and safety of rural development. It is established that one of the main conditions for the effective functioning of local budgets is to ensure the formation of sufficient financial resources for their independence and autonomy in order to meet the needs of the rural population.
Introduction. Currently, there is no single, unified framework for the classification of cryptoassets. Consequently, there is no generally applied definition of neither cryptoassets, nor digital tokens, due to the variety of features and bespoke nature of the transactions in practice. The objective of this paper is to define the essence of cryptoassets in the financial accounting, identify attributes for its taxonomy and provide a multipurpose overview of cryptoassets market environment. Methods. In a comprehensive overview of cryptoassets market environment, the authors have used statistical monitoring, as well as dynamic, comparative and structural analysis. The selected sample includes daily data of cryptoassets market capitalization. Data were gathered from multiple sources at various time points during February 2016 - July 2020. Results. According to the conducted research, the countries with the largest number of registered cryptoassets exchanges are: the UK, Hong Kong, Singapore and the US, however, about 17% of exchanges still stay with unknown countries of registration. It is expected that the number of such exchanges will reduce soon, due to the adoption of certain legislative frameworks regarding cryptoassets. The authors define the essence of such terms as: cryptoassets, cryptocurrency, digital tokens and propose a cryptoassets taxonomy, based on the token’s functionality and characteristics. Four main types of cryptoassets have been identified and defined, namely: cryptocurrency (payment tokens), security tokens, utility tokens, asset-backed tokens and hybrid (or mixed) tokens. The authors suggest possible financial accounting treatment for each type of the cryptoassets. Conclusions. The cryptoassets market capitalization reacted to the factors such as global financial fluctuations due to macroeconomic factors and the COVID-19 pandemic as well as increasing digital asset regulations in early 2020. Cryptoassets remain largely a self-regulated industry and they still have no legal definition. The authors define cryptoassets as transferable digital assets recorded with a distributed ledger technology, which prohibits their copying or duplication. Due to the plethora amount of types of cryptoassets, a case-specific review should be required to determine the corresponding financial accounting treatment. The methodology of cryptoassets accounting treatment require further research.
Problem setting. Comprehensive digitalization of all spheres of life, as one of the most important factors of economic growth in any country, is the mainstream of the modern global world. Digital transformations in the economy are changing approaches to both the organization and conduct of economic activity and the format of its state regulation. The development of the digital economy is inextricably linked with the “digitalization” of a number of traditional objects and / or forms of interaction between participants in economic relations, as well as the emergence and active circulation of new objects whose existence is possible only in digital format (“ digital objects “). Virtual assets / cryptocurrency are one of such objects to which there has been a bivalent attitude since its appearance, and to the legal nature of which a unified approach has not been formed to date. Analysis of recent researches and publications. Among the researchers who in their works addressed the issue of the legal nature of virtual assets / cryptocurrency and transactions with it, it should be noted M.V. Grebenyuk, B.V. Derevyanko, I.M. Doronin, A.T. Kovalchuk, L.O. Nikitin, S.S. Pylypyshyn, V.A. Ustymenko and others. At the same time, a full-scale study of this issue, in particular from the standpoint of economic law, requires further legal, including economic and legal research. Target of research is to study the heterogeneous nature of virtual assets / cryptocurrencies in the context of digital transformations in the economy and modernization of domestic legislation. Article’s main body. In the context of global digitalization, the scale and pace of digital transformations associated with the emergence of new digital objects, their active involvement in civil, economic turnover and subsequent market turnover are growing. Virtual assets/cryptocurrency are one of the objects in relation to which there has been a bivalent attitude since its appearance, and in relation to the legal nature of which a unified approach has not been formed to date. This article discusses the first official explanations in Ukraine on the nature of virtual assets / cryptocurrencies, as well as the position of the Office of Effective Regulation (BRDO) and theoretical and legal approaches to this object. Qualification features are analyzed, which contains the legislative definition of “virtual asset”, which together represent its functional heterogeneity. Some issues related to the contractual basis for the circulation of virtual assets / cryptocurrencies are highlighted, and suggestions for further development of the current legislation on these facilities are provided. Conclusions and prospects for the development. Legislative legalization of the concept of “virtual assets” is an important step towards the legalization of the virtual assets market and the first stage of the institution of virtual assets, further development of which requires intensification of work on the development of relevant legislation on virtual assets. connection with the generation (issue) and circulation of virtual assets. At the same time, achieving a synergistic effect in the legal regulation of relations, the object of which are virtual assets/cryptocurrency, necessitates appropriate amendments to the Commercial and Civil Codes of Ukraine, the Law of Ukraine “On e-commerce”, tax, investment legislation and more.
Problem setting. The work is devoted to the study of the legal status of cryptocurrency as an object of taxation. The legal status of cryptocurrency in legal relations between tax authorities and individuals or legal entities is an urgent problem, since there is only a small number of works on this issue. Of particular note is the study of international experience in taxation of cryptocurrency transactions, as well as an analysis of the most relevant proposals for amending national legislation in order to establish the legal status of cryptocurrency and transactions related to cryptocurrency as an object of tax legal relations. Analysis of recent researches and publications. Despite the great relevance of this topic, in the modern science of tax law there are no fundamental scientific works and studies on the problems of taxation of cryptocurrency and cryptocurrency transactions. Target of research. The purpose of the scientific article is to conduct research on the legal nature of cryptocurrency, as well as the disclosure of theoretical, practical problems and features of legal regulation of cryptocurrency and operations related to the use of cryptocurrency in modern tax law. Article’s main body. The article deals with the legal nature of transactions connected with the use of the cryptocurrency as an object of tax relations. The issues of the possibility of attributing income, as well as profits from cryptocurrency transactions to the objects of taxation of personal income tax, profit tax, and value-added tax, are disclosed in accordance with the current tax legislation. The following conclusions have been drawn: it is impossible to impose the relevant taxes on income and profits from transactions with the cryptocurrency; there is a conflict in the current legislation, according to which the proceeds from transactions with cryptocurrency may be subject to the Law ‘On Prevention and Counteraction to Legalization (Laundering) of the Proceeds from Crime or Terrorism Financing, as Well as Financing Proliferation of Weapons of Mass Destruction’ In addition, foreign experience of legal regulation of transactions with cryptocurrency in tax legislation in such economically developed countries as the USA, Great Britain, Canada, Germany, Switzerland, etc. has been analyzed. It has been established that nowadays, in world practice, there is no unambiguous approach to the tax regulation and taxation of cryptocurrency transactions. So, in some countries, the income from operations with cryptocurrency is taxable, while in others cryptocurrency transactions do not belong to objects of taxation. Conclusions and prospects for the development. As a result, the author presents her own proposals on amending the tax legislation aimed at determining the legal status of cryptocurrency transactions in tax law. The article is devoted to the legal nature of transactions related to the use of cryptocurrency as an object of tax relations. Foreign experience of taxation of operations with the cryptocurrency is analyzed. The author considers current proposals for amending the tax legislation of Ukraine, who’s the purpose of which is to determine the legal status and control measures for compliance with tax legislation in the implementation of cryptocurrency transactions in tax law.
Nowadays the global financial system faces a triple challenge: the threat of a new systemic financial crisis at both global and regional levels; difficulties of constant adaptation of existing financial business and regulatory practices to intensive technological innovations; direct and hidden consequences of excessive political influence on the financial system through sanctions and selectively applied practices for sanction purposes. Improving the quality of financial regulation will require deeper cooperation between regulators of leading economies and a proactive position of the financial industry, as well as the decentralization of financial regulation. However, it is unlikely that this will happen at the global level. Financial stability became a key goal of global financial regulation in the post-crisis period. We consider financial stability as the «tragedy of commons». The article describes the main trends of financial markets regulation after the crisis: transformation of global financial architecture, anti-money laundering and counter-terrorism financing practices (AML/ CT), financial sanctions. The article analyzes the existing failures of modern post-crisis financial regulation: credit crunch, reduction in the effectiveness of monetary policy, regulatory arbitrage, and increased compliance costs (AML/CT legislation, tax legislation, and the sanctions regime). In the future we expect simultaneous trends of harmonization and standardization of requirements in traditional sectors of financial markets (including traditional institutions of the shadow banking sector), but at the same time regulatory arbitrage1 will induce new financial technologies in order to reduce regulatory costs. The crisis triggered by the coronavirus pandemic in 2020 despite its non-financial nature will almost inevitably have a major impact on financial markets and their regulation. Possible steps to eliminate failures in the financial regulation system are proposed, including recommendations for international organizations.
Open access
Banking stability, regulation, efficiency
Economic Issues in Ukraine
Economic, Social, and Public Health Issues in Russia and Globally
Introduction. The digitalization of the financial sector leads to the transition to blockchain technology, which opens up additional opportunities for expanding the financial base of the state through fiscal mechanisms, and generates additional risks. That is why the topic of taxation of the digital sector is now being addressed both at the governmental level and by a number of scientists and crypto enthusiasts.The relevance of the topic presented in the article is determined by the need to determine the legal status and legalization of cryptocurrencies in Ukraine in the system of modern payment and exchange transactions. Methods. Methods of analysis of foreign taxation practice and regulation of cryptocurrency circulation and determination of tax base are used in the process of preparing the article, as well as approaches to interpretation of cryptocurrency from the positions of goods, property, digital financial asset, intangible asset. Results. The results of the study showed that Ukraine has approaches that are based on domestic legislation, or rather its opportunities for expansion in order to conceptually adopt the cryptocurrency industry in the current legal field, and to study foreign experience and practice of leading countries that are already taxing transactions with cryptocurrencies on the general principles of tax legislation, or create privileged conditions in the form of reduced rates or a preferential tax period. Discussion. The difficulty is to find a balance of interests between the state and the user of cryptocurrencies, and it is essential to determine the status of legalization of digital financial assets and digital currencies for the digital economy, which will expand infrastructure and ecosystems in cryptocurrency projects. And scientific approaches will allow to integrate them into the economic system of the country. Keywords: blockchain, cryptocurrency, cryptocurrency, digital goods, taxation, legal status, tax norms
Introduction. The article gives a critical assessment of the situation and discusses the problematic aspects and perspectives of the institutionalization of cryptocurrency. Given the growing public interest in cryptocurrencies circulation, stock market trends, benefits and opportunities for the economy, as well as the associated threats and challenges, regulatory policy and the legislative framework are imperative. It is impossible to solve the problem of legal, accounting and tax consequences of cryptocurrency transactions without determining the legal status of a cryptocurrency. The lack of standards and clear recommendations of the relevant methodological authorities necessitated the search and systematization of international accounting, financial reporting and taxation practice on cryptocurrency transactions. Methods. The authors applied the dialectical method of cognition and general scientific principles of complex research, which include empirical, general logical, theoretical and cognitive methods. These methodological tools are used to identify approaches, assess trends in cryptocurrency circulation and cryptocurrency market, consider the nature and disclosure of cryptocurrency, identify methodological problems of integration of cryptocurrency and related transactions in the system of accounting and financial reporting, differentiation of approaches to determining legal status. Results. Undoubtedly, cryptocurrency has potential. However, to realize this potential, stimulate the growth, increase the accessibility and the level of trust, effectively scale of the business and its interaction with regulatory authorities, it is necessary to create a more institutionally friendly environment. Without appropriate legislative regulation of circulation and determination of the legal status of cryptocurrencies, as well as in the absence of clear recommendations of methodological bodies in the field of accounting and taxation, many legal, theoretical, and applied issues of accounting and taxation cannot be resolved. Discussion. Domestic lawmakers, regulators and scientists have to analyze actively the experience of other countries, to study scientific developments and to conduct further research in order to normalize these relations in the European and global context.
The main advantages of cryptocurrency are justified: confidentiality and, therefore, the security of owner data; independence from the state; absence of territorial and time constraints in transactions; low cost of service, etc. The advantages and disadvantages of using cryptocurrency in the period of exacerbation of economic crisis are presented. The global experience of legal and market regulation of cryptocurrency circulation is considered. Prospects for the further functioning of cryptocurrency as a financial innovation in modern economic systems are outlined.
Actuality of research theme. In the current context of reforming the education sector, the problem of financial support for the initiated reforms needs special attention, since its success depends on the degree of its sufficiency. This fully applies to the system of vocational education, as in recent years the problem of shortage of workers has been actualized. It is possible to solve the problem of providing the leading branches of the national economy with personnel only in the conditions of sufficient level of financing of education in general and profesional-technical in particular.Problem statement. The issue of managing the reform process and decentralizing power to ensure the country's sustainable development is intrinsically linked to the educational reform process, so finding effective reform mechanisms and funding levels requires particular attention and in-depth theoretical and practical research. Analysis of the last researches and publications. Significant contribution to the consideration of the problem of development of education and its financing were made by Burkovskaya Ya. G., Vovkanych S., Petrenko V.P., Palekhova V.A., Semov L. [1-4] and others. Selection of unexplored parts of general issue. The formation of conditions for the sustainable development of the national economy depends on the level of provision of the necessary personnel, compliance with the level of their preparation to the requirements of the present, which cannot be ensured without sufficient level of education funding. Therefore, there is a need to study the effectiveness of funding mechanisms for profesional-technical education in Ukraine in the context of decentralization and reform of the administrative and territorial structure in the country. Task statement, research aim. The purpose of the study is to evaluate the level and mechanisms of financing the process of reforming and developing profesional-technical education in Ukraine. Method or methodology of realization of research. In the process of realization researches drawn on scientific (analysis and synthesis, induction and deduction, analytical grouping) and special (abstracting, economical-mathematical design, etc.) methods of study of the economic phenomena and processes. Exposition of basic material (job performances). This paper analyzes the dynamics and mechanisms of financing the reform of profesional-technical education in Ukraine.As a result of the analysis of the structure of funding sources, it has been established that in recent years there has been a shift in the financial burden for the maintenance of profesional-technical education institutions from the state to local budgets.It is shown that according to the actual and planned indicators of financing, there is a coincidence in relation to the state budget with systematic failure to meet the planned indicators by local budgets.The effectiveness of financial support for the decentralization of profesional-technical education reforms has been analyzed. The results show that at the initial stage of reforms, their success was threatened by the under-financing by their local governments. At the state level, the problem was solved in 2016 through a stabilization grant.According to the analysis of the dynamics of the state budget subvention volumes to the local budgets for the modernization and updating of the technical and technical base of the profesional-technical institutions, its distribution between the regions of Ukraine and the level of implementation of the planned indicators, it has been found that during 2016-2018, its volumes increased from UAH 50 million to 100 million, and in 2019 decreased to the level of 2016. The actual amount of the subvention was lower than planned, which resulted in a total underfunding of UAH 11 million 235.3 thousand.The analysis showed that during 2016-2019, the regional funding priorities had changed, but the subsidy volumes did not depend on the size of the oblast and the corresponding amount of profesional-technical institutions in them.The conducted analysis showed that the highest level of subsidizing the modernization and updating of the material and technical base of vocational schools during the 2016-2019 years was received by Kharkiv, Kirovograd, Kherson, Dnipropetrovsk, Odessa, Ternopil and Kyiv regions. Poltava and Transcarpathian regions received the lowest subsidies in these years.Consequently, the imbalances in the distribution of subsidies are not justified and the subsidy mechanism needs a more prudent approach, since among the regions that have not received subsidies are those where there is a significant need for staffing.The foregoing makes it possible to conclude on the establishment of a system of financing vocational services, in particular continuous, non-deficit ways, taking into account regional needs of the labor market and the level of provision of educational services. It will be advisable in further studies to look for mechanisms to further attract financial resources for the development of profesional-technical education on public-private partnerships. It is promising to study the procedures for compensation of interest on credit resources by banking institutions in cooperation with stakeholders to improve educational services.Conclusions. The analysis of the dynamics and mechanisms of financing the reform of profesional-technical education in Ukraine shows that in recent years there has been a shift in financial burden for the maintenance of profesional-technical institutions from state to local budgets.It is established that there is a coincidence of actual and planned indicators of funding in the state budget and a discrepancy in local budgets.The level and effectiveness of financial support for the decentralization of profesional-technical education reforms have been analyzed. It has been shown that due to the underfunding of local budgets at the initial stage of reforms, their extension was in jeopardy. The situation was corrected by the use of a stabilization grant from the state budget.According to the results of analysis of the dynamics of the state budget subvention volumes to the local budgets for modernization and updating of the technical and technical base of the profesional-technical institutions, its distribution between the regions of Ukraine and the level of implementation of the planned indicators, it was established that during 2016-2019 the regional priorities for financing changed, but the volumes of the subvention did not depend the size of the area and the corresponding amount of profesional-technical institutions in them. The analysis showed that there are imbalances in the distribution of subsidies between regions, which is not justified, so the subsidy mechanism needs a more prudent approach, since among the regions that received subsidies are those where there is a significant need for staffing. The above makes it possible to conclude the establishment of a system of financing profesional-technical services, including continuous, deficit-free ways, taking into account the regional needs of the labor market and the level of provision of educational services (involvement of teaching staff of qualified specialists, exchange of experience, international internships, extension of the list educational services, etc.).
The need to rethink the role of urban debt policy in accordance with the growing needs of urban communities and their sustainable socio-economic development is identified. In Ukraine, the legal preconditions for the formation of cities' own debt policy and the implementation of borrowing in both domestic and foreign nancial markets. The current state of local budgets and decentralization processes only highlight the need for cities to develop debt policy. The formation of the institution of local borrowings in Ukraine is analyzed and an in-depth analysis of borrowings of city councils in 2014-2019 is carried out with the definition of three periods: 2014-2015 - increase in borrowed funds, but such borrowings were formed mainly due to debt activity of Kyiv City Council domestic local bonds; 2016–2017 - decrease in the amount of borrowed funds, which occurred under the inÀuence of macroeconomic, political and fiscal instability; 2018-2019 - resumption of debt activity of city councils that had experience of borrowing in the previous, relatively analyzed, period and diversification of forms of local borrowing. Based on the cluster analysis, the main characteristics of the modern debt policy of city councils of Ukraine, which is based on the di൵erentiation of city councils-borrowers, are determined. The main borrower remains the Kyiv City Council (the share was about 67%), the activity of borrowings was noted in the following city councils: Zaporizhia, Dnipro, Lviv, Odessa, Ivano-Frankivsk. It is established that the debt policy of city councils is based on raising funds from NEFCO, state-owned banks and the Ministry of Finance of Ukraine. Improving the debt policy of city councils of Ukraine should be based on the synergy of actions of central government agencies: (Ministry of Finance of Ukraine, Debt Agency of Ukraine, NBU, National securities and stock market commission (NSSMC)Financial Control Ofice, etc.) and city councils. Vectors for improving the debt policy of city councils should be an integral part of the Strategy for the Development of the Financial Sector of Ukraine until 2025 and meet its key strategic goals and directions. Key words: debt policy, local debt, local borrowings, domestic local government bonds, external local government bonds, fiscal decentralization.
Rural areas occupy the major part of the territory of Ukraine, but they are characterized by low levels of socio-economic development, limitations in the amount and quality of public services, negative demographic trends. The purpose of the article is to systematize modern means of financing rural development in Ukraine and to identify problems of their application by local governments. The authors proposed to improve the mechanism for financing rural development by active use its budgetary, credit and investment instruments. The prevalence of budgetary funding, whose limitation constrained rural development, was proven. Modern approaches to financing rural development were stated based on broadening community involvement in local budgeting, as well as in attracting investment resources.
It has been found out that government subventions are the most powerful support instrument for rural development in the spheres of infrastructure, education, health care, etc. The possibilities of financing rural development through the development budgets under financial decentralization have been investigated. It was noted that the use of participatory budgeting and other forms of project finance most clearly demonstrated real democratic transformations in local finance in Ukraine. The proposals for the use of PPP agreements, crowdfunding, and international funds’ grant programs for financing rural development were provided.
Introduction. One of the defining directions of the management system transformation of socio-economic development of the national economy of Ukraine is the gradual implementation of decentralization reform, which involves redistribution of powers, financial flows and resources between levels of government, reformatting the administrative structure of territories and shifting responsibility for their development to local governments. The strategic goal of the reform is to form an optimal organizational and administrative structure of territorial management based on the duality of power and democracy, which will stimulate their advanced economic development, modernize infrastructure, improve living standards and effectively solve community problems. The purpose of the article is to analyze the regional features of investment support for the development and modernization of housing and communal services of urban agglomerations. Results. The analysis of financial support for UTC development showed that the consolidation of territorial communities creates better conditions for development and investment primarily due to the effect of synergies and scale, which allows for more ambitious projects to build infrastructure, improve housing management systems, create a favorable business environment and additional jobs. All this testifies in favor of the development of urban agglomerations, which create opportunities for inter-territorial integration of social and economic development. Conclusions. It is proved that in order to attract investment in the development of housing and communal services (including local territorial projects) and modernization of their infrastructure, which can potentially bring economic effect, it is necessary to introduce and improve tools of alternative financing, successfully used in developed economies, in particular: leasing, corporatization, project financing, forfaiting, debt financing, concession investment, mixed financing. Key words: investment provision, modernization, housing and communal services, regional features.