In recent years, there has been an intensive market formation process which involves interrelations of various cryptocurrencies and other financial tools formed on the basis of cryptoplatforms. This process is fraught with numerous difficulties relating to determining the status of these new tools in the legal sphere of relations among market participants. However, the key role consists in the identification of the economic content of cryptotools. The purpose of the present article is to substantiate the proposals on the economic essence of cryptotools and the resulting models of their market formation. The article deals with the economic aspects of cryptotools and suggests possible models of their markets. Currently, in cryptocurrency market formation, the evolutionary path is dominated. Therefore, the article discusses the main tendencies characteristic of this development path. However, the authors also emanate from the necessity of cryptocurrency market formation under the regulating influence of the state and give recommendations on the cryptocurrency market formation based on the interaction of market participants with regulating bodies of state power. It is this approach that allows minimizing financial risks for investors, providing stability of money circulation and macroeconomic resilience, creating favorable conditions for this market to take the proper place in the contemporary economy, and in the digitalization processes occurring in the economy.
The subjects of information legal relations are investigated in the scientific article. The authorities of the State Fiscal Service of Ukraine (next – SFS of Ukraine) as a subject of information legal relations are separately considered. It is noted that the participation of the subjects of power authorities in information legal relations has its peculiarities, the main of which is the fact that the main prerequisite for the participation of such a subject in the information legal relationship is his competence.
The current global financial market is witnessing the activation of cryptocurrency as a payment instrument and a means of accumulation. However, the risks of money laundering, terrorism financing and tax evasion that cryptocurrency transactions imply lead to the need to implement their state regulation, an important component of which is tax control.Therefore, the purpose of the article is to substantiate the value orientations when forming the system of cryptocurrency transactions tax control in Ukraine taking the positive experience of developed countries into account. The scientific results of the study consist in the emphasizing structural, functional, systemic and institutional approaches to understanding tax control, which became the basis for identifying the features of cryptocurrency transactions as a tax control object.It was revealed that the lack of personalization of the agreement parties, the relatively high level of information security, free international turnover and a decentralized payment system are the factors of the cryptocurrency market further development. On the other hand, this leads to the loss of tax revenues for Ukrainian budgetary system, taking into account the forecasted trends in the development of the cryptocurrency market by 2022 through methods of sums, least squares and expert estimates. Given the institutional approach to the understanding of tax control, an institutional structure of the cryptocurrency transactions tax control in Ukraine is proposed.It is established that domestic state institutions are able to carry out tax control over these transactions. It is also determined that introducing fiscal control will result in the receipt of additional revenues by budgets, reduction of shadow economy, counteraction to cybercrime and terrorism financing.The practical importance of the results is in the need to form an effective system of cryptocurrency transactions tax control as a function of public administration.It has been determined that transactions on cryptocurrency supply, on the determining exchange rates and transactions on cryptocurrency disposal should be an object of tax control in Ukraine. Mining transactions, receipt of income (profits) in the cryptocurrency are subject to general taxes, depending on the taxpayer’s legal status, in particular, personal income tax, corporate income tax and a unified social tax (UST). Taking into account the EU recommendations on the non-application of value added tax in the cryptocurrency transactions taxation, it is not appropriate to implement it in this area. Establishing tax control over cryptocurrency transactions will expand the powers of state authorities that are empowered to control observing financial discipline by economic agents in Ukraine and the financial capabilities of state and local budgets.
The purpose of this article is to determine how the use of a bitcoin as an instrument of payment can affect the system of international financial payments and the banking system. The method of critical analysis of scientific and methodological literature is used and the materials of research executed by leading experts in the fields of international finance and IT in 2009-2017 are summarized. A bitcoin can become a serious competitor to banks, payment systems such as SWIFT in the implementation of major cross-border payments. It is even compared with gold because there is no risk for the counterparty in operations with it. We suggest that a bitcoin is an outstanding digital technology which can fundamentally change the world banking system, payment settlements and the global economy. The article proposes a classification of advantages, disadvantages and prospects of using a bitcoin as a means of payment between large financial institutions and banks. The perspective of increased competition between leading international payment systems in conducting large cross-border payments is substantiated. The prospects of further studies are determined. How do central banks need to reform the system of international financial payments in view of the inevitable introduction of cryptocurrency? How to implement new financial instruments based on blockchain technology and a bitcoin? What changes in legislation should be made to get the names of buyers and sellers of bitcoins, which will help to reduce financing of illegal activities?
The transformation of the system of public financial control should occur through applying the latest IT technologies and innovative practices of monitoring and analysis. The existing problems of the system of public control and management should be an impetus for the transformation, the use of the most advanced technological achievements. The article discusses the advantages and disadvantages of applying distributed ledger technology (blockchain), the stages and sequence of performing the tasks of its implementation as the basis for effective, transparent, reliable public control. There determined the content of the stages and the sequence of actions to transform the architecture of public financial control on the basis of new technological capabilities that give an impetus to the initialization of regulatory and legal support for using blockchain technology in Ukraine. There proposed a general algorithm for implementing blockchain technology in the system of public financial control, which realization is aimed at clarifying and synchronizing the processes of improving the system of public financial control, IT support for the control system, increasing the safety and transparency of control actions, monitoring and interaction of individual control bodies and tasks. It is proved that the only significant restriction in the implementation of blockchain may be the rules regarding disclosure of personal data and information constituting a commercial secret.
The current study aim at providing blockchain technology for government auditing that conduct by government auditors in the public sector. The main idea of this research is to draw the issue and technique to blockchain technology for government auditing. This approach allows to consider auditing process like chess since controlled processes are studied from all interrelated and affiliated sides, taking into account the time factor. As a result we reached to conclusion that using day-to-day blockchain and digital technologies is a perfect way to prevent any kind of fraud with budget money.
The article is aimed at improving and further developing the methodical provisions on the use of program-target approach in the formation of local budgets in the context of decentralization of the State finances. The article defines advantages and limitations on the use of the program-target approach in the sphere of development of programs and projects of regional socio-economic development, financing of which are supposed to be realized at the expense of local budget. The sequence of stages of strategic planning of socio-economic development of the region is generalized. The approach to development and implementation of target projects and programs of regional socio-economic development, based on the integration of provisions of the program-target approach and the concept of fiscal space, is proposed. It is proved that in distribution of budget financing the potential of expansion of fiscal space should be considered as one of the key criteria of structuring and ranking of target programs, display of ability of local budget to mobilize additional sources of funding and raise funds to meet the requirements of maintaining financial stability.
In Ukraine, the cryptocurrency is viewed as a monetary surrogate. In many countries of the world, operations with cryptocurrency are more or less permitted. You can name countries such as Australia, Austria, Bulgaria, Brazil, Israel, Canada, China, Norway, Singapore, USA, Thailand, Germany, Croatia, Switzerland, Japan and others. On the basis of objective analysis and the study of examples from foreign experience, the legal regime of operations with the cryptocurrency is proposed to equalize with the legal regime of operations with foreign currency; legalize the mining of the cryptocurrency as a type of economic activity, introduce its licensing and taxation of income from it. Citizens of Ukraine are not forbidden to keep savings in foreign currency and exchange foreign currency for hryvnia and other foreign currency. Ukrainians can not receive wages or any remuneration in foreign currency on the territory of Ukraine, but they can earn or win foreign currency on the Internet. The same regime should receive cryptocurrency. And operations on mining of cryptocurrency should be licensed as highly profitable and requiring a special knowledge and skills type of economic activity. Applying income tax to miners is offered on general terms. Three ways of determining the amount of taxes are proposed: 1) granting access to representatives of the fiscal body to the computer program and purses of the cryptocurrency; 2) through the calculation by the representatives of the fiscal body of the average monthly volume of production of units of crypto currency for a certain equipment and, accordingly, in proportion to it, the amount of tax; 3) in proportion to the amount of electricity spent. The last two look the most real. In the case of taxation of operations on «mining» of cryptocurrencies, the state through the amount of electricity consumed can identify and control miners. It is concluded that the legalization of the state of the budget. REFERENCES Derevianko B.V. Ryzyky zdiisnennia operatsii z kryptovaliutoiu (bitkoinamy) hromadian i subiektiv hospodariuvannia Ukrainy. Forum prava. 2017. No. 3: 33—39. URL: http://nbuv.gov.ua/j-pdf/FP_index.htm_2017_3_8.pdf [in Ukrainian]. Protsenko A.T. Pravove rehuliuvannia obihu elektronnykh hroshei v Ukraini: dys. ... kand. yuryd. nauk : 12.00.07. K., 2016 [in Ukrainian]. Vyshnevska A.O. Rol kryptovaliuty dlia informatsiinoi ekonomiky Ukrainy ta svitu. Zbirnyk naukovykh prats Cherkaskoho derzhavnoho tekhnolohichnoho universytetu. Ser. Ekonomichni nauky. 2017. No. 47: 13—17 [in Ukrainian]. Halushka Ye.O. Sutnist kryptovaliut ta perspektyvy yikh rozvytku. Molodyi vchenyi. 2017. № 4 (44): 634—638 [in Ukrainian]. Petruk O.M., Novak O.S. Sutnist kryptovaliuty yak metodolohichna peredumova yii oblikovoho vidobrazhennia. Visnyk ZhDTU. Ser. "Ekonomichni nauky". 2017. No. 4 (82): 48—55 [in Ukrainian]. Sokhatska O., Kurant T. Kryptovaliuty: zasib platezhu chy investytsiinyi instrument? Pershi naukovi chytannia pamiati S.I. Yuriia: zbirnyk nauk. prats. Za red. d.e.n., prof. O.P. Kyrylenko (26.11.2015. m. Ternopil). Ternopil: TNEU, 2015. S. 42—47 [in Ukrainian]. Yatskiv N.H., Yatskiv S.V. Perspektyvy vykorystannia tekhnolohii blokchein u merezhi internet rechei. Naukovyi visnyk NLTU Ukrainy. 2016. Vypusk 26.8: 381—387 [in Ukrainian]. Pro Natsionalnyi bank Ukrainy: Zakon Ukrainy vid 20.05.1996 No. 679-XIV. Vidomosti Verkhovnoi Rady Ukrainy. 1999. No. 29. St. 238 [in Ukrainian]. Pro platizhni systemy ta perekaz koshtiv v Ukraini: Zakon Ukrainy vid 05.04..2001 № 2346-III. Vidomosti Verkhovnoi Rady Ukrainy. 2001. No. 29. St. 137 [in Ukrainian]. Roziasnennia shchodo pravomirnosti vykorystannia v Ukraini “virtualnoi valiuty/kryptovaliuty” Bitcoin: Roziasnennia Natsionalnoho banku Ukrainy vid 10.11.2014. Ofitsiinyi sait Natsionalnoho banku Ukrainy. URL: https://www.bank.gov.ua/control/uk/publish/article?art_id=11879608 [in Ukrainian]. Konstytutsiia Ukrainy vid 28.06.1996 No. 254k/96-VR. Vidomosti Verkhovnoi Rady Ukrainy. 1996. No. 30. St. 141 [in Ukrainian]. Tsyvilnyi kodeks Ukrainy: Zakon Ukrainy vid 16.01.2003 No. 435—IV. Vidomosti Verkhovnoi Rady Ukrainy. 2003. No. 40—44. St. 356 [in Ukrainian]. Pro systemu valiutnoho rehuliuvannia i valiutnoho kontroliu: Dekret Kabinetu Ministriv Ukrainy vid 19.02.1993 No. 15— 93. Vidomosti Verkhovnoi Rady Ukrainy. 1993. No. 17. St. 184 [in Ukrainian]. Pro litsenzuvannia vydiv hospodarskoi diialnosti: Zakon Ukrainy vid 02.03.2015 No. 222-VIII. Vidomosti Verkhovnoi Rady Ukrainy. 2015. No. 23. St. 158 [in Ukrainian]. Pro zatverdzhennia pereliku orhaniv litsenzuvannia ta vyznannia takymy, shcho vtratyly chynnist, deiakykh postanov Kabinetu Ministriv Ukrainy: Postanova Kabinetu Ministriv Ukrainy vid 05.08.2015 No. 609. URL: http://zakon5.rada.gov.ua/laws/show/609-2015-%D0%BF [in Ukrainian]. Podatkovyi kodeks Ukrainy vid 02.12.2010 No. 2755-VI. 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The development of information technologies is accelerated in the modern world. The digitization of socio-economic relations is carried out on the basis of peer-to-peer blockchain technology. Bitcoin is a cryptographic protocol. The article shows that, to date, there is no common understanding of Cryptocurrency, in some sources they are treated as currency and other goods or raw materials in other. At this moment, cryptocurrency in Ukraine is not regulated at all. This article discusses the potential legal classification of Bitcoin and the consequences thereto. Bitcoin has been, and continues to be, used by some for the purchase of illegal substances and in furtherance of crimes. Nonetheless, Bitcoin possesses significant economic upside over traditional currencies and methods of transaction online. The National Bank of Ukraine (NBU) has not yet recognized bitcoin or other encrypted currencies. Several bills to regulate encrypted money have been submitted, but none has yet been passed. The Ukrainian parliament has been actively trying to find a solution for creating a legislative and regulatory framework specific to the cryptocurrency industry. Ukrainian draft laws give their own definition of crypto-currency, mining and other specific terms; stipulate those who have the right to engage in mining, how the activities of exchanges are regulated, and the attendant moments, such as legal responsibility and specific taxation. Yet, the proposed legislation has not yet been passed into the law. Ukraine should monitor world trends and not miss a chance to use new technologies and innovations in the financial sector. On the basis of the analysis of domestic and foreign practices, a number of non-regulated by Ukrainian law of the creation and circulation of cryptocurrencies have been identified by the law of Ukraine, proposed ways of resolving issues of determining their legal nature and legal regulation. The situation regarding the definition of legal status of cryptographic goods in foreign countries and Ukraine is analyzed. The main points to be solved in the course of approval of the right regulation of cryptocurrencies in Ukraine are determined. REFERENCES Liashenko V.I., Vyshnevskyi O.S. Tsyfrova modernizatsiia ekonomiky Ukrainy yak mozhlyvist proryvnoho rozvytku: monohrafiia. Kyiv, 2018 [in Ukrainian]. Cryptocurrency Market Capitalizations. Top 100 Cryptocurrencies by Market Capitalization. URL: https://coinmarketcap.com Ponsford M.A Comparative Analysis of Bitcoin and Other Decentralised Virtual Currencies: Legal Regulation in the People’s Republic of China, Canada, and the United States. Hong Kong Journal of Legal Studies. 2015. Vol. 9. URL: http://ssrn.com/abstract=2554186 Kryptovaliuta: Zibraty po kryptakh. Kryptofakhivtsi roziasniuiut yurystam znachennia naiposhyrenishykh sliv “latyny maibutnoho” kryptomovy. Za materialamy vydannia “Ukrainskyi Yuryst”. URL: http://axon.partners/uk/blog/cryproalphabet/ [in Ukrainian]. Nermin Hajdarbegovic. Japan Makes First Bitcoin-Related Drug Arrest. Coindesk. May 9, 2014. URL: . https://www.coindesk.com/japan-makes-first-bitcoin-related-drug-arrest Pravove rehuliuvannia kryptovaliutnoho biznesu. Axon Partners, ForkLog Research. URL: http://axon.partners/wpcontent/uploads/2017/02/Global-Issues-of-Bitcoin-Businesses-Regulation.pdf [in Ukrainian]. The Federal Reserve System’s semiannual monetary policy report to the Congress. The U.S. Government Printing Office. September 17, 2015. URL: http://www.cftc.gov/PressRoom/PressReleases/pr7231-15 Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (Text with EEA relevance). Official Journal of the European Union. L 267. 10.10.2009. P. 7—17. Court of Justice of the European Union PRESS RELEASE No 128/15. URL: https://curia.europa.eu/jcms/upload/docs/application/pdf/2015-10/cp150128en.pdf O razvitii tsifrovoy ekonomiki: Dekret Prezidenta Respubliki Belorus ot 21.12.2017 No. 8. URL: http://president.gov.by/ru/official_documents_ru/view/dekret-8-ot-21-dekabrja-2017-g-17716/ [in Russian]. V instytuti Patona pratsiuvala nezakonna fabryka Bitcoin. Informatsiinyi Aktsent. URL: https://www.infa.ua/v-insty-tutipatona-pratsyuvala-nezakonna-fabry-ka-bitcoin/ [in Ukrainian]. Prokuratura y SBU vyluchyly v Kyievi 400 bitkoin-ferm. Informatsiinyi Aktsent. URL: https://www.infa.ua/v-insty-tutipatona-pratsyuvala-nezakonna-fabry-ka-bitcoin/ [in Ukrainian]. Pro obih kryptovaliuty v Ukraini: proekt Zakonu Ukrainy vid 06.10.2017 No. 7183. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62684 [in Ukrainian]. Pro stymuliuvannia rynku kryptovaliut ta yikh pokhidnykh v Ukraini: proekt Zakonu Ukrainy vid 10.10.2017 No. 7183-1. URL: http://w1.c1.rada.gov.ua/pls/zweb2/webproc4_1?pf3511=62710 [in Ukrainian].
Over the years, as a response to the increased demand for international clearing of transactions that are conditioned by globalization, it has inevitably led to the expansion of product assortments and, consequently, services. The economy and the finance of this century are characterized by innovation and recognition of new trends and needs for simple and maximum available non-border products. For example, as Google assumed the role of Yahoo, so in the world of finance it was looking for a single practical system to outperform the previous ones. With the emergence of cryptocurrency, we can consider that there has been a new global system without the involvement of mediators and expensive international transactions. The idea was to create an electronic payment system that would be decentralized so that individual entities do their job themselves. The use of cryptocurrency might be able to replace Internet banking and mobile banking to a greater extent. But, it is not yet known which will be the first cryptocurrency found on official financial stock markets, and which will be able to provide the easiest implementation and use today. So far, no cryptocurrency is in any official stock market yet, and the transactions are carried out through private sites. There are over one thousand cryptocurrencies in the world and, depending on the current market situation, and the adequate investment moment in a particular cryptocurrency, it can be gain, but at the same time it can be loss. Cryptocurrency have caused a real financial insanity in recent years. In that period, a handful of people gained great wealth, while others remained without millions of dollars due to unpredictable fall in prices. The basic parameters for deciding when investing in a particular cryptocurrency are numerous and some of them are: the stability of the currency in a certain period, the final number of coins to be released into circulation and their security of storage, the number of users and merchants who have accepted that currency as a means of payment and other. One thing is for sure, that there were a lot of comments and confusion when the cryptocurrency was introduced and when it became very popular. The aim of this paper work is to expand, as much as possible, the knowledge that new innovative changes in the world of finance are inevitable and, if they are good, to be acceptable and useful as soon as possible. The paper work will also show the types of cryptocurrencies, but among them the bitcoin will be distinguished as the most famous cryptocurrency of the world. Among other things, we will see the cryptocurrency market in Serbia, how we can buy bitcoin, types of bitcoin digital wallets and we will give a prognosis of the bitcoin rate by 2020.
In preparation for improving the consortium blockchain’s performance for financial business applications, the current authors first surveyed typical records of transaction rates for various financial systems and the performance capacity of several known consortium blockchains at this moment in time. The blockchain itself does not offer any performance advantage, but rather sacrifices performance to achieve tamper resistance. The average transaction rates for blockchain technologies, however, are continuously improving and have already reached around 1,000–2,000 transactions per second (TPS), which is equivalent to the transaction rate for the Zengin System, the common name for Japanese Banks’ Payment Clearing Network. Next, the current authors analysed and improved the transaction rate for Hyperledger, a Linux Foundation Project, and Fabric, one of the open source software tools for implementing consortium blockchain. The current authors found that inefficient message transfer between the platform container and the application container was the main cause of Fabric’s performance bottleneck. Therefore, the current authors have introduced more efficient application programming interface (API) between the containers and improved the transaction rate from 725 to 1,350 TPS (an 86% increase). Finally, the current authors analysed Fabric’s performance under artificial network latency. This paper determines that Fabric running over a wide area network might be required to replace its consensus algorithm to improve its transaction rate because other causes of performance deterioration, including the consensus algorithm, seem to become dominant.
The aim of the article is to research the prospects and opportunities for using blockchain technology in entrepreneurship, as well as international payments and banking operations. On the basis of current and up-to-date data and opinions of authoritative English-language publications on business, the problems concerning the relevance of technology of a distributed ledger have been comprehensively examined, and the results of many startups – young companies working on blockchain-solutions in various spheres, have been evaluated. As a result of the research, the main directions of work of startups in the field of application of blockchain technology were identified: smart contracts; cloud data storage; production processes; sphere of remuneration of employees; electronic voting with protection against breaking; "sharing economy". Prospects for further research in this direction are specific justification of the applicability of distributed ledger technology and the concept of decentralization in developing sectors (the "sharing economy", "Internet of Things"), as well as a deeper analysis of the impact of new solutions in relation to the traditional sectors of the economy, including Ukraine.
With the price of Bitcoin ascending to new heights in 2017, the rocketing valuation of cryptocurrencies continues its momentum into 2018. Evidence of the massive growth of these digital assets can be seen in the massive spikes in new clients at companies like Coinbase, adding 100,000 users in a 24-hour period, and Binance, which recently expanded its user base by 240,000 users in just one hour. The financial industry and Silicon Valley are not the only groups who have caught the cryptocurrency fever. Malicious actors have discovered that cryptocurrency newbies are unwitting targets that offer a consistent stream of revenue. Through our global network visibility, Cisco has observed many of these attacks originating from bulletproof hosting infrastructures located in the Eastern European region. This area is a hotbed for crypto theft and other computer crimes such as ransomware, botnets, DDoS services and credit card fraud. Some criminals have even extended beyond the digital world by kidnapping and demanding ransoms in Bitcoin, such as the case in the reported kidnapping and ransom of Pavel Lerner. Lerner was a lead analyst at Ukraine-based digital currency exchange, Exmo, who was released by his kidnappers after a $1 million Bitcoin payment was made. The event illustrates the desperate lengths some criminals will go in order to steal cryptocurrency. Joining the Enterprise Ethereum Alliance in 2017, Cisco is committed to protecting these new crypto technologies. Over the past year Cisco researchers have teamed up with the Ukraine Cyber Police to track a Bitcoin phishing operation dubbed the "Coinhoarder" campaign that has been tied to the theft of tens of millions of dollars worth of Bitcoin. Credential phishing continues to be one of the biggest security challenges for internet users, and cryptocurrency phishers have found it to be a very lucrative form of attack. In 2017, Chainalysis reported Ethereum phishing as being the number one source of theft in that ecosystem with estimates placing the total amount stolen at $115 million. Google also recently published a research paper stating credential phishing is one of their top security challenges. Cisco has been proactive in detecting phishing domains in predictive fashion to help protect our customers. Additionally, we have been working with security personnel at top cryptocurrency wallets and exchanges, such as Blockchain.info and Coinbase, to help protect the cryptocurrency community members from having their tokens stolen.
Urgency of the research.The competitive position of the national economy depends on the power of human capital, the foundation of which is based on the system of secondary education. The reform of the decentralization of budgetary relations allows the local authorities to influence the financial provision of the Concept of the "New Ukrainian School", based on the needs and interests of each region. Target setting. The concept of the "New Ukrainian School" implies that the distribution of financial resources is based on the principle of "money goes after the child." In September 2018 the elementary school moves to a new content of education and financing. Budget decentralization is a powerful tool for creating a new educational environment. Actual scientific researches and issues analysis. Topics of reforming education and the specifics of its financing were investigated by I. Kohut, O. Kuklin, E. Stadnyi, A. Seitosmanov, L. Tsymbal, O. Fasolya, P. Hobzsey, N. Kholyavko and other scholars. Uninvestigated parts of general matters defining. There is an urgent need to research the regional aspects of financing secondary education in the context of budget decentralization. The research objective. To substantiate the conceptual approaches to financing decentralization of secondary education taking into account regional specificity. The statement of basic materials. Modern theoretical and methodological approaches and analytical materials concerning the reform of secondary education are analyzed. The economic and political preconditions of providing educational reform in conditions of decentralization are showed. Conclusions. The constructive implementation of the decentralization reform of the financing of the secondary education system and the implementation of the concept of the "New Ukrainian School", the transfer of significant powers and budgets from state authorities to local has been proved. The tendency to increase financing of education is revealed and specified directions for improving the provision of educational services.
Higher education governance reform is one of the greatest challenges for post-Soviet countries [1]. This is, in particular, true for Kazakhstan that has launched the State Program for Education Development in 2011 that has prioritized decentralization of higher education institutions (HEIs). According to the recent report of the Organization for Economic Co-operation and Development (OECD), it underscored the first positive shifts in the decentralization of Kazakhstani HEIs [2]. This study is aimed to assess the current level of university autonomy of a joint-stock company (JSC) type of HEIs that is chosen due to its unique status. Previously, JSC was a public university but as a result of corporatization, now it is a for-profit organization that accelerates university autonomy of HEIs. Thus, the purpose of the study is to assess the degree of university autonomy at JSC and to define to what extent it is autonomous based on four dimensions of university autonomy (academic, staffing, organizational, and financial autonomy) adapted from the University Autonomy Scorecard II [3].The study employs the sequential mixed methods, where the qualitative data are obtained through the semi-structured interviews with senior administrative and academic staff of JSC involved in financial, academic, staffing, and organizational affairs. Afterwards, the primary data are converted into 0-2,5-5 point scale to obtain numerical scores for each dimension of university autonomy. This has allowed the researcher to compare each dimension of university autonomy against each other and to identify the most autonomous and restricted dimensions of university autonomy. Major findings of the study showed that the most restricted dimensions of university autonomy are financial autonomy (60 per cent) and organizational autonomy (62,5 per cent), whereas academic autonomy (80 per cent) and staffing autonomy (75 per cent) have scored higher. In other words, the relationship between the state and JSC has not changed dramatically after corporatization. Paradoxically, the state regulation still dominates in public funding allocation, and standard financial bylaws still regulate JSC regardless of its for-profit nature. Alternatively, the selection of the executive head of JSC is decided by the Board of Directors which is largely represented by line ministries of JSCs. Therefore, it is essential to allow the private sector to have at least 50 per cent of shares of JSC, which will increase their engagement in the institutional governance. Additionally, it is crucial to revise state regulations on JSC universities, which are flagship universities in promoting university autonomy in Kazakhstan.References:[1] R. Hartley, M.; Gopaul, B.; Sagintayeva, A.; Apergenova, “Learning autonomy: higher education reform in Kazakhstan,” High. Educ., vol. 72, no. 3, pp. 277–289, 2016.[2] OECD, “Higher Education in Kazakhstan 2017,” Paris: OECD Publishing, 2017.[3] T. Estermann, T. Nokkala, and M. Steinel, “University Autonomy in Europe II. The Scorecard,” Brussels: European University Association, 2011.
British Financial Supervision and Control Authority has identified new technologies as a component of fintech. These components include regtech, insurtech, blockchain. These new areas of the market development are incomprehensible to a wide range of people. However, this area attracts venture capital which is actively growing worldwide. The prospects of development of these areas are interesting for many reasons: reduction of financial costs for market participants, reduction of information processing time, security of financial transactions, information security and completeness. The article describes: objective reasons of the occurrence of such a kind of the product, risks of using these products and advantages of their introduction in all spheres of life, as well as the scope of regtech implementation.Keywords: Fintech, regtech, blockchain, insurtech
he article presents the characteristic of the scientific genesis of public risk management in construction in Ukraine, in global and local dimen- sions. The essence of the working organization of risk management in the con- struction and operation of buildings, taking into account the transformational processes in society, is disclosed. On the basis of the analysis of risks in construc- tion and taking into account the current realities, scientifically grounded ap- proaches to the formation of the risk system in the construction and operation of facilities in the system of public administration. It is noted that the risks and crisis phenomena in the construction complex gave a powerful impetus to un- derstanding the causes of the problems of decentralization and finding mecha- nisms for their elimination, in general. The trilateral mission of the state in the conditions of decentralization is the regulation of the macroeconomic role of the construction complex, the mechanism of economic relations of its participants, and ensuring the effectiveness of design decisions in the construction sector, by extending their competences on prevention and risk reduction in the construction industry by the local self-government bodies. To form a state decentraliza- tion policy for construction is required on the basis of knowledge of objective regional macro- and microeconomic investment-construction processes in ci- ties, economic mechanism and indicators of development of investment-build- ing complex and dynamics of social and economic development of regions. The mechanism of the construction complex needs to be improved, using new sources and forms of financing, achieving the balance of the goals of decentralization and its financial support. In addition, taking into account the European integration course of the announced reforms, the European understanding of the essence of risk management in construction during decentralization becomes of paramount importance. Therefore, further research requires the study of the experience of European countries in the implementation of risk management processes in con- struction during the decentralization of power and the analysis of foreign systems of management mechanisms, in the context of their implementation in the na- tional practice of public administration.
The purpose of this paper is to integrate quality management system, corporate social responsibility guidelines, United Nations Sustainable Development Goals, blockchain related documents and qualitative interview results from Hong Kong and Slovakia to design a set of social inclusive quality indicators within the context of the higher education sector. Three levels for social inclusive quality indicators in relation to blockchain content distribution technology in HE have been identified: governance with transparency, trust building with the sustainable community in needs fulfilment; industry innovations with risk and security audit mechanism. The contribution of this paper is to raise awareness of educators, industry practitioners and policy makers about the importance of social inclusion in blockchain technology. This study fills the gap through integrating system thinking, humanistic thinking and proactive thinking in the higher education context.
This thesis analyses the concept of private cryptocurrencies alongside the conduct of contemporary monetary policy. The technological development of blockchain and cryptocurrencies could imply a disruption in the global economic system and substitution of modern fiat money worldwide. This research aims to discuss whether the mass adoption of cryptocurrencies would lead to substitution of the fiat money system. The viability of such a proposition is analysed through the literature review and the discussion on the topic. \n \nLiterature review consists of a detailed examination of money history and its nature, the conduct of contemporary monetary policy and its critique, and the purpose of cryptocurrency as a solution to financial freedom. \n \nIt is then discussed, how much power over money people have and how it could be increased with the mass adoption of cryptocurrency. The problems of transcending network effects for mass adoption are addressed with the analysis of technical drawbacks. A regulatory approach is examined, and several proposals are presented. \n \nThough the libertarian approach to economies and financial management is virtuous, the contemporary implementation of cryptocurrencies is imperfect. In their pure form, cryptocurrencies are unlikely to gain widespread adoption and substitute fiat money under stable economies.
Машкаров Юрій Григорович, Коваленко Микола Миколайович, Коваленко Микола Йосипович, Петченко Владислава Юріївна
The analysis of financing Balakliia district of Kharkiv region in the conditions of decentralization is carried out for the period of 2015–2018. Based on the actual data and econometric tools, a mathematical model for planning and forecasting the district budget is developed. The ways to further improve the econometric model of the local budget formation under decentralization are offered.
Bitcoin: Opportunities and Threats for UkraineThe information technology world is constantly evolving.And Bitcoin has become one of the greatest innovations in economic decentralization since the late 20th century.Bitcoin is the first decentralized digital currency, which can be used through the Internet.Every country should decide what Bitcoin means for them: possibility or threat.First of all, Bitcoin has significant advantages for investors, companies, employers and employees, they are: solution of the problem of assets centralized nature; bilateral dealing system; it is not affected by inflation; geographic independence for transactions; transparency of bitcoin processes; comparative safety of cryptocurrency wallets; transaction fees and time level in comparison to SWIFT or SEPA; solution of the"double spending problem" of electronic currencies.The possible advantage for the country in case of bitcoin legalization is new business activity and new tax registration.It is important to notice that cryptocurrencies were created to be uncontrolled by any financial institutions.So the superfluous interference of the government can have detrimental effect on the development of this type of currency as a way of effective payment and accumulation facility.However, Bitcoin has some disadvantages: lack of awareness and understanding for society; risk and volatility caused by limited amount of coins and high demand; complexity and cost of cryptocurrency mining.The main threats of bitcoin distribution in Ukraine are: reduction of the state control over currency transactions and decrease of the importance of the existing currency circulation system in settlements between counterparties for goods delivered and services performed.Bitcoin is the most popular cryptocurrency in the modern world, but, despite the achieved heights, it is in the phase of development and constant improvement.Considering the facts above, we can draw the following conclusion: the importance of bitcoin should not be underestimated for Ukraine with its developed shadow economy and instability in the east of the country.This can lead to the even greater share of shadow market and reduction of legalized transactions in the field of international payments.A careful study of the currency features and analysis of its advantages and disadvantages allow to conclude that it is impossible to effectively combat the expansion and development of the cryptocurrency in the world economy.Therefore, it is advisable to take it for granted and to take the process of its development under control by adopting appropriate legislative framework and establishing the main directions for its using in the national economy.
As one of the most cutting-edge technologies in Fintech, the application of blockchain has been prevailing across a series of industries. By adopting literature research, this paper analyzes the origin, characteristics and working principle of blockchain. According to the features and requirements of traditional auditing, this paper finds the superiority of blockchain technology, for example, distributed ledger, consensus mechanism and timestamp could facilitate auditing in three ways: (1)improve timeliness of auditing and reduce auditing cost; (2)ensure data integrity and realize automatic auditing; and (3)realize pre-warning and real-time supervision to reduce auditing risk. However, although blockchain has brought unprecedented opportunities to the development and reform of audit industry, the blockchain technology still faces a number of challenges, such as data security, talent and technology support, industry and recognition promotion, and practical application and execution. Concerning these limitations, this paper looks forward to further research field which could contribute to the upcoming improvement of blockchain auditing.