The purpose of this article is to study the peculiarities of the functioning of Ukraine's public finance system under martial law, identify key challenges associated with high levels of economic and social uncertainty, and justify possible ways of adapting budgetary and financial policy to ensure the sustainability, balance, and efficiency of public resource management. The article analyzes the current state of public finances in Ukraine under martial law, describes the main trends in the formation of revenues and expenditures of the state budget, the impact of military actions on the tax system, interbudgetary relations, and financial decentralization. It identifies the main challenges facing the state's financial system, including a sharp increase in military and social spending, a reduction in budget revenues due to a decline in economic activity, a growing budget deficit, and the need for external financing. Particular attention is paid to the role of international financial assistance in maintaining macroeconomic stability, ensuring the solvency of the state, and financing critically important sectors of the economy. The problems of effective public finance management during wartime are highlighted, in particular the issues of transparency of budgetary processes, targeted use of funds, risks of corruption, and restrictions in the area of financial control. Directions for improving public finance management mechanisms in conditions of uncertainty are substantiated, including the digitization of financial processes, strengthening anti-crisis planning, optimizing budget expenditures, improving the effectiveness of financial control, and developing strategic forecasting. Recommendations are proposed to improve the country's financial stability in the medium and long term, which include aligning domestic financial capabilities with external support, improving the efficiency of budget resource use, developing effective public debt management mechanisms, and enhancing financial security as a component of national stability.
Introduction. In the context of Ukraine's European integration course and the state's implementation of the decentralization reform, the importance of local self-government as the basis for the development of territorial communities is increasing. Particularly relevant are the issues of filling local budgets with revenues to ensure that local authorities perform their functions, adequately finance social and economic programs, and create the preconditions for improving the quality of life of the population. Problem Statement. Filling local budgets with funds, creating a financial basis for the development of local self-government. Purpose. Research on changes in local budget revenue formation caused by the implementation of decentralization reforms in Ukraine (with a focus on territorial community budgets), determination of losses incurred by local treasuries and the additional revenues they received in the pre-war (before the start of full-scale war) period of reform (2015–2021), justification of ways to preserve budget revenues in an inflationary economy. Methods. The article uses general scientific methods, namely: descriptive, statistical and economic, monographic, and theoretical generalization. Results. The changes in the formation of local budget revenues (with a focus on the budgets of territorial communities) that took place in Ukraine during the implementation of the decentralization reform in 2015-2021 are described. The amounts of losses and additional revenues received by budgets as a result of the changes implemented are calculated. The methods enshrined in current legislation that allow budget revenues to be protected from inflationary depreciation are described. Conclusions. The implementation of the decentralization reform in Ukraine was accompanied by significant changes in budgetary and tax rules, including the introduction of new/termination of existing mandatory payments, revision of certain elements of taxes and fees, and changes in the proportions of payments distributed among budgets. These changes did not have an unambiguous impact on local government revenues, causing them to increase on the one hand and decrease on the other. The level of real increase in local government budget revenues for the period from 2014 to 2021 (38 %) recorded in the paper indicates that the reform has increased the financial capacity of territorial communities. It is determined that an important role in preserving local budget revenues is played by the relevant ways used by the legislator, including the revision of tax rates, minimum wages and subsistence minimums, and indexation of the monetary value of land plots. The author emphasizes the actual application of a unified approach to the formation of revenues of the budgets of territorial communities (regardless of their status – rural, settlement, city) from 2021. The author identifies the consistently high role of personal income tax and the growing role of local taxes and fees, excise tax and rent in filling local budgets, which has a positive impact on the level of financial support for territorial communities and creates prerequisites for their development.
The article examines the development of local budgets in Ukraine in the context of local government reform and the implementation of budget decentralization. Theoretical approaches to determining the essence and role of local budgets in the public finance system, as key instruments for financing the socio-economic development of territorial communities, are substantiated. The regulatory and legal principles governing the formation and implementation of local budgets are analyzed, their transformation under the influence of decentralization processes is determined, and the main legislative gaps hindering the increase in the financial autonomy of local government bodies are identified. The impact of local government reform on the financial capacity of territorial communities is assessed by examining changes in the revenue and expenditure structure of local budgets, the ratio of own revenues to inter-budgetary transfers, and the expansion of budgetary powers at the local level. It is established that budget decentralization has generally expanded the role of local budgets in financing public services, but its effects are uneven and largely depend on the economic potential of the territories. Key problems and systemic imbalances in the development of local budgets in modern socio-economic conditions have been identified, including structural inequality in the income base of communities, an imbalance between delegated powers and financial resources, persistent transfer dependence, and managerial and demographic constraints. The need to transition from the formal expansion of budget powers to the qualitative strengthening of the financial capacity of territorial communities by improving inter-budgetary equalization mechanisms, stimulating own revenues, and increasing the effectiveness of budgetary resource use has been substantiated. Keywords: local budgets, budget decentralization, local self-government, financial capacity, territorial communities, public finances.
The article is devoted to the theoretical and methodological justification of the impact of decentralization reform on the financial capacity of rural communities using the example of Zakarpattia Oblast in the context of martial law and profound socio-economic transformations. The content of decentralization as a key element of multi-level public administration is revealed, and its role in redistributing powers, resources, and responsibilities between the central government and local self-government, as well as in the formation of capable territorial communities, is clarified. Based on the Constitution of Ukraine, the fundamental laws on local self-government, and strategic documents of state regional policy, the institutional foundations of financial decentralization and the formation of local budgets’ revenue base are analyzed. A methodological approach to assessing the financial capacity of communities is proposed, based on the use of an integral index and a system of eleven indicators (revenues, expenditures, budget structure, share of transfers, capital investments, etc.), considering data from the ULEAD with Europe program and the specifics of the war period. Based on empirical data from 2023–2024, differences in financial capacity across rural, settlement, and urban communities were revealed. Trends in the share of communities with high, optimal, satisfactory, low, and critical levels of capacity were outlined, including a decrease in the share of critically weak communities and a gradual strengthening of individual rural communities. Specific attention is paid to the analysis of the financial situation in the communities of Zakarpattia Oblast, where both deterioration in indicators for individual territories and positive examples of capacity growth through intermunicipal cooperation, participation in international projects, and the intensification of local economic development have been recorded. The expediency of using an integrated financial capacity index as a tool for monitoring and justifying targeted state and regional policy measures to support rural communities is demonstrated. Keywords: decentralization, capacity, socio-economic development, finance, rural areas, territorial communities, competitiveness.
Оксана Гладченко, T. V. Ratushnyak, І. Д. Погорєловська, А. Р. Коротун · 5 authors
У статті розглянуто вплив комп’ютерних технологій, зокрема блокчейн-рішень, ІТ-інфраструктури та суміжних цифрових інструментів, на формування й розвиток криптовалют. Висвітлено історичну еволюцію ІТ-технологій у контексті ключових етапів розвитку криптовалютного середовища – від перших концепцій цифрових гро- шей у 1970-х роках до сучасної високотехнологічної екосистеми. Окреслено, як розвиток персональних комп’ютерів, глобального інтернету, криптографії, peer-to-peer мереж, хмарних обчислень, смартконтрактів і Web3-платформ сприяв можливості створення, функціонування та масштабування цифрових активів. На основі історичного та статистичного аналізу показано, що зростання інвестицій у блокчейн-технології тісно пов’язане з динамікою капіталізації криптовалютного ринку. Проведений регресійний аналіз продемонстрував високий рівень кореляції між ринками блокчейну та криптовалют, а також між ІТ-сектором і криптовалютами, що вказує на їхнє визначальне значення у цифровій економіці. У статті схарактеризовано модель формування криптовалюти, починаючи з концептуального етапу та завершуючи її інтеграцією в платформи обміну, зберігання та реального використання. Особливу увагу приділено ролі смартконтрактів, мережевих архітектур, тестових середовищ, безпекових протоколів та адаптації до регуляторних вимог. Зазначено, що комп’ютерні технології є системоутворюючим елементом сучасної криптовалютної економіки, а блокчейн відіграє роль ядра довіри, прозорості та безпеки в цифровому середовищі. У результаті визначено, що комп’ютерні технології є базовим структурним елементом у побудові функціональної криптовалютної екосистеми, а блокчейн виступає не просто інструментом обліку, а технологічним ядром для забезпечення довіри, децентралізації та безпеки. Таким чином, криптовалюта не є ізольованим цифровим активом, а є результатом системної взаємодії програмного забезпечення, мережевих інфраструктур, безпеки, ринкового середовища та технологічної інноваційності.
The article studies the theoretical and methodological foundations of the functioning of cryptocurrency as an innovative financial instrument in the system of economic potential of an enterprise. The essence of cryptocurrency is revealed from the point of view of its role in the formation of financial resources, ensuring solvency and increasing the competitiveness of business entities. The author's definition of the term "cryptocurrency" is provided. The criteria for classifying cryptocurrencies have been expanded. The expediency of using cryptocurrencies in entrepreneurial activities in the context of digitalization of the economy has been substantiated. The analysis of the advantages and risks of integrating cryptocurrencies into the financial strategy of the enterprise is carried out, as well as methodological approaches to assessing their impact on the overall economic potential are proposed. The authors offer practical recommendations for effective management of cryptocurrency assets, taking into account the current regulatory framework and technological changes.
The article analyzes the foundations of Ukraine's state regional policy for digital transformation, including the regulatory framework, strategic documents, and regional informatization programs. It is determined that implementing digital technologies is a key direction of state policy aimed at creating conditions for the development of an information society, integrating modern technologies into public administration, and ensuring the competitiveness of regions. Considering the decentralization of power, conditions are being created to align regional development policies with key areas of digital transformation, including the digitalization of regional governance, the development of the digital economy, the implementation of innovative technologies, process automation, the expansion of e-government, and the formation of e-democracy tools, among others. The study found that the primary tool for ensuring digital transformation at the regional level is regional informatization programs developed by the standard project for such programs approved by the Ministry of Digital Transformation of Ukraine. As of January 1, 2025, 16 regions of Ukraine have adopted these programs, which cover the implementation of e-government, digital infrastructure, cybersecurity, digital literacy, and more. Disparities in financing and levels of digital maturity among regions have been identified, requiring improved coordination mechanisms and ensuring the balanced development of digital infrastructure at the regional level. The study's results emphasize the need to synchronize regional programs with national priorities, integrate European digitalization standards, and implement a monitoring system to assess program effectiveness. These aspects are crucial for the harmonious development of a digital state, ensuring equal access to modern technologies and improving the efficiency of public administration.
Andrii Pelekhatyi, Nazariy Popadynets, Oksana Tymkovych
The article substantiates the theoretical and methodological foundations for the formation of information and communication support for the inclusive development of territorial communities in the context of post-war reconstruction, digitalisation of public administration and transformation of the local finance system. It is proven that inclusive development emerges as an integrated model of socio-economic participation of the population, which combines the accessibility of public services, equal opportunities, and the involvement of citizens in management decision-making, ensuring the growth of financial capacity and institutional stability of communities. The system-forming role of information as a strategic resource for development, ensuring the transparency of budgetary processes, analytical support for strategic planning and coordination of reconstruction initiatives, has been revealed. It has been established that information inequality, data fragmentation and limited communication between the authorities and the population reduce the effectiveness of resource management and hinder the realization of the potential for inclusiveness. It is shown that integrated digital platforms for public services, open data systems, e-participation tools, and analytical models for decision support from the institutional prerequisites for improving the socio-economic performance of communities, strengthening trust in the authorities, and expanding the revenue base of local budgets, which correlates with the research areas of revenue management and strategic financial controlling. The institutional role of the Ministry of Digital Transformation of Ukraine in the development of integrated electronic services, particularly the Diya platform, as tools for overcoming information barriers and ensuring equal access to public resources is outlined. It is argued that the integration of information and communication systems into strategic management and budgeting mechanisms creates conditions for the inclusive modernisation of local self-government, increased investment attractiveness and sustainable community development. The practical significance of the results is related to the possibility of their use by local self-government bodies to increase transparency, efficiency of revenue management and adaptability of communities in the process of post-war recovery. Keywords: territorial communities, inclusive development, information and communication support, information and communication technologies, local self-government, public administration, decentralization, digitalization, digital services, institutional paradigm, factors of inclusive governance.
М. А. Абрамова, С. В. Криворучко, Oleg V. Lunyakov, Алим Борисович Фиапшев
Existing studies of the problem of the emergence and development of decentralized finance (DeFi) are largely limited to non-principled clarification of certain positions and formulations, with emphasis on technical and technological innovations, far from the level of fundamental research. The authors set the task of theoretical understanding of the ongoing transformation processes in the financial sphere. The purpose of the study was to identify the conditions, driving forces and nature of the process of development of decentralized finance; to define DeFi and identify its sustainable features; and to substantiate the possibilities of considering DeFi as a separate economic category and institution. Setting the goal determined the sequence of its solution in two stages. The first stage implied a higher level of abstraction, an appeal to the theory of money and its modern achievements. The second stage —“movement to the surface”, inclusion in the analysis of specifications accompanying the development of DeFi. The authors used systematic and logical methods , induction and deduction as the main methods, which allowed them to generalize and systematize the ideas about the essence of decentralized finance, identify problems in the modern scientific discourse. As a result, the causes are revealed, and the nature of the process of emergence and development of the sphere of decentralized finance is substantiated, the definition of DeFi is given, the principles of their functioning are highlighted and recommendations on structuring the conceptual apparatus of DeFi are developed. It is concluded that the process of formation and development of decentralized finance is objective and driven by changes in the monetary sphere, technological advances, and problems of traditional finance. At the same time, the stable features of DeFi determine the potential of reproduction of financial relations on a decentralized basis, but at the same time do not allow us to qualify DeFi as an independent category and institution. The results of the study can be used both in elaborating the concept of DeFi development and taken into account as part of the regulatory response to DeFi.
The article considers financial literacy as an important factor of sustainable socio-economic development in the context of global digital transformation. The rapid development of financial technologies, platform economy, artificial intelligence, blockchain technologies, and decentralized finance (DeFi) has significantly changed the architecture of financial markets and consumer financial behavior models. In these circumstances, the ability of the population to effectively and safely use digital financial instruments is becoming a key condition for the financial stability of households and the stability of the financial system. According to the OECD/INFE (2023), only about 29% of the adult population achieve a minimum level of digital financial literacy, which indicates that there is a significant gap between the technological development of the financial sector and the level of financial competence of users. The study systematizes modern theoretical approaches to understanding financial literacy and analyzes its evolution under the influence of fintech innovations, artificial intelligence technologies and digital assets. Special attention is paid to new competencies necessary for secure interaction with cryptocurrencies, robo-consultants, embedded finance systems and open banking tools. It is proved that the development of digital financial literacy helps to reduce the financial vulnerability of the population, expand access to financial services and form an inclusive digital economy. The results of the study show that investments in the development of digital financial competencies of the population form a multiplier effect for economic growth and improving the financial well-being of society.
Nianko L.Yu., Dovbush A.V. DEVELOPMENT OF BANKING SERVICES IN THE CONDITIONS OF DIGITALIZATION: CHALLENGES, TRENDS AND PROSPECTS Purpose. The aim of the study is to conduct a comprehensive analysis of the transformation processes of banking services in the context of digitalization, in particular to identify key trends and outline the prospects for further development of the banking sector based on the implementation of digital technologies and FinTech solutions. Methodology of research. The methodological basis of the study is the dialectical method of scientific knowledge and a systematic approach. In the course of the study, a set of scientific methods was used to analyse the development of the banking system and its digitalization, in particular: analysis and synthesis, analytical – when processing literature sources; statistical analysis – to assess the dynamics of the banking system's development and its digitalization, evaluate global trends, and identify key areas for digitalization implementation. The use of trend analysis made it possible to identify the main factors influencing the development of the banking system and its digitalization. The graphical method was used to visualize statistical data and trends, which provides a more visual representation of the dynamics of the banking system and simplifies the interpretation of the obtained results. Findings. The issues of digitalization of the banking system are studied. The level of penetration of online banking, the dynamics of launching new banks in the world, the number of digital banks in the world, and the number of clients of the world's leading digital banks are determined and estimated. The list of promising and newest financial technologies in the banking sector is specified. Originality. The study proves that the prospects for the introduction of such digital financial technologies as artificial intelligence (AI), open banking, central bank digital currencies (CBDCs), biometric identification services, and green banking are directly related not only to their technological convenience but also to the level of government support and promotion of financial inclusion. This, unlike existing approaches, makes it possible to comprehensively assess not only the innovative potential of technologies but also their systemic integration into the banking model. It is established that DeFi (decentralized finance), despite the limited regulatory environment and high risk, can be further developed through gradual integration with traditional banking instruments, in particular through models of sharing APIs and smart contracts within hybrid financial systems. The study also improves the classification of the main risks that accompany the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and infrastructure threats. This allows for a more effective risk management model for the digital transformation of the bank. Practical value. The substantiated results of the study can be used to assess the trends in the implementation of FinTech solutions in the banking sector, to understand the role of FinTech in the strategic management of the bank, which allows considering digital innovations not only as tools for improving efficiency, but also as factors in the formation of long-term competitiveness. The study also improved the classification of the main risks accompanying the implementation of FinTech solutions in the banking sector by identifying strategic, technical, regulatory, organizational, and This allows for a more effective risk management model for the digital transformation of the bank. Key words: bank, banking services, digitalization, online banking, blockchain, Open Banking, digital transformation, FinTech.
У статті досліджено теоретичні та практичні аспекти впровадження smart contracts у процеси розрахунків із постачальниками та кредиторами. Акцент зроблено на аналізі ключових характеристик смарт-контрактів, зокрема автономності, самовиконання та незмінності, що визначають їхню ефективність та надійність у сучасних фінансово-господарських відносинах. Розкрито технологічну основу функціонування смарт-контрактів, підкреслено визначальну роль блокчейну та децентралізованих систем у забезпеченні прозорості, безпеки та стійкості транзакцій. Проаналізовано ключові виклики та ризики, що перешкоджають широкомасштабному впровадженню смарт-контрактів, серед яких виділено правові бар’єри через відсутність уніфікованого законодавства, технологічні ризики, пов’язані з можливими помилками у коді та питаннями масштабованості блокчейн-мереж, складність інтеграції смарт-контрактів у традиційні бізнес-процеси, а також соціально-етичні аспекти, що стосуються впливу на ринок праці та необхідності розвитку нових цифрових компетенцій.
З. В. Квасній, Marta Olikhovska, Володимир Ярославович Оліховський, Юрій Володимирович Даниленко
The article deals with modern instruments of financial support for the development of territorial communities in the conditions of decentralization and strengthening the role of local self -government. The purpose of the article is to analyze modern instruments of financial support for the development of territorial communities, to determine their effectiveness and potential for the use in conditions of decentralization, as well as to substantiate directions of improvement of financial policy in order to strengthen economic capacity and improve the financial independence of local self-government. Classification of sources of financial support for internal (local taxes and fees, income from communal property management, payment for the provision of administrative services) and external (transfers from the state budget, international technical assistance, investment resources, grants). Innovative financial instruments that can be used by communities are identified: local trust funds, municipal bonds, public-private partnership, crowdfunding and social investment. Particular attention is paid to the assessment of the efficiency of the existing financial base of territorial communities and outlines the main problems: limited own income, uneven community development, dependence on state subsidies. The directions of improvement of financial policy at the local level, including expanding the possibilities of attracting investments, optimization of expenditures of local budgets, development of partnership forms of financing are proposed. The practical importance of the study is to identify tools that can ensure the financial sustainability and competitiveness of territorial communities in the long run.
The article examines the problem of entrepreneurial risks in the conditions of institutional uncertainty and analyzes the possibilities of applying blockchain technologies and strategic management to minimize them. Institutional uncertainty, manifested in the instability of regulatory requirements, unpredictability of regulatory decisions and lack of transparency, creates significant obstacles to business development, and traditional risk management methods demonstrate limited effectiveness in such conditions and forms a certain management philosophy and culture. It is substantiated that blockchain technologies, thanks to decentralization, transparency and security, offer an alternative approach to ensuring trust and reducing risks. Practical examples of blockchain application in various industries are studied: from finance to logistics, healthcare, real estate and energy. Strategies for introducing blockchain into business are systematized, including the use of smart contracts, decentralization of operations, partnerships with blockchain startups , creation of consortia, and personnel training. At the same time, blockchain limitations are also noted : technical complexity, regulatory risks, high implementation costs, cyberthreats and scalability issues. The research results show that the combination of strategic management and blockchain technology forms an effective toolkit for minimizing business risks in an unstable institutional environment. Such an approach allows companies to create sustainable business models, reduce dependence on unreliable institutions and increase competitiveness, which is especially relevant for regions with insufficiently developed institutional infrastructure.
This article examines the critical issue of ensuring the financial stability of Ukraine’s public finance system amid wartime challenges and national post-war recovery. The study aims to analyze key threats and vulnerabilities – such as the rapid rise in debt burden, sharp decline in budget revenues, and escalating needs for defense and social expenditures – and to propose conceptual, strategic approaches to developing a sustainable and effective state financial policy. The research argues for the importance of balancing various budget financing sources, strengthening the domestic government debt market, and enhancing transparency and institutional capacity within public finance management. In wartime and post-war contexts, financial stability must be viewed as a multidimensional concept, encompassing economic, institutional, and socio-political dimensions. Its achievement demands a combination of anti-crisis measures and a long-term, recovery-oriented modernization strategy. Based on the analysis, the article substantiates the need to revisit intergovernmental fiscal relations, develop instruments to reinforce public trust in institutions, and create financial tools capable of supporting sustainable post-war reconstruction. The findings underscore several unresolved challenges: the optimal mix between debt and internal revenues, the role of fiscal decentralization and local government autonomy, the effectiveness of tax administration, and combating corruption through enhanced oversight and civic engagement. The article highlights the strategic shift in budgetary priorities toward defense, recovery, and longterm development, and emphasizes the dual role of public finance – as both a crisis buffer and a catalyst for modernization, particularly through public–private partnerships and specialized recovery funds. The institutional dimension is decisive: robust mechanisms of control, risk management systems, digitalization of budget processes, and independent fiscal institutions are prerequisites for financial stability. The ability of Ukraine’s public finance system to maintain stability under extreme uncertainty depends on its resilience, multifaceted adaptability, and legitimacy. By diversifying revenue sources, reinforcing institutional frameworks, and guiding spending toward strategic recovery, public finance can become the foundation of long-term sustainable growth and societal trust.
The article aims to analyze the legal framework for cashless payments in cryptocurrency and provide proposals to overcome the problem of their legitimization by acts of Ukrainian legislation. The state's long-standing reluctance to legitimize non-cash payments in cryptocurrency is indicated. The state, represented by the National Bank of Ukraine and other central executive bodies, tried to protect the national currency, the hryvnia. Because of this, the state did not legitimize the circulation of cryptocurrencies. It is summarized that in times of war, the state needs a significant number of various resources. Cryptocurrency is also one of the strategic resources that can be used by the state. Legitimization of cryptocurrency transactions and amendments to the Tax Code of Ukraine will increase revenues to the state budget. It is noted that the legal regime of martial law in Ukraine is not a warning against the active legitimization of cryptocurrencies.It is predicted that after the legitimization of cryptocurrencies, the state budget will be able to replenish itself with additional revenues through tax collection, and thanks to the anonymity and irreversibility of cryptocurrency transactions, the volume of Ukrainian exports and imports will increase, and the parties to the agreements will be encouraged to properly, timely and fully fulfill their contractual obligations. Thanks to anonymity, third parties will not know the subject matter of the agreements, and therefore the structure of the means of waging war may unexpectedly change for the better. The methods of waging war may also unexpectedly improve. It is concluded that in the post-war period and with the restoration and development of the Ukrainian economy, the European economy, and the world economy in general, the importance of non- cash payments in cryptocurrency will increase. Therefore, the legitimization of such calculations will be continued in other regulatory acts of Ukraine. The acts mentioned in the article, in particular the Tax Code of Ukraine, will be permanently supplemented.
Financial support for local self-government is an integral part of sustainable development of territorial communities, which determines the effectiveness of resource management at the local level. In the face of dynamic changes, including war, decentralization is increasingly important, as it allows local authorities to increase their financial autonomy. However, this requires optimizing budget planning, attracting investments, and expanding the revenue base of communities. State transfers remain an important tool in this process, helping to balance the financial capacity of different regions, especially in times of crisis. The fiscal decentralization reform implemented before the war significantly strengthened the financial capacity of local budgets, but the war led to a temporary centralization of budget resources. In such circumstances, utilities play a critical role, facing financial difficulties due to outdated infrastructure and unregulated tariffs. To ensure the sustainability of these enterprises, budget funding is needed, as well as the effective use of grant resources and international technical assistance. The development of infrastructure and social initiatives requires the introduction of various financing mechanisms, such as local borrowing and investment. Restoration and improvement of decentralization in the post-war period should take into account new socio-economic challenges and meet European standards. The key task is to strengthen the financial self-sufficiency of territorial communities, which will help reduce their dependence on centralized transfers. Improving inter-budgetary relations and effective management of budgetary resources are important components of the country's economic recovery after the war.
Вступ. Активний розвиток цифрових технологій сприяв появі нових форм фінансових активів, серед яких особливе місце посідають криптовалюти. Їх децентралізований характер та високий рівень анонімності створюють як значні можливості для розвитку цифрової економіки, так і виклики для системи оподаткування. В Україні поки що відсутня чітка та всеосяжна система податкового регулювання операцій із криптовалютами, що ускладнює визначення правового статусу цих активів, бази та механізмів їх оподаткування. Отож, особливої актуальності набуває аналіз міжнародного досвіду у сфері оподаткування цифрових активів та адаптація ефективних моделей до українських умов. Мета – проаналізувати сучасний стан оподаткування криптовалют в Україні, визначити основні проблеми податкового регулювання цифрових активів та узагальнити міжнародний досвід для формування ефективної системи їх оподаткування. Результати. Визначено відсутність спеціального податкового законодавства щодо оподаткування цифрових активів в Україні, що створює правову невизначеність. Проведено систематизацію криптовалют за основними ознаками, розглянуто підходи до їхнього бухгалтерського обліку та оподаткування. Узагальнено міжнародну практику, яка свідчить про різноманітність підходів – від повного визнання криптоактивів як майна до їх часткової заборони. Висновки. Для ефективного оподаткування криптовалют в Україні необхідно розробити комплексну законодавчу базу, яка забезпечить прозорість фінансових операцій, визначить порядок обліку доходів і створить умови для належного оподаткування цифрових активів. Врахування міжнародного досвіду дасть змогу сформувати збалансовану систему податкового регулювання, що сприятиме розвитку цифрової економіки держави. Introduction. The active development of digital technologies has led to the emergence of new forms of financial assets, among which cryptocurrencies occupy a special place. Their decentralized nature and high level of anonymity create both significant opportunities for the development of the digital economy and challenges for the taxation system. In Ukraine, there is still no clear and comprehensive framework for the taxation of cryptocurrency transactions, which complicates the determination of their legal status, tax base, and taxation mechanisms. In this context, analyzing international experience in the taxation of digital assets and adapting effective models to Ukrainian conditions becomes particularly relevant. The purpose of the article is to analyze the current state of taxation of cryptocurrencies in Ukraine, develop the main problems of tax regulation of digital assets and summarize international experience to form an effective system of their taxation. Results. Violations of special tax legislation on the taxation of digital assets in Ukraine were identified, which creates legal uncertainty. Cryptocurrencies were systematized according to the main features suitable for their accounting and taxation. General international practice, which has a choice of a variety of approaches – from full recognition of cryptoassets as property to their partial ban. Conclusions. For effective taxation of cryptocurrencies in Ukraine, it is necessary to develop a comprehensive legislative framework that ensures the transparency of financial transactions, determine the procedure for accounting for income and create conditions for proper taxation of digital assets. Taking into account international experience will allow to form a balanced system of tax regulation, which will contribute to the development of the state’s digital economy.
Дипломна робота присвячена комплексному аналізу міжнародного досвіду взаємодії та регуляції криптовалют на прикладах-кейсах різних країн світу. Розкритий потенціал та перспективи імплементації криптовалюти в українську економіку. Завдяки статистичним методам оцінений стан криптовалютного ринку, сучасні проблеми і можливі ризики, зазначена роль криптовалюти у перспективах розвитку економіки України. Окрему увагу приділено пропозиціям по регулюванню та оподаткуванню, які позитивно вплинуть на економічний та соціальний розвиток України. The thesis is dedicated to a comprehensive analysis of international experience in the interaction and regulation of cryptocurrencies, illustrated by case studies from various countries. The potential and prospects of implementing cryptocurrency into the Ukrainian economy are explored. Using statistical methods, the state of the cryptocurrency market for 2025 is assessed, along with current issues and possible risks, while the role of cryptocurrency in the future development of Ukraine’s economy is highlighted. Special attention is given to proposals on regulation and taxation, which will positively influence Ukraine's economic and social development.
The article provides a comprehensive analysis of the development of Ukraine’s digital economy, emphasizing the critical role of the IT sector, innovative capitalization strategies, and the transformative impact of digital technologies on economic growth. The authors highlight the significant achievements of the Ukrainian IT sector. This growth is supported by a robust educational system producing skilled IT professionals and government initiatives such as the Ministry of Digital Transformation, the “Diia” project, which have revolutionized e-governance and digital public services. The article delves into innovative capitalization strategies, including the adoption of blockchain technologies, decentralized finance (DeFi), venture capital, and angel investments, which are reshaping investment landscapes and enabling rapid scaling of digital businesses. The authors also explore the role of international partnerships and foreign direct investments (FDI) in fostering Ukraine’s digital economy, particularly through collaborations with global tech giants and initiatives like the EU’s €50 billion Ukraine Facility program. Despite these advancements, the article identifies several challenges, including insufficient investment in digital infrastructure, brain drain, cybersecurity threats, and regulatory uncertainties. To address these issues, the authors propose a multifaceted approach, including enhancing digital literacy, modernizing educational institutions, and fostering a competitive innovation culture. The article concludes by emphasizing the importance of balancing innovation with risk mitigation to ensure sustainable growth in Ukraine’s digital economy. By leveraging its strengths in IT and digital services, Ukraine is well-positioned to become a leading digital hub in Eastern Europe, driving economic resilience and global competitiveness. Additionally, the article underscores the potential of emerging technologies like artificial intelligence (AI) and the Internet of Things (IoT) to further accelerate digital transformation. The authors call for increased collaboration between the public and private sectors to create a supportive ecosystem for startups and scale-ups, ensuring that Ukraine remains at the forefront of the global digital economy.
Introduction. At the outset of the twenty-first century, the global economy has been undergoing a multidimensional transformation in which technological innovations overlay geopolitical shifts in the world order. Disruptions to global value chains, intensified geo-economic fragmentation, and the accumulation of “polycrises” (security, energy, climate, macro-financial, and cyber) have exposed the limits of the Bretton Woods construct of international finance and the effectiveness of classical institutions of global governance. At the same time, rapid digitalization – specifically the development of central bank digital currencies (CBDC), decentralized finance (DeFi), open banking, asset tokenization, and algorithmic supervision (RegTech/SupTech) – is reshaping the mechanisms of value creation and distribution in finance, undermining established models of monetary/financial sovereignty, international liquidity, and trust in reserve currencies. As a result, a new financial architecture is emerging that relies on data governance as a strategic asset and on the interoperability of digital infrastructures, while simultaneously foregrounding challenges of cyber-resilience, regulatory arbitrage, and the extraterritoriality of compliance. The purpose of the article is to substantiate the systemic determinants of the formation of a new financial architecture in the context of the digitalization of the global economy and the transformation of the world order, and to identify directions for Ukraine’s adaptation to the new geo-economic and geopolitical realities. Results. Drawing on an interdisciplinary methodology and combining comparative-institutional, systems, and scenario approaches, the paper refines the concept of a “new financial architecture”, identifies the key drivers of its formation (technological, institutional, security-related, and geo-economic), and proposes strategic guidelines for public policy. Particular attention is paid to Ukraine as a case of an open economy operating under conditions of war and European integration. A scenario analysis (inertial vs. accelerated) substantiates the feasibility of an accelerated course entailing the digitalization of finance and the development of a cyberfinancial industry and digital infrastructure. The paper shows how accelerated regulatory modernization and deeper integration into the European and global financial space can reduce vulnerabilities, strengthen macroeconomic resilience, and reinforce financial sovereignty within the new configuration of the world order. Conclusions. The digitalization of the global economy and the transformation of the world order make a transition to an inclusive, technologically interoperable, and resilient financial architecture inevitable. For Ukraine, this represents an opportunity to bolster macroeconomic resilience and financial sovereignty through investments in data and infrastructure, regulatory modernization, enhanced cyber-resilience, and deeper integration with the European and global financial space.
The article explores current trends in the development and regulation of the cryptocurrency market in the global economy, considering the transformational processes of the financial system and digitalization. The authors examine the nature and classification of the main types of cryptocurrencies, including bitcoin, Ether, stablecoins, altcoins, and tokens, which serve as means of payment, investment instruments, and components of decentralized finance. The article analyzes the dynamics of the cryptocurrency market, its capitalization, and the number of cryptocurrency owners within the regional structure, using statistical data from leading international organizations and analytical agencies. Particular attention is paid to regulatory models in different regions of the world: the legislative practices of the European Union, approaches in the USA and Canada, the United Kingdom, Switzerland, as well as the experience of developing countries, where cryptocurrencies have become popular as a tool to protect against inflation, safeguard investors from fraud and manipulation, and to build trust, thereby promoting financial inclusion. The Ukrainian context has been analyzed, including the adoption of the Law «On Virtual Assets», as well as the role of cryptocurrencies in financing humanitarian and defense needs during periods of military challenges. Key issues have been identified, including the lack of globally unified rules, money laundering risks, cyber threats, and market volatility. The prospects for the development of the cryptocurrency market are substantiated in terms of combining innovation and security through the harmonization of regulatory standards, the development of international cooperation, and the integration of crypto instruments into the legal financial system. The obtained results contribute to a better understanding of the role of cryptocurrencies in the modern economy and provide a foundation for effective State policy in the field of financial innovations.
The post-war recovery of Ukraine requires the implementation of innovative financial technologies that ensure transparency, efficiency, and sustainability of reconstruction processes. Modern instruments such as digital platforms, blockchain-based solutions, and fintech applications can facilitate the mobilization of domestic and international resources, improve accountability, and strengthen trust among stakeholders. These technologies enable the creation of decentralized funding mechanisms, enhance monitoring of financial flows, and support public–private partnerships. By integrating advanced financial innovations into recovery strategies, Ukraine can accelerate infrastructure rebuilding, stimulate economic growth, and attract long-term investment, thereby laying the foundation for resilient development.
Open access
Economic Issues in Ukraine
Environmental and Biological Research in Conflict Zones
The fields of education, science, and sports are fundamental pillars of social infrastructure and represent a priority direction of Ukraine’s budget policy, especially in the context of ongoing decentralization and post-crisis recovery. The aim of this study is to examine the principles of funding for public institutions in these sectors based on assessments and analysis of short-term trends in their financing from the general fund of the State budget. The study presents the structure and management of budget expenditures in accordance with the provisions of the Budget Code of Ukraine, with particular emphasis on examples of institutions in the Odesa region for the period from 2022 to 2024. Methodologically, the study employs a combination of comparative analysis, synthesis, generalization, and methods of logical reasoning (induction and deduction), scientific research methods, and the tabular method. Budget data for local and regional institutions, including educational institutions, research organizations, and municipal sports enterprises, are analyzed to assess funding trends and identify systemic patterns. The study results show an overall positive trend in the increase of funding for education, science, and sports at the regional level. However, the analysis also reveals uneven community development: while some receive considerably larger expenditures to support infrastructure development and program expansion, others exhibit slower but more stable growth, likely due to differences in institutional maturity or strategic planning capacity. In particular, the sharp rise in expenditures for sports facilities in smaller communities may indicate deliberate government efforts to promote inclusive development and the decentralization of public services. The practical significance of the study lies in its potential to inform policymakers and local administrators about the effectiveness and fairness of existing budget allocation mechanisms. The study highlights the importance of improving the efficiency and transparency of government expenditures, enhancing planning tools, and aligning budget policy with the actual needs and capacities of local institutions.