Introduction. The urgency of the problem of decentralization of power in Ukraine is caused by a number of legal, political and economic problems that need to be solved in the state in the current difficult conditions of its development. The heated discussions on changes to the legislation of Ukraine, including its Basic Law – the Constitution of Ukraine, primarily relate to the redistribution of powers between state authorities and local self-government bodies, determination and consolidation in the legislation of the optimal model of organization of power in Ukraine on the basis of its decentralization. The aim of the article. To analyze actual legal and theoretical problems of financial activity of local self-government bodies in the conditions of decentralization of power in Ukraine. Results. The article is devoted to the analysis of current legal and theoretical problems related to the process of decentralization of power in Ukraine. The peculiarities of legal regulation of financial activity of local self-government bodies, in particular the budgetary sphere, under conditions of decentralization of power are considered. The scientific analysis of some theoretical issues is carried out, the solution of which is connected with the improvement of the legislation of Ukraine, which regulates the specified sphere of relations. At the present stage, the legal regulation of the financial activity of local governments largely determines the effectiveness of their activity as a whole and the efficiency of the process of decentralization of power in Ukraine. And it must solve one of the main tasks – to ensure the optimal combination of the realization of the interests of the population of a particular territory and national interests. Decentralization of power, creation of united territorial communities relied on strengthening the financial base of local governments during 2014–2018. Therefore, it is extremely dangerous to reduce local budgets subsidies for 2020, as this will hinder budgetary decentralization in Ukraine. The process of budgetary decentralization should include the liberalization and improvement of intergovernmental budgetary relations, taking into account the quantitative and qualitative indicators of the respective territory. Therefore, it is necessary to pay attention to the terms “region” and “regional self-government”. Conclusions. Considering the term “region” as a complex structural entity, regional self-government can be considered as self-organization of citizens within a specific territorial sociality, economic structure with its characteristic functions. Equally important is ensuring a change in fiscal discipline in the context of strengthening the financial framework of local self-government in the process of decentralization of power. In today's context, the social focus of local budgets is also of particular importance. The role of reserve funds, which must necessarily be formed at the local level, to finance unforeseen measures, which must be secured at the legislative level, is growing.
Introduction. In the context of reforming the system of local self-government and territorial organization of power, they need to rethink a number of important theoretical postulates of domestic financial science through the prism of improving existing and developing new conceptual approaches to the theoretical substantiation of the finances of the united territorial communities in their territorial communities. After all, the study of OTG finances, with their permanent dominance in local finance, is the basis for effective implementation of the reform of financial decentralization and local development. Moreover, upon completion of the reform, the UGT finances will prevail, completely changing the local finances. Purpose. Given the limited theoretical and practical experience of domestic scientists on the finances of the united territorial communities, the purpose of the article is to find out the place and role of OGF finances in the financial system of the state. Methods. The methods of abstraction, generalization, induction, deduction, synthesis were applied in the study of the role and place of OGF finances in the financial system of the state, as well as the system method. Results. The views of domestic and foreign theorists and practitioners on the scientific substantiation of the financial system of the state and its structural components have been systematized. The LTG finances in its structure and the role for modifications of local finances was determined. This made it possible to identify OTG finances as an area of the financial system and to formulate a science-based approach to their knowledge, while separating OTG budgets, utility and financial institutions and local borrowing in their structure. Discussion. It is advisable to carry out further scientific researches of OGF finances on the basis of the formed theoretical substantiation of OGF finances as an integral part of the financial system of the state with the corresponding structural structure – links that are interconnected and interact.
The purpose of the work is to identify trends and outline the problems of local budget revenues in Ukraine in the context of financial decentralization. Emphasis is placed on the need to form a systematic vision of the role of budget policy in ensuring the development of territories, determining the basis for the formation and implementation of local budgets in the context of ensuring the self-sufficiency of territorial communities formed as a result of decentralization. The scientific article presents the results of the analysis of the development of local budgets in Ukraine in the conditions of formation and functioning of united territorial communities. Research and calculations were conducted for the periods 2008-2018 and 2013-2019, which helps to identify trends and changes in the formation of local budgets due to fiscal innovations in 2014, the analysis of own revenues and transfers per capita in the regions of Ukraine. Emphasis is placed on the budget policy of territorial development in Ukraine at the present stage to increase the role of local governments in the budget sphere, providing them with expanded functions and achieving the ability to ensure the development of the territory through efficient use of available resources and use and search for additional opportunities. The main problems that remained unresolved in the context of decentralization reforms and intensified as a result of changes were identified. There is an inflated level of redistribution of gross domestic product through the public finance sector and a low level of institutional capacity of management to effectively manage financial resources, which is characterized by the risk of declining economic development and slowing down the activity of economic entities. The high level of dependence of local budgets of territories on financial support from the state budget and the problem of inefficient distribution of powers between different levels of government are argued. Emphasis is placed on the growth of disparities in the financial capacity of territories in the context of reforms of administrative and financial decentralization. As a result of the analysis of relevant indicators, the constant change of "rules" of subventions to local budgets is justified, which negatively affects the development of territories and is accompanied by the inability of local governments to effectively strategic planning of their own development. It is established to strengthen the financial capacity of developed regions, cities of regional significance and areas around such cities, deepening the depression of rural areas far from powerful "growth points" due to decentralization changes. The role of taxes as the main sources of revenue to local budgets (personal income tax, excise tax on fuel and excise tax on the sale of excisable goods, local taxes and fees) by business entities is substantiated.
The article compares the concepts of virtual currency (cryptocurrency) and electronic money. It is established that such assets, although different from each other, have certain similar features. Electronic money, unlike cryptocurrency, has a legal status, a legally defined issuer, a fixed offer and is regulated and supervised. It is established that there are four qualitative characteristics that increase the usefulness of financial information that is relevant and accurately presented - it is comparability, reliability, timeliness and clarity. Thus, the issue of reflecting in the financial statements of digital assets that affect the assets of the enterprise, determining the liquidity of the balance sheet, understanding of the transactions in connection with which the company has acquired digital assets. Based on this, cryptocurrency assets have every chance to become an integral part of the world economy, as some countries are already inclined to introduce such currency in the process of use and exchange for goods or other funds. If an enterprise is able to control certain assets, such as cryptocurrency, and to carry out storage and accumulation operations with it, this affects the reflection of such assets in the financial statements of the enterprise and the assessment of the solvency of such enterprise. It is established that the liquidity of digital assets depends on their recognition in the accounting policy as a certain asset. If they are recognized as cash, they are the most liquid assets of the first group, but if they are recognized as digital goods, then this is the third group of liquidity. It is determined that the risk of using cryptocurrency has an economic and legal nature. Its essence is that the value of cryptocurrency is set by the ratio of supply and demand for it. When investing real money in cryptocurrency, the demand for it may not increase or decrease due to its unpopularity. But it should also be noted that such economic risk must be associated with legal, as the state can legalize transactions with cryptocurrency, but not with all, but only with a specific one, such as bitcoin and its "forks". Thus, based on the peculiarities of the use of cryptocurrency, the following risks can be identified, such as legal, economic, technical and others.
The article is aimed at defining the process of settlements in cryptocurrencies between enterprises and its accounting display. During the research, it was found that all participants using cryptocurrencies distribute risks among themselves. Due to the non-recognition of the cryptocurrency as payment means, the NBU as a regulator has fully abnegated its powers as to this issue. The strengths and weaknesses of the use of digital assets are considered and listed; the main risks are characterized. It is proposed to use a synthetic account of the second order of 128 «Digital Assets» for account of any crypto assets, in the context of which it is possible to open analytical accounts appropriate for account of specific cryptocurrencies. For example, one may use of 128.1 to account the cryptocurrency bitcoin cache; 128.2 – to account the bitcoin cryptocurrency; 128.3 – to account the ether cryptocurrency etc. In addition, to account for cryptocurrencies stored on crypto-wallets, such as Coinomi, it is proposed to use a synthetic account of the second order of 336 «Digital wallet». The reflection in the accounts of payments with cryptocurrency for goods is considered. It is determined that modern «accounting science» allows identifying and making certain corrections to the existing account plan for the accounting display of certain objects, such as digital money, cryptocurrencies. Therefore, the information function of accountance allows to conduct a continuous, uninterrupted and inter-relational reflection of economic activity. The results of the research show that it is not necessary to neglect such a digital asset as cryptocurrency. It can be stored on digital wallets and used as payment means on the Internet for the proposed goods, works or services.
Introduction. The issue of institutional legal support of formation and implementation of the budget policy of territorial development is extremely important at the present stage of the state development and decentralization processes that are taking place. The purpose is to study the institutional and legal support for the formation and implementation of budget policy for the development of the territories of Ukraine and to develop proposals for reforming the system of inter-budgetary relations and changes to the basics of budget regulation. Results. It was determined that subsidiarity is one of the key principles of organization of functions in the sphere of public administration, which is one of the main principles of organization of power institutions. The main directions of reforming the administrative and territorial structure of the country are outlined. The basic legislative acts which today form the legal basis for forming the budgetary policy of territorial development in Ukraine in the context of decentralization and reform of public finances are analyzed, namely the laws on amendments to the Budget and Tax Codes of Ukraine. The main priorities of the state regional policy were investigated according to the Law of Ukraine "On the Principles of State Regional Policy". Definition of powers of subjects of the state regional policy, directions of coordination of activities of the governing bodies of different levels and mechanism of their financing are considered. The reform of the system of intergovernmental relations is analyzed in detail. Conclusions. Creation of a decentralized territorial development policy requires usage of a systematic approach that targets directly all participants in the process with institutional compliance and mandatory state-level delegation of mandate.
The purpose of the article is to explore the concept of Bitcoin and its economic nature and history, as well as current trends in implementation in Ukraine. Methodology of research. The tasks assigned to the article were solved by means of analysis, systematization, generalization and abstract-logical methods of research. Findings. Cryptocurrency is an interesting link for investment, and its popularity is growing today. Many economic processes take place with the help of digital bills, and their percentage increases significantly with each passing day. With Bitcoin, you can integrate new technologies into an existing financial system. Ukraine has enormous prospects for developing cryptocurrencies, and with the right approach, the country may have dividends from pursuing a rational policy on the circulation and use of Bitcoin, in particular from taxation in this area. Legalization of the cryptocurrency market in Ukraine can stimulate the economy and significantly accelerate GDP growth. The Ministry of Digital Transformation intends to launch an international PayPal payment system in Ukraine and determine the legal status of cryptocurrencies at the state level. PayPal is currently used by more than 230 million people in 190 countries. It is the intermediary between seller and buyer, ensuring the reliability of payment with VISA, MasterCard, American Express and other payment systems. Determining the legal status of cryptocurrencies will help legalize related activities, such as buying and selling cryptocurrencies, as well as extracting them, and will bring market players out of the shadow zone, which will stimulate additional tax revenue from the budget. The Ministry of Digital Transformation of Ukraine plans to legalize cryptocurrency mining activities in 2019–2022. Practical value. The article deals with the concept of «cryptocurrency» and its most common currency – Bitcoin, and the prerequisites for its emergence and use in Ukraine. One of the main features that distinguishes cryptocurrency from other electronic funds is the private nature of the issue, as well as the technological features of their production and putting into circulation. All transactions made within these payment systems are publicly available. This preserves the anonymity of their members, because electronic cryptocurrency wallets used to transmit cryptocurrency do not allow users to be identified as they are not personalized. Keywords: Bitcoin, cryptocurrency, virtual money, digital currencies, mining, payment system. REFERENCES 1. A short history of Bitcoin and crypto currency everyone should read. www.forbes.com.Retrieved from https://www.forbes.com/sites/bernardmarr/ 2017/12/06/a short history of bitcoin and crypto currency everyone should read/#6265a4953f27 (accessed 11 December 2019) [in English]. 2. Site of journal Bitcoin consultant. bitcoinist. com. Retrieved from https://bitcoinist.com/bitcoin down google searches bigger beyonce (accessed 11 December 2019) [in English]. 3. Bez dobra nema zhyttya. Ekonomist dav prohnoz shchodo rozvytku kryptovalyuty [Without good there is no life. Economist gave forecast on development of cryptocurrency]. obozrevatel.com. Retrieved from https://www.obozrevatel.com/eng/economics/without dollars nemae zhittya ekonomist dav forecast schodo rozvitku kriptovalyuta.htm (accessed 01 December 2019) [in Ukrainian]. 4. Vinya, P. & Casey, M. (2017). Epokha kriptovalyut. Kak bitkoin i blokcheyn menyayut mirovoy ekonomicheskiy poryadok [The era of cryptocurrencies. How bitcoin and blockchain are changing the global economic order]. Moscow : Publishing house Mann, Ivanov and Ferber [in Russian]. 5. Haber, S. & Stornetta, W. S. (1997). Secure names for bit strings. In Proceedings of the 4th ACM Conference on Computer and Communications Security, 28–35 [in English]. 6. Liu, Y. & Tsyvinski, A. (2018). Risks and returns of cryptocurrency. National Bureau of Economic Research, 111 [in English]. 7. Proekt Zakonu Ukrayiny «Pro vnesennya zmin do Podatkovoho kodeksu Ukrayiny shchodo opodatkuvannya operatsiy z virtual’nymy aktyvamy v Ukrayini» № 9083 vid 14.09.2018 r. [Draft Law of Ukraine «On Amendments to the Tax Code of Ukraine on Taxation of Operations with Virtual Assets in Ukraine» from September 14, 2018, № 9083]. ligazakon.ua. Retrieved from http://search.ligazakon.ua/l_doc2.nsf/link1/JH70B1AA.html (accessed 13 December 2019) [in Ukrainian]. 8. Rynok kryptovalyut potrebuye pravovoyi vyznachenosti vid rehulyatoriv [The cryptocurrency market needs legal certainty from regulators]. brdo.com.ua. Retrieved from http://brdo.com.ua/top/rynok cryptovalyut the necessary legal definition of sight regulyatoriv (accessed 04 December 2019) [in Ukrainian]. Published: 2020-07-17
The rapid development of digital technologies affects the national and international economy. It has been 11 years since the launch of the innovative Bitcoin payment system, the first cryptocurrency. Despite certain risks of use the number of e-wallet owners is constantly growing. Each country has a different perception of the spread of this innovation. The Government of Ukraine is no exception and showing a positive attitude to the cryptocurrency market. At the moment there is no legal regulation of cryptocurrencies in Ukraine despite the fact that a number of bills were submitted for review. Due to the lack of legal framework the order of reflection in the accounting of cryptocurrency is complicated.
Nakul R. Padalkar, Alireza Sheikh-Zadeh, Jaeki Song
Firms are increasingly interested in Blockchain Smart Contracts as a solution for the visibility of the digital supply chain. Blockchain can help realize the cost reductions by providing a “single version of the truth” for a firm and its trading partners. By sharing important information such as inventory levels, manufacturing performance and operations indicators, and order and shipment information, firms can eliminate the delays and uncertainties in the information that contributes to “the bullwhip effect” and inflates required buffer stock. This paper focuses on the impact of blockchain in an inventory operation to cope up with information discrepancies. We present and compare the cost differences between an existing technology (like EDI) and blockchain. Using technologies like blockchain and smart contracts will enable a more transparent, sustainable, and resilient supply chain.
Decentralization reform includes a number of other reforms, including education reform, which is one of the most important. The main results of the reform of secondary education are: the introduction of the New Ukrainian School, the change of the system of management and financing of institutions, as well as the creation of educational districts and basic schools. Optimization of the network of general secondary education institutions (GSEI) is an important element on the way to quality educational services. When optimizing the network of GSEI, it is necessary to take into account a number of factors, among which the most important are: quality of transport routes, distance of transportation of students, number of students who will need transportation, material and technical base of institutions (availability of computer classes, gym and classrooms), staffing of the library fund, the quality of teaching staff and others. As of September,1 2019 there were 402 educational establishments with 105483 students in Chernivtsi oblast. Currently, 14 basic educational institutions and 22 branches have been established in Chernivtsi oblast. Among the raions, the largest number of basic educational institutions have been established in Hertsa raion. No basic educational institutions have been established in Putyla and Hlyboka raions, as well as in the city of Chernivtsi. A total of 7,354 students study in basic institutions and their branches. To test the method of optimization of the network of GSEI, we chose Kitsman raion of Chernivtsi oblast, which is optimal for the oblast and Ukraine in general on various indicators: demographic characteristics; the size of the raion; features of the transport network; the number of GSEI and students enrolled in them and others. Currently, there are 2 basic institutions and 2 branches in Kitsman raion. After analyzing a number of indicators (level of institutions, peculiarities of the institution location, number of students who will need transportation, area of student premises, material and technical base, staffing of the library fund, qualification of pedagogical staff and quality of graduates’ knowledge), we propose to optimize Kitsman raion network of GSEI, by means of establishing of 12 educational districts, 11 basic institutions and 26 branches. In most educational districts of Kitsman raion we propose to create one basic institution, only in Kitsman educational district – two, and in Shypyntsi and Luzhany educational districts not to create any basic institution at the moment.
The article is aimed at disclosing the issue of financial support for the construction, reconstruction, repair and maintenance of motor roads in the context of implementation of budget decentralization and decentralization of road management. The article specifies the steps taken towards implementation of decentralization in the sphere of road infrastructure of Ukraine and the introduction of budget decentralization: distribution of functions and powers in the road sphere at the subregional level of management and the updated mechanism of financing the road industry. Both the dynamics of formation and distribution of the State Road Fund and the status of distribution of subvention on the streets and roads of settlements are analyzed. The vision of the main risks of financial support for the maintenance of streets and roads of communal property in settlements in 2021 is disclosed. The directions of improvement of the system of financial support for the construction, reconstruction, repair and maintenance of motor roads are proposed, including in particular: the need to deepen diversification of sources of formation of the State Road Fund; consolidation of the proper guaranteed part of the State Road Fund’s costs for the maintenance of streets and roads of communal property in settlements; balancing the expenditure load and financial support for the implementation of road projects; increasing the level of transparency of decision-making in the distribution of financial resources intended for the construction, reconstruction, major, ongoing repair of motor roads.
The article is aimed at studying the essential component of decentralization and budget revenues; determining the main results of the implemented reform of budget decentralization in Ukraine; analyzing the current situation of own revenues of local budgets. The following general scientific methods were used in the research process: theoretical generalization, comparison and grouping – to determine the essence of the concepts of «budget revenues», «decentralization» and disclosure of components of budget revenues; analysis – when considering own revenues of local budgets for 2014–2020 and the structure of incomes in the revenues of local budgets for January – July 2020; system approach – in the formation and disclosure of the essences of the main stages of the reform of budget decentralization in Ukraine. The views of various scientists on the concepts of «budget revenues» and «decentralization» are examined. It is determined that budget revenues are an aggregate of financial relations that participate in the process of distribution of part of GDP in order to form targeted cash funds at the level of the State and local self-government bodies, designed to finance their own functions and obligations defined in accordance with the current legislation. The main components of budget revenues are determined and their classification is provided. The main stages of the budget decentralization reform in Ukraine are defined and systematized, their detailed characterizations are provided. The analysis of own revenues of local budgets for 2014–2020 and revenues in local budget revenues for January – July 2020 was carried out, during which it was determined that local taxes, despite the introduced budget decentralization, comprise only about 30% in the structure of incomes in the revenues of the general fund of local budgets, while in some countries of the European Union this figure reaches 50–60%. Practical steps towards further implementation of the budget decentralization reform for local self-government bodies are proposed.
At present, the industrial park as an effective mechanism for the implementation of the regional economy needs transformational transformations and modernization changes in industrial production, which will help increase the competitiveness and sustainable development of local communities. The purpose of this study is to develop proposals for institutional support for the formation and operation of industrial parks at the level of integrated territorial communities in a decentralized and smart specialization, taking into account existing international practice. To achieve this goal, methods of analysis and synthesis, induction and deduction, comparison, system approach, systematization, structural and logical generalization were used. The article studies and summarizes the international experience of creation and development of industrial parks. The tax and customs privileges provided to industrial parks in different countries of the world are defined. The legal aspects of creation and functioning of industrial parks in Ukraine are analyzed. The main barriers that hinder the formation and localization of industrial parks at the level of united territorial communities have been identified. The structural and logical scheme of the concept of creation and functioning of industrial parks in Ukraine is constructed. Regional development strategies for 2021-2027 are considered. Based on the analysis, it is established that in a significant number of strategic documents the priority areas include accelerating the achievement of competitiveness and innovation of the region’s economy on the basis of smart specialization. Regional strategies do not address the creation of appropriate conditions for the formation of the institutional environment for the development of industrial parks. Therefore, it is advisable to make changes and additions to the Strategies of regional development until 2027, the content of which is to include a set of measures to intensify the development of industrial production and the formation of a network of industrial parks. An analysis of the financing of industrial parks in Ukraine has been performed. Proposals are provided, the implementation of which will improve the institutional and investment-financial support for the creation and development of industrial parks at the level of territorial communities.
Hanna Danylchuk, Oksana Kovtun, Liubov Kibalnyk, Oleksii Sysoiev
The paper focuses on monitoring and modelling of the cryptocurrency market. The application of the chosen research methods is based on the analysis of existing methods and tools of economic and mathematical modelling of time series research on the example of the cryptocurrency market. It is proved that the use of individual methods is not relevant, as they do not give an adequate assessment of the specified market, so a comprehensive approach is the most acceptable. Therefore, monitoring and modelling of some cryptocurrency pairs with different capitalization degree were implemented by fractal and recurrent methods of the financial markets. The daily values of currency pairs for the period from September 2015 to November 2019 were chosen as information basis for monitoring and modelling. The use of R /S modelling method make it possible to conclude the persistence of time series of the selected cryptocurrencies indicating that the market trends are clearly defined, the currency pair of XRP/USD has the highest level of trend resistance. To compare the obtained results, the comprehensive approach is offered using recurrent diagrams that help to determine the cryptocurrency stability. The results of modelling by the recurrent method show that the most stable cryptocurrencies are the ones with the highest capitalization, namely Bitcoin and Ripple.
Introduction. The initiated processes of administrative and financial decentralization in Ukraine have actualized the issues of modernization of the social sphere in general and its key segments, among which education occupies a prominent place. Purpose is to identify the features of the current state of functioning of the education sector and outline the directions of its reform in the conditions of decentralization. Results. The article presents a problem-oriented analysis of the functioning of the education sector in terms of its components: preschool and secondary education, vocational education and higher education, as well as the management and financing of science. The main problems that are characteristic of the field are identified, among which the imperfect mechanism of financing, built on directing the funds for the maintenance of educational institutions, and not ensuring the quality of education according to the principle of "money go after the child", the lack of incentives for professional development of teaching staff, etc., are highlighted. The specifics of functioning and financing of pre-school education by united territorial communities, peculiarities of use of educational subvention are revealed. The problems of vocational education and the need to change approaches to its organization were emphasized. The analysis shows that, despite the positive changes and new opportunities that have emerged in the field of education and due to administrative and financial decentralization, there are risks of not achieving the planned goals. These include: low financial capacity of communities, lack of established standards of educational funding, conflicts about school closures, shortages of professionals with education and work experience who could exercise new authority and manage the on-site education process, and divide responsibility for quality of learning. Possible directions of improvement of the sphere of education are outlined.
A.G. Luchkin, О.Л. ЛУКАШЕВА, Н Е Новикова, Vitalik Melnikov · 6 authors
The subject of the study is cryptocurrencies from the perspective of the possibility of using them as a means of payment in the context of economy digitalization. The aim of the work is to assess the possible consequences of the further spread of cryptocurrency in the global financial system and to find ways to overcome them. The article analyzes the history of the emergence and development of money circulation systems from the gold standard to modern conditions for the emergence of cryptocurrencies, and also discusses the possibilities of using cryptocurrencies in fraudulent schemes. As a result of the study, the following tasks were solved: a historical analysis of money circulation systems was carried out; modern trends in the development of modern payment systems were revealed; the possibilities of using electronic and virtual money in modern conditions of digital economy development were analyzed; digital fraud opportunities were evaluated; the ways of regulating cryptographic money turnover were revealed. A historical analysis of monetary systems development enables to identify the objective reasons for the emergence of cryptocurrencies and the need to develop a legal and economic mechanism for their regulation in the digital economy development. Description of cryptocurrency fraud schemes enables to identify possible ways to stop them. The problem of organizational development of the settlement of relations in the field of cryptocurrency exchange, which will prepare the Russian financial system, reduce potential risks and learn how to use the benefits arising from the cryptocurrency turnover, is being solved.
Tetiana Tarasova, Olga Usatenko, Андрій Макурін, Valentyna Ivanenko · 5 authors
The objective of this paper is to determine the basic features of the use of mathematical modeling of the system to forecast cryptocurrency exchange rate. The study determines that cryptocurrency is the simplest investment asset being and, at the same time, the riskiest one. Advantages and disadvantages of cryptocurrency use are specified. Advantages include: code openness, anonymity, decentralization, emission, and reliability. Disadvantages include lack of guarantees, instability, risk of prohibition and possible loss. A model to forecast bitcoin cryptocurrency exchange rate is proposed and substantiated mathematically. The observations are the basis to develop a hypothesis: the faster the cryptocurrency (e.g. bitcoin) is mined, the more difficult it is to forecast bitcoin cryptocurrency exchange rate. Certain factors emphasize which may affect the cryptocurrency exchange rate: trade wars of the USA with other export-oriented world economies (China); advent of IEO as the alternative for ICO and new drivers connected with the interest in cryptocurrency; FATF recommendations for market control, the entry of world giants (e.g. Facebook) into the crypto-market and the development of the stablecoin market.
The purpose of the article is to analyze the prerequisites, advantages, problems and prospects for the development of the processes of financial decentralization in Ukraine. Initially, the article reveals the features of the federal and unitary arrangements of states. As research has shown, the principles of fiscal federalism have been increasingly used by unitary states. The legislative and normative legal acts regulating the implementation of the decentralization policy in Ukraine are justified and given. Characteristics of the formation of new structures, such as: united territorial societies and their sources of financing are characterized. Changes in incomes in local budgets as a result of decentralization are analyzed, and their significant growth is observed. The mechanism of horizontal leveling of the tax ability of territories has been developed, which helps to remove imbalances and unevenness, most of the budgets of Ukraine are recipients of budgetary funds, since they receive a basic subsidy. The influence of the development of information technologies on entrepreneurial activity in small towns and villages is determined. Information technology is a tool of points of growth of territories. Decentralization will not gradually increase due to urbanization processes, but will be accompanied by new development mechanisms, where the labor force and the means of production will unite and help create a qualitatively new environment.