Тенденции развития науки и образования -17всех стран мира, британские ученые считают, что нет необходимости давать социальному предпринимательству одно четкое определение, так как каждый регион имеет свою специфику, и таким образом, многие не смогут подстроиться под это определение.И лучше всего, если каждый регион сам определит социальное предпринимательство для себя
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.
The theoretical framework of the study covers the formation and development of cryptoeconomics, as well as its impact on the environment. The term cryptoeconomics is used to refer to a new industry, which develops around cryptocurrencies and blockchain. Cryptocurrency mining consumes a lot of electricity. As of September 2019, the estimated annual electricity consumption was 78.93 TWh (with an electricity price of 0.05 USD). This model was used to create the Cambridge Bitcoin Electricity Index web service. If we assume that electricity for mining is generated at coal-fired power plants only, then knowing the energy consumption of bitcoin miners, we can estimate carbon dioxide emissions at the upper boundary. In this case, carbon dioxide emissions are about 80.43 million tons of CO2, which corresponds to 0.24% of the total emissions in the world. The aim of this work is to simulate carbon dioxide emissions caused by bitcoin mining, taking into account the regional distribution of miners and various sources of electricity that are used for mining. To achieve it, the following tasks were set: 1) the formation of a reasonable list of mining pools; 2) clarification of the geographical distribution of miners; 3) assessment of the distribution of mining capacities by region; 4) evaluation of air pollution by regions. The problem of increasing electricity consumption by the network of bitcoin (and other cryptocurrencies) miners and the corresponding environmental impact should be discussed with policymakers, industry participants and the general public. According to the proposed method for assessing the geographical distribution of mining using the traffic of mining pools web pages, carbon dioxide emissions is about 44.12 million tons per year (0.13% of global emissions), which is two times lower than the upper boundary estimate.
The article examines the tendencies of the investment sector of the Central region of Ukraine, which are formed under the influence of implementation of administrative and financial decentralization in Ukraine. The method of estimation of influence of administrative-financial decentralization on investment processes in the region is proposed on the basis of calculation of indicators of the ratio: a) growth rates of capital investments and foreign direct investments against own incomes; b) the rate of growth of expenditures on socio-economic development (in particular, public administration, health care, education, housing and communal services, repair and maintenance of roads, etc.) against own revenues of local budgets. The author’s method is tested on the example of cities of regional importance and districts of the Central region of Ukraine. It was found that: 1) in 2016-2018 the most effective was the policy of capital investment in Cherkasy region, the least effective – in the Kirovograd region; 2) the increase of the financial potential of the cities of regional importance and districts of the studied region did not cause a significant stimulating influence on attracting foreign investments; 3) the reorientation of local authorities’ own resources on capital expenditures on the development of social, transport and communal infrastructure is extremely slow. Systemic and dialectical methods were used in the study; logical generalization, system analysis, comparison and synthesis; strategic analysis, graphic. The works of leading scientists and specialists on a wide range of socio-economic problems, the operational information of the Main Directorates of Statistics in Vinnitsa, Kirovograd, Cherkasy and Poltava regions of Ukraine as well as information on the implementation of relevant local budgets of the Departments of Finance of Vinnitsa, Kirovograd and Cherkasy regional state administrations constitute the information base of the research.
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).
Introduction. The reform of public finances in Ukraine involves implementing measures to increase the openness and transparency of the budget system. Ensuring the transparency of the budget process and the participation of the population in its organization envisages timely and accurate disclosure of information on the use of budget funds, as well as the ability of the public to participate in the formation and implementation of the budget, which is indisputable sign of democracy in many countries around the world. Purpose. The purpose of the article is to study the issues of effective implementation of the participation budget in the context of decentralization, also the development of practical recommendations for improving the dialogue between local authorities and society on the basis of cooperation in the context of participative budgeting. Results. The role and place of the participation budget in the system of public finance in terms of financial decentralizations are justified. Foreign and domestic experience of introducing participatory budgeting in the field is generalized. The algorithm for implementation and implementation of participatory budgeting and recommendations for effective implementation of the budget for participation in the community are presented. Conclusions. The participation budget is an effective tool for interaction between government and society, which combines the principles of democracy and zransparency. Of course, the introduction of a budget for participation in the context of decentralization reform offers significant benefits. Particularly relevant is the introduction of the participation budget for newly formed united territorial communities. If previously small financially unprofitable communities were not able to use participatory budgeting in their territory, now, with voluntary unions, they are getting new financial opportunities for their development, using best practices in the participation budget in large and small cities
Introduction. In Ukraine over the past decades there has been an extremely difficult situation with the renewal of fixed assets. The level of wear of fixed assets at the disposal of public authorities is more than 50%. In this circumstances, the issue of finding resources for financing capital expenditures for updating of the infrastructure, creation of new fixed assets becomes a topical issue. An important role in this process is given to local budgets, which, under decentralization, have broad powers in many areas, including those related to the implementation of capital expenditures. Local borrowing has a significant potential for revenue mobilization, which practically does not used by local authorities. Therefore, the study of this institute is an extremely important area of justification for further improvement of the budgetary system of Ukraine. Purpose. The purpose of the article is to study legal norms and practices for the implementation of local borrowing, as well as to develop recommendations on how to improve this institution. Results. As a result of the review of the current legislation, it was discovered that the main drawbacks that inhibit the development of local borrowing in Ukraine are the lack of a methodology for issuing external local loan bonds and the limited access of local councils to the borrowing market. The analysis of statistical data showed a low state of development of the local borrowing market in Ukraine. The main reasons for this situation are the inability of local councils to compete on an equal footing with the state in the financial market; long period of the crisis state of the national economy; low level of experience in the issue of municipal bonds; a large number of bureaucratic procedures and restrictions. Conclusions. The research showed that the institution of local borrowing in Ukraine is, in fact, at the stage of formation. There are significant shortcomings both in the legislation and in the practice of local borrowing. The least developed in Ukraine is a segment of municipal bonds. The frequency of issuing such loans is low and they are carried out irregularly. The fact that the municipal bonds market is the most active segment in the market of municipal borrowings of developed countries, gives grounds to assert about its considerable untapped potential in Ukraine. Reforming the budgetary system of Ukraine and increasing the financial autonomy of local authorities can be an impetus for its development in Ukraine. In order to make this possible, it is necessary to stimulate the development of financial market institutions, especially the stock market. The ways of development of local borrowings are offered as follow: establishment of objective and flexible criteria for obtaining the opportunity to enter the loan market; increase in the number of types of bonds; creation of an intermediary underwriter for bond issue; developing a system of incentives for investors in municipal bonds. Implementation of the proposed directions, together with a set of measures designed to develop the financial market and increase financial literacy of the population, will ensure greater efficiency of the use of local budgets and the development of the economy.
Introduction. In the context of budget decentralization in Ukraine, local governments are trying to make effective use of their powers and financial potential of the territorial community in order to increase local budget revenues and funding of services at the local level. The purpose is to find out the essence of the financial potential of territorial communities and to analyze its current state in the context of existing and potential sources of financial resources that can be used by local governments for the realization of their goals and perspectives. Methods. To achieve goal, a system of general scientific and special methods of research was used: analysis, synthesis and generalization - in the processing of literary, statistical, legislative and Internet sources on the topic of research; methods of systematizing and generalizing data, comparing and detailing were used when conducting analysis of local budget revenues; graphical, tabular and visualization methods were used for visual representation of the processed data; abstract-logical method was used for summarize the material presented and formulate conclusions. Results. It has been found out that financial potential of a local community is a collection of available and potential sources of financial resources that local governments can attract through budgetary, investment, credit and grant mechanisms to ensure the effective functioning of the community. It is proved that budgetary funds is gradually increasing and prevail in the structure of financial resources of local self-government bodies in Ukraine. Despite the positive dynamics, local budget revenues have not yet become the basis of financial independence of territorial communities, and tax revenues make up 88% of the structure of local budget own revenues. Possibilities of attracting private sector investment funds on the basis of public-private partnership as a potential source of financial resources of territorial communities are analyzed. It has been found out that the sources of growth of the financial potential of local self-government are credits and grants, which provide financing for infrastructure projects for the development of territorial communities. It is proved that the specific reserve of resource provision of territorial communities is human capital, with the participation of which the formation, distribution and use of financial resources of the community takes place. Emphasis is placed on revenues from the disposal of municipal waste as an inexhaustible financial resource of territorial communities. Proposals for increasing the efficiency of utilization of the financial potential of territorial communities at the present stage of development have been developed. Conclusions. The subject of further scientific exploration is the search for and in-depth study of ways to effectively use the financial potential of local communities to improve the quality and accessibility of public services at the local level.
Olеks, ra Nestertsova-Sobakar, Vitaliy Prymachenko, Valentyn Liudvik · 6 authors
The article presents an analytical review of existing legal instruments for regulating the market of cryptocurrencies and ethical relations in terms of their circulation in the European Union (EU). The genesis of law and regulatory instruments in the field of virtual currencies within the EU were presented. The mechanism of legal interaction of the main EU institutions and regulators on the cryptocurrency market was presented, and the main problems and shortcomings of legal support for the functioning of the cryptocurrency at the current stage of development of the EU legal system were identified.
У статті проведено аналіз основних характеристик біткоїна як першої криптовалюти, досліджено особливості подальшого розвитку ринку криптовалют та застосування технології блокчейн. Розглянуто динаміку капіталізації основних криптовалют та визначено лідери даного ринку за рівнем капіталізації
Blockchain is a new technical innovation based on distributed ledger technology, which, according to the literature, promises to improve supply chains by facilitating trusted transactions. Due to its immutability it can help eliminate third parties, which traditionally intermediate between the parties involved in transactions. Large multinational companies that have major influence in supply chains can easily rape the benefits of blockchain, however, small and medium size enterprises (SMEs), which together generate 99% of the added value of the Dutch economics, do not have the means to achieve this. Therefore, this research poses the question, which user cases exist already and which opportunities do they offer for SME's to create value. The paper answers this question based on literature and the analysis of 70 user cases. Based on the analysis the SMEs are advised, which of the following five strategies to follow, ignoring it, waiting to see the market developments, make use of blockchain services offered by the new blockchain based middlemen, such as the supply chain finance, paperless and market platform solutions, integrate in existing blockchains of multinationals as Maersk or create their own blockchain.
Over the past few years, there has been an exponential increase in interest in cryptocurrencies and the ideas that they carry and which have a huge impact on the marketing environment, economic and social relations now, and in the future possibly on the whole structure of society as a whole. It is proved that in the future, cryptocurrency will face a rapid rise and formation of it as a self-regulating and full-fledged participant in electronic money or a complete collapse and degeneration of this system into something else, but with slight differences in the functioning mechanism. Today, cryptocurrency has a large number of opportunities and strengths, which was proved during the SWOT analysis, the rapid growth rate of capitalization and exchange rate and the great interest of the Ukrainian population in it, as evidenced by the results of our survey.
Volodymyr Tkachenko, Olеks, r Korystin, Taras Voloshchuk · 6 authors
The article reviews the peculiarities of cryptocurrency circulation in the world and domestic financial systems. It is determined that scientific researches of the recent years are devoted to the specifics of cryptocurrency, the risks associated with the circulation of cryptocurrency and government instruments for their minimization. The general risks associated with the circulation of cryptocurrency, including the possibility of its use for the legalization of criminal proceeds. The peculiarities of the policy of the USA, Singapore, Argentina, Canada, the Czech Republic, and China in the direction of minimization the risk of legalization of incomes through cryptocurrency, in particular, criminalization of fraud with digital currency, restrictions on operations with cryptocurrency are revealed. Particular attention is paid to the experience of Ukraine in the field of legal regulation of cryptocurrency circulation. It is concluded that the key for minimizing the risk of money laundering through cryptocurrencies is the lack of a generally accepted cryptocurrency status, given that its definition is a priority in the direction of safe circulation of cryptocurrency in the world and domestic financial systems.
А. Kramarenko, Anton Kvitka, Віталій Дячек, Denis Davydov
The article considers the place of cryptocurrency markets in the global economy. The key risks of active implementation of IT achievements in the financial sector were defined. It was shown that cryptocurrencies are associated with settlement operations, investment activities and speculation in the currency markets. It was argued that the availability of equipment for the production of digital currencies, the spread of trust on the part of users and business representatives contribute to the promotion of cryptocurrencies and the penetration of digital currencies in various spheres of economic activity. The attraction of additional resources in the economy in the conditions of insignificant costs for entering the cryptocurrency market that become a factor in the spread of cryptocurrency assets was considered.
Альона Ільдусівна Гнатовська, А. І. Гнатовська, Алена Ильдусовна Гнатовская, Alona I. Hnatovska · 16 authors
The article deals with the problems of determining the place of the cryptocurrency in the system of financial instruments and the study of its legal status in Ukraine and in the world. The problems of influence of cryptocurrencies on the economy of Ukraine and other countries across the world, potential threats posed by the cryptocurrency system for users of such systems and ways of legal regulation of cryptocurrency transactions are considered. The terminology that is widely used in the cryptocurrency field is analyzed, the main types of cryptocurrencies and the technologies on which they function are considered. Their characteristic features, positive and innovative concepts, which were introduced with their appearance, are identified. The legal status of cryptocurrencies and their prevalence has been investigated. The modern concepts of regulation of the cryptocurrency market in Ukraine and in the world are characterized. In the course of researching the subject of the article, the authors conclude that it is necessary to establish state control over the regulation of the legal status of cryptocurrency and prevent its possible negative impact on the country's economy. It was also concluded that a draft law would be considered that would address the issue of regulation and control of cryptocurrency transactions.
Аргументовано різний підхід ЄС до правового статусу криптовалют – одні країни визнали доцільність їх використання та працюють над створенням законодавчої бази, яка закріплює правовий статус віртуальних валют, а інші країни відмовляються від криптовалют та забороняють їх обіг. Пропонувалося розробити окремий законопроект із залученням активної частини криптовалютної спільноти, який містив би положення про визначення криптовалюти як валюти, відмову від бартерного характеру криптовалюти, встановлення Національного банку України як головного регулятора таких відносин, відмова від обмеження придбання криптовалюти лише в спеціалізованих фінансових регуляторах через можливі корупційні ризики, встановлення порядку ліцензування та проведення процедур AML та KYC, прогнозування реальних практичних кроків щодо запровадження пільгової системи оподаткування видобутку корисних копалин з подальшим внесенням змін до податкового законодавства.
Currently, a large range of opinions exists regarding the appropriate classification and regulation of cryptocurrency. From the legal perspective, some suggest that cryptocurrency investments are too speculative. As a result of this, it is suggested that cryptocurrency should be more heavily regulated. This would be done to prevent speculators from losing vast wealth. Other legal analysts suggest that an increasing cryptocurrency regulation would have a detrimental effect on the state of cryptocurrency, and its use would cause long-term problems. From the accounting perspective, opinions vary. Some suggest an accounting classification that would make cryptocurrency cash equivalents; others suggest an accounting classification that would render cryptocurrency an intangible asset with an indefinite useful life. The “big 4” accounting firms that include Deloitte, PricewaterhouseCoopers, Ernst and Young, and KPMG recommend that cryptocurrency should be classified as an intangible asset with an indefinite useful life. However, other companies currently using cryptocurrency through the general operations of the business have decided to classify it differently. The legal perspectives and the accounting perspectives will be analyzed to determine appropriate regulations for cryptocurrency and an appropriate classification for cryptocurrency. The results will show that cryptocurrency should be classified as an intangible asset with an indefinite useful life for accounting purposes and as property for tax purposes.
Relevance. In modern conditions of integration with the EU countries, the regulatory framework of the socio-economic development of the regions of Ukraine is supplemented from the standpoint of decentralization of local authorities in accordance with European requirements for reforming the domestic economy. The main reasons for improving regional management, taking into account the experience of developed countries of the world, are: unsatisfactory level of financial support for the regions of Ukraine; improper delineation of administrative-territorial powers; unproductive distribution and redistribution of income and expenses between the state and regions; imperfect management of the processes of formation and use of financial resources at the local level. All this makes the balanced development of both the regions of Ukraine and territorial communities, the main subject of socio-economic progress of a certain territory, virtually impossible.Goal and tasks. Identification of challenges and threats to stimulate the socio-economic development of regions on the basis of financial decentralization.Results. The article presents the results of a theoretical and practical study of the process of stimulating the socio-economic development of the regions of Ukraine based on financial decentralization. The most significant problems of socio-economic development of Ukraine are identified. The role of state regional policy in solving these problems is revealed. The role of decentralization as a factor in regional development is substantiated. The essence of the concept of "decentralization" and its types is revealed, its mission is indicated. The results of observations of the processes of financial decentralization of local governments and territorial communities are presented. Positive changes and threats were identified regarding the stimulation of the socio-economic development of the regions based on financial decentralization.Findings. The financial decentralization of power has created new opportunities for the development of territories through new approaches to financing and managing the areas of community life (education and health), increasing the sources of local budgets, expanding the managerial powers of local governments and opportunities for publicprivate and inter-municipal partnerships, increasing the volume of supporting the implementation of projects of socio-economic and infrastructural development of territories. However, the issues of relations between such levels as the territorial community – district – region – state; financing of territorial development programs. The issue of economic self-sufficiency of territorial communities is not considered, which could, provided the rational use of the resource base, strengthen it and improve the financial situation. Consequently, the development of a territorial community at the local level is possible only if the correct state policy and the policy of local authorities based on financial decentralization are formed.
Svetlana Drobyazko, Roman Blahuta, V. Gurkovsky, Volodymyr Marchenko · 10 authors
The article discusses the issues of the legal control of cryptocurrency in the system of civil rights under Ukrainian law and bills submitted to the Parliament of Ukraine. It is proved that the emergence of cryptocurrency in developed countries is an evolutionary stage of the cash form. This requires changes in the legislation of legal and tax control, which are able to form a protective mechanism against cybercrime and fraud in the field of cryptocurrency circulation. The possibility of evaluating cryptocurrency as electronic means, currency values, information, money, intellectual law and other property is being considered. The risks of possible fraud of transactions with cryptocurrency as the consequences of unregulated legislation were analyzed. The prospects of the settlement of cryptocurrency circulation in Ukraine were considered.
The article investigates the theoretical foundations of the financial capacity of territorial communities. Parameters of estimation of territorial communities’ financial capacity in the context of achievement of administrative-financial decentralization results are characterized. The necessity of improvement of criteria of territorial communities’ financial capacity is determined in terms of identification of sources of personal income tax, number of operating enterprises in the territory of the territorial community and the number of payers. Attention is paid to the need of improvement of the methodological basis for calculating the taxability index by taking into account the size of the able-bodied population, the median distribution of income tax per capita weighted by the population, and inclusion in the calculation of Kyiv city budget. The peculiarities of formation and use of financial resources of the territorial communities of Lviv and Poltava regions are clarified. The scientific and methodological approach to the evaluation of the financial capacity of territorial communities is improved by determining the priority of their expenditures, the interdependence of their own revenues and transfers with the financing of public services at the level of territorial communities. The directions of increasing the efficiency of functioning of territorial communities are outlined. Based on the assessment of the interdependence of the amount of generated financial resources and the financing of public services at the level of the territorial communities of Poltava region, it is determined that the growth of own revenues should be ensured for their proper functioning, first of all, through efficient use of their own financial and economic potential; parity in the ratio of economic and social expenditures in order to generate long-term positive effects of socio-economic development of territorial communities; diversification of functional expenditures for comprehensive provision of public services at the level of territorial communities.