Purpose. To substantiate conceptual approaches to integrating blockchain technologies into risk management systems of investment activities of financial institutions through systematization of architectural solutions, development of efficiency evaluation criteria, and typology of implementation strategies, taking into account the specifics of different categories of investment risks and regulatory environment. Methodology. An interdisciplinary approach was used, combining institutional analysis of financial systems, comparative analysis of traditional centralized and decentralized risk management models, and systematization of empirical data on blockchain implementation in the global financial sector. Methods of structural-functional analysis were applied to study blockchain systems architecture and their impact on various categories of investment risks. Critical analysis of scientific literature on decentralized finance, asset tokenization, and smart contracts was conducted. Findings. The dual nature of blockchain technologies has been revealed as both a tool for minimizing traditional risks (market, credit, operational, liquidity, regulatory) and a source of new technological challenges. Four integration models have been systematized: asset tokenization for enhancing liquidity, DeFi instruments for decentralized lending and exchange, hybrid portfolios for diversification, and smart contracts for risk management automation. An evaluation matrix for blockchain solutions effectiveness has been developed based on seven criteria (transparency, settlement speed, operational costs, accessibility, reliability, regulatory certainty, scalability) compared to traditional systems. A typology of implementation strategies for commercial banks, investment funds, and insurance companies has been proposed. Originality. For the first time, a comprehensive analysis of the transformation of investment activity risk management architecture through the lens of blockchain technology integration has been conducted, simultaneously considering institutional, technological, and regulatory aspects. A conceptual model of an integrated blockchain system for managing investment risks has been developed with identification of interaction levels and feedback loops. Practical value. Research results form a methodological foundation for financial institutions regarding the selection of optimal blockchain technology implementation strategies, provide tools for evaluating the effectiveness of various integration models, and contribute to the formation of regulatory policy in the field of digital transformation of the financial sector.
Abstract The rapid expansion of cryptocurrency markets has significantly transformed global financial systems through the adoption of decentralized, blockchain-based transaction mechanisms. Digital assets such as Bitcoin and Ethereum operate on distributed ledger technology, which enhances transparency, immutability, and peer-to-peer verification without reliance on traditional financial intermediaries. Despite these technological advancements, the cryptocurrency ecosystem faces escalating cybersecurity risks that threaten the integrity of financial data and reporting systems. Cryptocurrency exchanges, digital wallets, custodial services, and decentralized finance (DeFi) platforms are increasingly targeted by cybercriminals through hacking, phishing schemes, ransomware attacks, private key theft, and smart contract vulnerabilities. These cybersecurity incidents have profound implications for financial record integrity, including unauthorized transactions, asset misappropriation, valuation distortions, and inaccuracies in financial statements. Unlike conventional banking systems, cryptocurrency transactions are often irreversible, amplifying the financial and accounting consequences of cyber breaches. Furthermore, the pseudonymous nature of blockchain transactions complicates audit verification, regulatory compliance, and internal control processes. As organizations integrate digital assets into their financial reporting frameworks, weaknesses in cybersecurity governance may undermine stakeholder confidence and market stability. This paper critically examines the major cybersecurity threats present in cryptocurrency markets and evaluates their direct and indirect impact on the reliability, accuracy, and auditability of financial records. It also analyzes existing risk mitigation strategies, including multi-factor authentication, cold storage solutions, encryption protocols, smart contract audits, and regulatory oversight mechanisms. The study concludes that while blockchain technology inherently promotes data immutability and transparency, systemic vulnerabilities at exchange, platform, and user levels continue to pose substantial risks. Strengthened cybersecurity governance frameworks, standardized accounting treatments for digital assets, and coordinated global regulatory efforts are essential to ensuring the long-term integrity and sustainability of cryptocurrency-based financial systems.
The rapid penetration of decentralized financial mechanisms into the structure of Ukraine's cryptocurrency market, where the volume of DeFi transactions consistently exceeds that of centralized platforms, highlights the need for effective tools to maintain the instant solvency of lending protocols during periods of sharp price fluctuations in digital assets. The purpose of this article is to systematize liquidity risks in decentralized financial systems, conduct a comparative assessment of algorithmic strategies for their minimization, and identify ways to enhance the stress resilience of protocols. The methodological basis of the study consists of a taxonomic analysis for classifying types of risks, a comparative analysis of the effectiveness of key liquidity management strategies, economic-mathematical modeling of cascading liquidation processes, and a correlation analysis of the relationship between the magnitude of cryptoasset price declines and the frequency of protocol failures. The empirical basis consists of on-chain data on the transaction activity of leading DeFi protocols for the period 2024–2026. The results show that hybrid configurations–which combine dynamic interest rate regulation with overcollateralization and decentralized oracle networks–demonstrate the highest resilience to extreme volatility. It was found that increasing collateral requirements proportionally reduces the probability of cascading liquidations, but simultaneously limits the protocol's capital efficiency, highlighting the need to optimize these parameters. It has been established that compositional links between protocols create a domino effect: a local liquidity shortage in one pool can trigger a chain of forced liquidations in adjacent systems within a critically short time frame. The scientific novelty lies in the development of a typologized scheme for neutralizing liquidity threats, which, unlike existing ones, integrates sentinel oracle, execution liquidation, and reserve insurance instruments into a unified protocol risk management system. The method for estimating margin call thresholds has been improved to account for the historical volatility of specific cryptoassets. The practical significance of the obtained results lies in their potential use by DeFi protocol architects and smart contract developers when designing risk management systems, configuring liquidation auction parameters, and selecting the optimal configuration of oracle networks for the Ukrainian crypto market.
The article examines digital asset inheritance in Web3 ecosystems, where the economic value of cryptocurrencies, NFTs, tokenised assets, cloud-stored intellectual property and high-value platform accounts is not supported by sufficiently reliable legal and technical mechanisms for intergenerational transfer. The relevance of the topic is determined by the fact that traditional inheritance law is oriented mainly toward tangible objects or documented property rights, whereas blockchain-native assets depend on private keys, platform accounts are restricted by terms of service, and the cross-border nature of digital portfolios complicates the determination of applicable law. The purpose of the study is to develop an integrated conceptual model of the Self-Sovereign Digital Heritage System (SSDHS), combining self-sovereign identity, decentralised identifiers, verifiable credentials, digital safes, smart-contract execution of inheritance conditions and regulatory compliance. The methodological basis includes comparative legal analysis, system analysis, functional modelling, conceptual design and regulatory impact assessment. The article substantiates a six-layer SSDHS architecture consisting of the identity layer, digital asset inventory layer, secure storage layer, blockchain layer, inheritance execution layer and legal compliance layer. It is shown that SSI addresses the problem of cryptographic heir authentication, whereas the digital safe ensures secure preservation of private keys, inheritance instructions, DID material and the digital testament. A comparative analysis of the regulatory frameworks of the United States, the European Union and Ukraine is conducted, including fiduciary access to digital assets, electronic wills, digital identity, crypto-asset markets, personal data protection, virtual assets and electronic identification. The study substantiates that SSDHS can serve as a legal-technological reference model for reducing the risk of digital asset loss caused by inaccessible private keys, improving heir identification reliability, reducing dependence on centralised intermediaries and preparing future legislative solutions for digital heritage.
The article examines local budgets as an important tool for implementing the financial policy of the state in the context of decentralization, transformation of the budget system and military challenges. The economic essence of local budgets, their functional purpose and role in ensuring the financial viability of territorial communities and the implementation of socio-economic development at the local level are revealed. The scientific approaches to determining the place of local finance in the system of public finance are generalized and their importance as a tool for redistributing financial resources between the levels of the budget system is substantiated The study analyzes the dynamics of redistribution of gross domestic product through budget revenues, including transfers, in 2020-2024, determines the share of local budget revenues and expenditures in Ukraine's GDP, and assesses the level of dependence of local budgets on intergovernmental transfers. It is established that under martial law, the centralization of financial resources has increased, while local budgets retain a significant role in financing public services and maintaining the socio-economic stability of the territories. The key problems of the functioning of local budgets are identified, in particular, the limited own revenue base, uneven financial capacity of communities and dependence on state support. The author substantiates the directions of improving the efficiency of budget management, which include expanding the tax potential of communities, improving the mechanisms of interbudgetary regulation, digitalizing revenue administration and applying incentive tools for the development of the local economy. It is proved that strengthening the financial autonomy of the local level is a prerequisite for improving the effectiveness of the state financial policy and ensuring sustainable development of territories
The article explores one of the main trends in modern financial transformation, namely the impact of decentralized finance (DeFi) on the banking sector. The author goes beyond conventional discussions about banks’ responses to DeFi and proposes a different vision for their role and function in the digital economy and Web 3.0. The aim of the study is to identify and analyze changes brought about by the rise of DeFi, as well as to propose possible strategies for banks to adopt in light of technological advancements. Unlike traditional approaches that focus on the conflict between banks and DeFi platforms, this work emphasizes the analysis of future models of financial intermediation. Concepts such as «5.0 banks», «metabanks», and autonomous digital ecosystems are explored, where banking functions are implemented in a more programmable manner. The research methods include a comparative analysis of the structural and functional differences between the traditional banking system and decentralized finance (DeFi), an analytical review of recent scientific publications, and an assessment of potential future developments for banks in the face of decentralized technology. Based on this research, we found that banks remain an important part of the financial system, despite increasing pressure from decentralized finance. However, banks must adapt to technological change in order to maintain their relevance. We identified three possible paths for the future of banking: the integration of DeFi features into existing banking products, the creation of hybrid models that combine DeFi and traditional banking, and the transition to fully autonomous algorithmic systems powered by smart contracts and artificial intelligence. While all three scenarios are possible, we believe that the hybrid model that combines DeFi innovation with customer protection and regulation is the most likely to succeed in the long term. The novelty of this work lies in its conceptual approach to how banks can adapt to decentralized technologies and forecast their future evolution within the context of Web3. Its practical significance lies in the potential for using these findings to develop digital transformation strategies for banks.
Subject of the study. Decentralized data management models and their impact on the economic performance, business processes, and innovation capacity of enterprises. The aim of the study. Scientific substantiation of the mechanisms and methodological approaches for assessing the economic impact of decentralized data management on enterprise operations, resource allocation, and strategic decision-making. Research methods. The study is based on methods of systemic and comparative analysis, structural-logical modeling, synthesis of open-source financial and operational data, and the development of integrated analytical frameworks for measuring transaction efficiency, process performance, and value creation. Results of the work. The article examines decentralized data governance frameworks based on blockchain, distributed ledger technology (DLT), Web3 platforms, edge computing, and AI-driven smart contracts. It has been substantiated that these technologies form a transparent, secure, and resilient information environment, reducing transaction costs, accelerating business processes, and enabling algorithmic trust. The research demonstrates that decentralized models transform enterprise economic activity by optimizing operational expenditures, enhancing transparency, and creating new models of governance and financing. The study provides an integrated system of indicators for evaluating economic effects, including metrics for transaction cost reduction, process efficiency, digital asset capitalization, and the establishment of digital trust. The research also identifies critical challenges and risks associated with the implementation of decentralized models, including technological integration, regulatory compliance, data privacy, and organizational readiness, which must be addressed to maximize economic and operational benefits. Practical significance. The results provide a methodological and analytical foundation for enterprises seeking to implement decentralized data management solutions to enhance operational efficiency, strengthen innovation capacity, and achieve long-term competitiveness. The study offers guidance for policymakers, managers, and researchers in designing, implementing, and evaluating advanced decentralized governance systems.
The paper investigates tax risks arising in the taxation of cryptocurrency transactions in Ukraine and in the broader international context. It substantiates that the absence of a unified legal qualification of cryptocurrencies significantly complicates the identification of the taxable object, the determination of the tax base, and the establishment of the moment at which tax liabilities arise. The paper highlights key challenges associated with the high volatility of digital assets, the insufficient transparency of transaction recording mechanisms, the complexity of verifying the origin of crypto assets, and the increased risks of tax evasion. Particular attention is devoted to the transnational nature of cryptocurrency circulation, which creates favorable conditions for tax arbitrage, regulatory fragmentation, and manipulation of tax residency. These phenomena weaken the effectiveness of national tax systems and generate additional threats to fiscal stability. It is argued that existing regulatory approaches in many jurisdictions remain fragmented and inadequately adapted to the specific features of decentralized digital technologies. The paper identifies priority directions for mitigating tax risks, including the harmonization of national legislation with international standards, the development of a coherent and unified model for the taxation of digital assets, the improvement of financial monitoring mechanisms, and the enhancement of transparency in cryptocurrency-related transactions. The paper concludes that only a systematic, balanced, and coordinated approach to the legal regulation of the cryptocurrency market is capable of ensuring tax certainty, strengthening compliance, and reducing risks both for the state and for market participants.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
The article provides a comprehensive study of the fundamental transformation of the nature of financial crises in the conditions of rapid digitalization of the global economy. It is shown that technological changes not only modify the toolkit of financial transactions, but also radically change the dynamics, speed and mechanisms of the spread of crisis phenomena. Special attention is paid to the evolution of banking panics: from traditional physical queues near branches to the phenomenon of "bank sprint", characterized by instantaneous, synchronized and mass withdrawal of liquidity through digital channels. This form of panic differs significantly from classical models in that the time lag between the appearance of negative information and the reaction of depositors is reduced from days or hours to minutes, which significantly complicates the possibilities of regulatory intervention. Based on historical analysis of the collapse of Continental Illinois (1984) and Silicon Valley Bank (2023), it is demonstrated that the digitalization of financial services combined with information synchronization through social networks creates conditions for an exponential acceleration of the spread of financial shocks. Particular attention is paid to new systemic risk vectors in the decentralized finance sector (DeFi), in particular the problem of the absence of automatic market fuses (circuit breakers) and threats of algorithmic cascading liquidations by smart contracts. The influence of artificial intelligence and large language models on market behavior, which contributes to the emergence of the "digital herding" effect, is considered. The need to change the regulatory paradigm is substantiated: the transition from static liquidity standards to dynamic management of operational stability. In this context, the unique experience of the Ukrainian Power Banking network was analyzed, which ensured the continuity of financial services in the conditions of large-scale crisis challenges caused by war and energy attacks. It is shown that the creation of a physically and energetically autonomous infrastructure of bank branches can be an effective tool for increasing the operational stability of the financial system.
The approval of spot Bitcoin and Ether ETFs in 2024 has ignited widespread interest in tokenization, with market potential estimated at $10 trillion. This shift is accelerating the adoption of decentralized finance (DeFi), crypto staking, artificial intelligence (AI)-driven payments, and private stablecoins. Innovations such as agentic AI and blockchain integration are transforming financial services, though they introduce systemic risks and cybersecurity challenges. U.S. federal and state policies are increasingly supportive of digital assets, including state-level Bitcoin reserves. Meanwhile, the global rise of CBDCs reflects governments’ intent to harness tokenization’s benefits while maintaining monetary control. Ensuring security, transparency, and governance remains critical.
Щербатих Денис Володимирович, Овсієнко Володимир Володимирович, Космачук Назар Петрович
У статті науково обґрунтовано модель токенізації IT-стартапів як інструменту фінансової автономії. Проаналізовано системні обмеження венчурного капіталу та світовий досвід успішних кейсів (Brave, Helium, Render). Автором розроблено чотирирівневу архітектуру на базі блокчейну Solana із застосуванням стандарту Token-2022, що реалізує принцип «compliance-as-a-code» через Transfer Hook. Доведено високу економічну ефективність моделі: зниження вартості залучення капіталу у 3,3 рази, прискорення фандрейзингу у 5 разів та розширення бази інвесторів у 100 разів при скороченні CAC у 10 разів. Обґрунтовано застосування гібридної юридичної структури (ТОВ+SPV) для мінімізації правових ризиків в умовах очікування MiCA. Визначено три стратегічні горизонти розвитку ринку до 2030 року в контексті конвергенції AI та Web3. Результати формують прикладну дорожню карту для масштабування бізнесу.
The accelerating digitalization of the energy sector is redefining how electricity is generated, traded, and consumed. Among emerging innovations, smart contracts being self-executing programs embedded on blockchains have become pivotal to the development of decentralized energy markets. This article reviews the state of knowledge and practical progress in applying smart contracts to energy systems, with particular attention to their potential in Ukraine’s evolving energy and digital infrastructure. Through a systematic analysis of academic studies, pilot projects, and policy frameworks, the article identifies the main opportunities, challenges, and future trajectories of blockchain-based automation in energy markets. The starting sections introduce the conceptual foundations of smart contracts, highlighting their essential properties of transparency, immutability, and autonomy. These characteristics enable direct peer-to-peer transactions without intermediaries, potentially lowering transaction costs and improving market efficiency. The subsequent analysis focuses on how smart contracts can support decentralized energy trading, renewable integration, and dynamic pricing, using examples from Australia’s Power Ledger, Brooklyn Microgrid in the United States, and Europe’s Enerchain, WePower, and Sunchain initiatives. To complement international evidence, the article discusses Ukraine’s readiness for pilot adoption in microgrid environments, given its digital transformation agenda and renewable energy policies. The study further examines technological, regulatory, and security challenges hindering large- scale deployment. Issues such as interoperability, scalability of consensus algorithms, and the legal enforceability of smart contracts remain critical barriers. Nevertheless, emerging frameworks like regulatory sandboxes and advances in IoT and AI integration offer pathways to overcome them. MATLAB-based simulation examples illustrate the potential for dynamic pricing and automated market balancing. The article concludes with strategic recommendations for policymakers, engineers, and researchers by emphasizing the need for hybrid architectures combining blockchain, artificial intelligence, and energy optimization models. Overall, the article underscores that while smart contracts promise to democratize and decarbonize energy systems, their success ultimately depends on coordinated technical innovation and adaptive governance.
The relevance of the study is determined by the growing role of decentralized autonomous organizations (DAOs) as an institutional basis for coordination and management in scalable digital business ecosystems in conditions of limited effectiveness of traditional hierarchical models. The purpose of the article is to provide a theoretical justification for the institutional effectiveness of DAOs and to identify the main mechanisms of their influence on the processes of coordination, distribution of responsibility, and decision-making in digital ecosystems. The methodological basis of the study is formed by the provisions of institutional economics, transaction cost theory, and collective action theory.The research uses methods of system analysis, theoretical generalization, comparative analysis, and institutional modeling. As a result of the research, the essence of DAOs as a new type of institutional construct in which formal and informal rules are integrated directly into the mechanism of coordination of economic agents has been clarified. It has been found that algorithmic enforcement, implemented through smart contracts, contributes to a reduction in transaction costs associated with the fulfillment and control of obligations, while strengthening institutional constraints. The main mechanisms of DAO’s influence on coordination have been identified, in particular procedural and asynchronous interaction, tokenized collective decision-making, and distributed responsibility. It has been found that the effectiveness of DAOs critically depends on the interaction between formal institutions and informal factors such as trust, reputation, and the activity of the community core. A generalized analytical model has been developed that demonstrates the relationship between DAO institutional mechanisms, their effects, and potential risks in the context of scaling digital ecosystems. The conclusions indicate that DAOs perform the functions of institutional coordination and reduction of transaction costs in digital business ecosystems through the algorithmization of formal rules and the use of smart contracts as a mechanism for ensuring compliance with norms.
Світлана Володимирівна Ковальчук, Віталій Григорович Федоришен
The article explores the fundamental essence and strategic role of investment capital within the context of the dynamic development of the stock market amidst the global digitalization of the economy. The authors conduct a comprehensive analysis of the conceptual apparatus, focusing on refining the definition, classification, and multifaceted functions of investment capital as a core resource for ensuring the financial stability of enterprises and maintaining a high level of liquidity in the securities market. Particular attention is paid to the transformation of capital from traditional forms into digital assets, a process that is fundamentally reshaping the architecture of modern financial relationships and global capital flows. The study demonstrates that the synergy between investment capital and digital technologies critically enhances market transparency, minimizes transaction costs, and accelerates the execution of financial operations. The research details the impact of cutting-edge technologies, such as blockchain-based trading, artificial intelligence for predictive analytics, and decentralized finance (DeFi) protocols, on the efficiency of capital allocation. Based on an empirical analysis of statistical data for the period 2021–2025, the correlation between investment capital inflows and key market capitalization indicators is identified. The paper further examines the influence of digital platforms on asset structures, price dynamics, and the overall resilience of the stock market to extreme volatility and external economic shocks. The authors reveal that digitalization acts as a powerful catalyst for the redistribution of capital i favor of high-tech sectors of the economy, thereby altering traditional investment paradigms. Furthermore, the research substantiates practical recommendations for stimulating the effective use of capital through the development of robust fintech infrastructure, the adaptation of regulatory frameworks to the requirements of the digital era, and the implementation of comprehensive programs to enhance digital financial literacy among market participants. The findings of the study demonstrate that the active involvement of investment capital under the conditions of stock market digitalization enhances the international competitiveness of the national economy and contributes to the sustainable development of the financial system. This article will be of significant value to researchers, financial sector practitioners, and investors interested in modern approaches to capital management and the evolution of the stock market under the ongoing pressure of digital transformation and technological progress.
The digital transformation of the global economy necessitates fundamental changes in traditional mechanisms of scientific financing, particularly in grant funding systems. This study examines priority directions for improving grant financing in the context of accelerating digitalization processes and provides evidence-based recommendations for modernizing existing financial support mechanisms for scientific research and innovation projects. The research employs a comprehensive methodological approach combining systematic analysis, comparative examination of international best practices, and case study methodology. Special attention is devoted to analyzing the European Union’s “Digital Europe” Programme as an innovative model of digital financing, as well as Ukraine’s National Strategy for Digital Development of Innovation Activity for the period until 2030. The study identifies strategic directions for digital transformation of grant systems, including implementation of blockchain technologies for creating decentralized transaction registers, development of AI systems for decision-making support, creation of integrated project lifecycle management systems, and introduction of Industry 4.0 technologies for synergetic enhancement of research ecosystems. Analysis of the “Digital Europe” Programme demonstrates the EU’s strategic orientation toward building a comprehensive digital ecosystem through targeted grant financing. A comprehensive 12-point modernization programme for Ukraine’s grant financing system is proposed, encompassing the creation of a national digital platform integrating all grant programmes, the introduction of digital identification systems for researchers, the development of intelligent expert evaluation systems, the modernization of financial monitoring mechanisms, and integration with international grant platforms. The programme provides a clear roadmap for systematic digital transformation during 2025–2030. The research demonstrates that digitalization of grant financing represents a critical factor for modernizing scientific financing systems and ensuring compliance with post-industrial society requirements. Integration of Ukrainian grant systems with European digital initiatives creates strategic opportunities for accessing international resources, forming international scientific consortia, and strengthening the competitiveness of domestic institutions. The proposed conceptual model establishes methodological foundations for the phased implementation of technological innovations and sustainable development of research activities in conditions of global digitalization and post-war economic recovery.
The article is devoted to the study of the role of digital competencies of management personnel in ensuring the competitiveness of organizations in the financial technology (fintech) sector. In the context of digital transformation of the economy and accelerating technological changes, the presence of relevant digital skills among managers becomes an essential condition for the successful functioning of fintech companies capable of creating demanded personalized financial products and services. The author examines the evolution of the concept of «digital competencies» from basic computer literacy to a comprehensive category that includes proficiency in modern data analysis tools, artificial intelligence, and distributed ledger technologies. The paper systematizes the methods for developing digital competencies of management personnel, identifying three main groups: educational, practice-oriented (project-based), and organizational-motivational. For each group, specific learning tools are presented, such as distance learning systems (LMS), workshops, hackathons, communities of practice, as well as gamification tools and KPI trackers. It is substantiated that the choice of methods and tools should be made taking into account the organization’s resource availability, the workload of managers, and the need for individualization of the educational process to increase the efficiency of professional training costs.
This article examines the current state and evolution of electronic payment systems as a key factor in the structural modernization of the economy. It describes the institutional changes in the banking sector, as credit institutions transition from resource accumulation functions to the role of infrastructure operators of information and financial flows. It substantiates that the speed of settlements, the level of automation, and the technological connectivity of participants are becoming decisive factors in the competitiveness of the state's financial system. The article presents the impact of technological factors in the modernization of payment infrastructure on accelerating settlements, increasing the transparency of financial transactions, and strengthening the reliability of payment services. It illustrates how the implementation of intelligent data processing systems, distributed ledgers, and automated payment flow management algorithms creates the preconditions for increasing the efficiency of interbank settlements and expanding the availability of financial services. It is concluded that the effectiveness of the development of electronic payment systems is determined by the consistency of technological, institutional and managerial mechanisms that ensure the sustainable functioning of the financial system in the context of the digital transformation of the economy.
Stablecoins, cryptocurrencies engineered to maintain a stable value relative to fiat currencies, have become one of the fastest-growing segments of the digital asset ecosystem. While early research focused primarily on their role in cryptocurrency trading and decentralized finance, stablecoins are increasingly being used for real-world payments. One of the most notable developments in this transition is the emergence of stablecoin-linked payment cards, which allow consumers to spend digital dollars at traditional merchants through established card networks such as Visa and Mastercard. This paper documents the rapid growth of stablecoin card spending and examines its implications for payment infrastructure, merchant economics, consumer fee structures, and regulatory policy. Drawing on data from Artemis Analytics, industry reporting, and payment network disclosures, the analysis shows that monthly crypto-card transaction volumes expanded from approximately $100 million in early 2023 to more than $1.5 billion by late 2025, reaching an annualized spending rate exceeding $18 billion. The paper also examines how stablecoin cards alter fee dynamics for merchants and consumers, how traditional card networks have responded to blockchain-based payment instruments, and what regulatory and competitive implications may follow from continued adoption. Although still modest relative to the global payments market, the rapid expansion of stablecoin card usage suggests that stablecoins may be transitioning from speculative trading instruments into a new form of digital payment infrastructure.
Blockchain technology has progressed from a novel notion in bitcoin to a widely used system in nations throughout the world, encompassing a wider range of industries, including agriculture. The decentralized nature of blockchain allows for increased transparency, cheaper transaction costs, and greater financial inclusion. This study reveals a comparative analysis of the applications of tokenized stocks, blockchain adoption, and fintech ecosystem between two countries, an emerging one, Turkiye, and a developed country, Germany, based on studies conducted between 2019 and 2025, to see how they differed in their approaches to implementation as Germany taking the lead in government adoption and Turkiye being the lead in fast adoption of innovations, as well as how each of the countries can learn from the other by presenting similarities and differences that will guide this research paper.
This study examines whether the launch of the iShares Bitcoin Trust (IBIT) is associated with a persistent reconfiguration of Bitcoin's second-moment dynamics, extending beyond the short-run announcement effects documented in prior event studies. Using a multi-method empirical framework on daily data from 2020 to 2026 and a sustained twenty-eight-month post-event window, we document a durable transformation of volatility, persistence, and tail risk rather than a transitory announcement response. While Chow, HAC-Wald, Andrews sup-F, and PELT procedures fail to reject mean stability, annualized volatility declines by approximately 19% to 28% across estimators, with close-to-close, Parkinson, and Garman-Klass measures all yielding statistically significant reductions. EGARCH(1,1,1) estimates indicate that the implied half-life of volatility shocks shortens from approximately 45 to 12 trading days, with a complementary GJR-GARCH specification yielding a post-IBIT half-life of approximately 25 days; both specifications point to a substantial acceleration of shock dissipation. Extreme downside exposure, measured by 1% Value-at-Risk and Expected Shortfall, compresses by approximately 44%, with bootstrap inference confirming statistical significance. At the portfolio level, Bitcoin's marginal contribution to tail risk declines by approximately three-quarters at standard allocation weights. Non-parametric ICSS variance-break detection identifies no discrete break within thirty days of the launch, consistent with a gradual regime adjustment rather than an instantaneous structural switch. Robustness tests using weekly returns, exclusion of the April 2024 halving window, and alternative breakpoints confirm the findings. The results contribute to the literature on cryptocurrency risk dynamics by documenting a coincident compression in Bitcoin's second-moment characteristics around the spot ETF era, a pattern distinct from the volatility responses previously documented for derivative-based products. In contrast to short-window event-study evidence, the compression is shown to persist and to extend into the tail of the return distribution and the portfolio risk budget, dimensions outside the scope of an announcement-window design.
The article examines risk management as a strategic foundation for managing the economic activity of an enterprise under conditions of wartime instability, macroeconomic turbulence, and digital transformation. The relevance of the topic is driven by the growing level of environmental uncertainty, intensified competition, and the emergence of new digital and war-related risks that require the formation of an integrated system of strategic risk management. The purpose of the article is to substantiate the theoretical foundations and develop practical approaches to the formation of a risk management system as a strategic tool for managing the economic activity of an enterprise.The paper systematizes the main risk management instruments (risk acceptance, avoidance, transfer, and mitigation), identifies the structural elements of the risk management process, and proposes a model for organizing business processes within the framework of a risk management strategy. The concept of risk zones (risk-free, acceptable, critical, and catastrophic) is disclosed, enabling the assessment of risk concentration levels and ensuring timely adjustments of managerial decisions.Special attention is paid to digital risks arising from the implementation of cross-cutting digital technologies, including artificial intelligence, big data, robotics, and distributed ledger systems. The authors propose an original classification of digital transformation risks at the enterprise level, distinguishing economic, technical, organizational, and war-related risks, as well as identifying key risks associated with the use of artificial intelligence technologies (data privacy risk, infrastructure risk, statistical discrimination risk, incorrect managerial decision-making risk, workforce imbalance risk, etc.). The necessity of integrating digital risks into the corporate risk management system (ERM) is substantiated.The article also considers modern strategic approaches to risk management, including the “three lines of defense” model, the method of defining risk appetite and risk tolerance, and the development of risk culture and effective communication. It is proved that their integrated application creates a holistic risk management architecture aimed at preventive response, balancing profitability and sustainability, and enhancing the economic security of the enterprise. It is concluded that under modern conditions, risk management acts not only as a mechanism for minimizing threats but also as a strategic concept for ensuring long-term stability, innovative development, and competitiveness of an enterprise in the context of the digital economy and wartime challenges.
This paper examines the transformation of the interest rate transmission mechanism under the conditions of rapid financial digitalization. The emergence of new financial intermediaries, decentralized finance (DeFi), digital lending platforms, and the growing role of big data and algorithmic pricing are reshaping how changes in the central bank policy rate affect the real economy. The research identifies novel transmission channels, including digital funding channels, crypto-asset price channels, and algorithmic expectation channels, while highlighting the risks of transmission fragmentation and uneven pass-through across sectors. The study concludes with policy recommendations for central banks to adapt their monetary policy strategies to the high-tech financial landscape.