Financial decentralization plays a key role in ensuring the economic stability of cities by enhancing the financial autonomy of municipalities, enabling efficient resource allocation, and mobilizing investments. The article analyzes modern approaches to financial decentralization, its impact on the stability of urban economies, and the main challenges faced by local authorities. The global experience of financial decentralization is examined, particularly models in Germany, the United States, and Scandinavian countries, allowing for an assessment of their potential application in Ukraine. The study highlights the specifics of decentralization reforms in Kyiv, analyzing the dynamics of budgetary indicators, tax revenues, expenditure structure, and investment attraction mechanisms. It is established that financial decentralization contributes to the development of small and medium-sized businesses, increases the transparency of financial flows, and ensures the stability of local budgets. Key threats are outlined, including the risks of excessive debt burden, corruption factors, and tax base instability. The article concludes that expanding alternative sources of municipal financing, such as bond issuance, public-private partnerships, and international financial programs, is essential. Practical mechanisms for strengthening Kyiv’s financial stability are proposed, including tax policy improvements, budget process digitalization, and investment activity stimulation. A comparative analysis of Kyiv’s budget policy with other European capitals has identified key areas for improving local financial management. It is determined that increasing the capital’s financial independence requires active investment attraction, the introduction of flexible tax instruments, and enhanced public control over budget allocation. The study’s findings can be used to develop strategic solutions in municipal financial management, optimize budget planning, and improve resource efficiency within the context of financial decentralization.
With Facebook officially changed its name to Meta in Oct. 2021, a new stage of digital revolution has begun, as the metaverse has become a new norm of social networks. Blockchain and NFTs, or non-fungible tokens, happened to be the cornerstones of the modern era. The thesis examines the influence of the two technologies on digital market. Key models such as Play-to-Earn and Create-to-Earn are analysed and their impact on virtual commerce is being highlighted. By reviewing the implementing modern ideas and of legal aspects, the thesis forms an idea of how the global economics would look like.
M. Hordyskyi, M. Zborovskyi, O. Kamniev, Y. Pidhorniy
The article is devoted to the study of decentralization's role in improving public finance management. Theprocess of decentralization, which involves the transfer of powers and responsibilities from central to local authorities, is aglobal trend aimed at improving governance, public service delivery, and local economic development by bringing thedecision-making process closer to communities. The article emphasizes that effective financial management, includingbudgeting, debt management, revenue generation, and transparent reporting, enables local governments to meetcommunity needs, maintain fiscal stability, and ensure accountability. The article examines vital legislative reforms inUkraine that have expanded the powers of local authorities, giving them greater control over budgets, taxes, and financialresources. Although decentralization offers significant opportunities, the study identifies challenges such as regionaldisparities, administrative constraints, and conflicts between central and local governments. Potential challenges confirmthe importance of institutional frameworks, financial resources, technological integration, and citizen participation toensure a successful decentralization process. Thanks to reliable financial practices and transparent management, localauthorities can improve the quality of public services and contribute to the state's economic growth and sustainabledevelopment.
У статті розглянуто концептуальні основи впровадження RWA-токенізації як закономірного етапу еволюції веб-технологій до децентралізованої архітектури інтернету – Web 3.0; висвітлено еволюцію інтернету від Web1 до Web3; запропоновано концепцію RWA-токенізації; представлено структурно-компонентну модель дизайну RWA-токену; виокремлено переваги смарт-контрактів для RWA-токенізації, розглянуто хронологію розвитку токенізації активів; наведено схему процесу RWA-токенізації, що демонструє, як реальні активи перетворюються на цифрові токени, відкриваючи нові горизонти для інвестицій та фінансових інновацій. Встановлено, що в контексті цифрової трансформації економіки України, особливо у повоєнний період, RWA-токенізація може стати потужним інструментом, який здатний сприяти відновленню економічного потенціалу держави завдяки залученню інвестицій, трансформації традиційних економічних моделей та забезпеченню прозорості інвестиційних процесів.
В умовах стрімкої глобалізації, цифрової трансформації та зростання економічної нестабільності сучасні підприємства стикаються з необхідністю адаптації до змінних ринкових умов, вдосконалення бізнес-процесів та підвищення рівня економічної безпеки. У цьому контексті сучасні технології управління відіграють важливу роль у забезпеченні ефективності діяльності організацій, створенні гнучких стратегічних моделей та мінімізації ризиків. Дослідження Bain & Company та інших авторитетних джерел демонструють актуальність та ефективність використання новітніх управлінських інструментів і трендів, що охоплюють різні аспекти функціонування бізнесу. У статті розглядаються основні категорії управлінських інструментів і трендів. Цифровізація є ключовим драйвером трансформації підприємств, і у цій категорії найпоширенішими інструментами є управління клієнтським досвідом, ШІ та машинне навчання, Agile-менеджмент, Web3 і блокчейн та дизайн-мислення. Високий рівень задоволеності впровадженням цих технологій свідчить про їхню ефективність у підвищенні продуктивності, автоматизації процесів та покращенні взаємодії з клієнтами. Організаційна структура та управління персоналом є критичними факторами стабільності компаній, і у цій категорії найчастіше на підприємствах використовують системи залучення співробітників, програми управління змінами, гнучкі моделі роботи та заяви про мету, місію та бачення. Використання цих інструментів сприяє підвищенню залученості персоналу, ефективному управлінню змінами та формуванню сильної корпоративної культури. Операційна ефективність залишається одним із головних чинників конкурентоспроможності підприємств, і забезпечується такими інструментами та трендами, як управління ланцюгами поставок, загальне управління якістю, реінжиніринг бізнес-процесів, Lean Six Sigma, зменшення складності та бюджетування на нульовій основі, які дозволяють оптимізувати операції, знижувати витрати та забезпечувати стабільний розвиток компаній. Гнучке стратегічне планування та ефективне управління фінансами є необхідними умовами стійкого розвитку бізнесу, і базується на використанні динамічного стратегічного планування та бюджетування, цілях та основних результатах, сценарному аналізі і плануванні на випадок непередбачених ситуацій, збалансованій системі показників, стратегіях зацікавлених сторін та корпоративному венчурному капіталі.
Introduction. The implementation of the decentralization reform in Ukraine led to an increase in public interest in the indicators laid down in the budgets of territorial communities and the results of their execution. Problem Statement. Availability and openness of information about budgets as a prerequisite for effective control over public finances of territorial communities. Purpose. Analysis of legal acts that establish requirements for disclosure of information about local budgets, providing recommendations for ensuring compliance in practice with the principle of publicity and transparency of the budget process as an important prerequisite for effective control over public finances. Methods. General scientific methods are used, namely: description, comparison, monographic, theoretical generalization. Results. The legal documents regulating the implementation of the principle of publicity and transparency of the budget process in Ukraine are analyzed, the contradictory and ambiguous norms contained in such documents are outlined, the mistakes made by the authorized persons of local councils when disclosing information about budgets are emphasized, the possibilities that provided by the state web portal Open budget, methods of raising the state of awareness of interested persons on issues of budget formation and execution are substantiated. Conclusions. Part of the public data on issues of formation and execution of budgets of territorial communities still remains inaccessible to information users. Increasing the transparency of budgets with the creation of opportunities for full-fledged control of public funds will become possible under the condition of legislative consolidation of norms on the obligation of managers to publish information on budget and financial reporting on the execution of local budgets within the terms and according to the forms approved by the current orders of the Ministry of Finance of Ukraine, disclosure of information on budget expenditures and lending operations, grouped, among other things, by departmental classification, which will be a prerequisite for researchers to have a holistic view of spending budget funds. Public information about budget indicators on the websites of local councils should be systematized, submitted in formats that allow further processing of the published data with the possibility of simple and unlimited access to them.
This study examines blockchain technology (BCT) firms’ ownership structure and cash holding (CH). Using GMM on a sample of firms indexed on Blockchain50 in China during 2009–2022, findings show that Largest-shareholders minimise CH, indicating corporate expansion. Due to their monitoring motive, Top10-shareholders allow corporations to maintain large cash. To prevent currency misuse, institutional ownership and CH are negatively related. Managerial ownership favours, while the chairman ownership lowers CH, supporting the interest alignment theory. Pre- and post-BCT index period analyses demonstrate a weak post-index period influence. The BCT adaptation lessens information asymmetry and aids in reducing agency issues through quick information flow, limiting owners’ influence. This study adds empirical evidence on ownership structure and CH. The study's findings may apply to developing market enterprises employing BCT's corporate governance structures.
Ensuring economic growth is a necessary condition for the successful socio-economic development of the country as a whole. This requires the activation of the role of public finance and public investment for the development and activation of processes in local self-government bodies, the state and local business as a key factor that determines the dynamics of capital in the economy and has an impact on the pace and nature of economic growth. At the same time, public investment can be considered as a management tool for promoting sustainable development. In conditions of socioeconomic instability, public finances are an important component of the financial system, which cannot adapt to changes automatically. The inertia of public finances generates additional risks notonly for the resource provision of the state's functioning, but also leads to a number of negative phenomena of a macroeconomic and social nature. Under these conditions, the budget is not only an important instrument of the state, through which monitoring of the state of public production and provision of social guarantees to the population is ensured, but also stabilization of the financial system as a whole is carried out. The article proves that an important determinant of socio-economic development of regions is financial decentralization, which contributes, on the one hand, to reducing the role of the state in their financial support, and on the other hand, creates opportunities for strengthening the autonomy of local budgets. The article substantiates the main methods of attracting public investment in the region, namely: regulatory and legal support; allocation of priorities for the selection of investment projects; definition and use of mechanisms for supporting investment activity; development of an investment passport; creation of a separate investment promotion service. A comprehensive analysis of the current state of the public finance system makes it possible to derive some limitations and criteria for the organization of relations between the fiscal and monetary systems in the context of current tasks of socio-economic development
Full-scale hostilities have had a significant impact on the budget system due to increased spending on defense, reconstruction, and humanitarian assistance to vulnerable groups, which has affected the accumulation of budgetary resources. The article examines the impact of extraordinary challenges and threats on the national budget system, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in regulation in the field of public finance, and the potential of financial capabilities of the regions. The purpose of the article is to make a scientific and practical assessment of the problematic aspects related to the transformation of the budget system, to outline the ways of attracting financial resources that can be used for the purpose of distribution and redistribution to perform the functions of the State, to identify the main areas of influence of emergency challenges and threats on the budget system of Ukraine and the priority areas and measures of budget policy in wartime.The authors conclude that the strategic and main directions of Ukraine's development need to be improved in the strategy of public finance management and financial and economic security as part of the implementation of the Memorandum of Economic and Financial Policies by the IMF. At the same time, the relevant legislative changes to the state budget for 2023 that meet the needs of Ukraine are studied, and the implementation of the first preparatory stage for the development of the National Revenue Strategy is analyzed. The authors emphasize the positive impact of decentralization on local self-government and the financial sustainability of local budgets. It is proposed to empower communities through monitoring the implementation of local budgets. In the context of defense needs, the possibility of including defense expenditures during martial law in local budgets is considered.
The purpose of the article is a theoretical review of the formation and development of the latest marketing technologies and their practical adaptation to the entrepreneurial activity of Ukrainian business entities. The main marketing technologies developed by different markets and used by business structures of medium-sized businesses are considered. It is detailed that when conducting office research, marketers use Big Data technology as a technology for processing large volumes of structured and unstructured data for their further use in order to solve various tasks. It is specified that effective marketing technologies such as SMM (Social Media Markitang), SEO (Search Engine Optimization), Tableau technologies, Google Data Studio, Microsoft Power BI, TRI*M, digital advertising and CRM technology are in the arsenal of marketers for conducting field research. . The main new marketing technologies are separated, namely: NFT technology (Non-Fungible Tokens), AR/VR (augmented reality/virtual reality) technology and artificial intelligence technology. According to the conducted studies, it was established that CRM technology is currently used by all business structures, digital advertising technology - 95%, SMM technology - 85%, TRI*M and SEO technologies - 75%. It is detailed that artificial intelligence technology is used by large and medium-sized business companies in the following areas: personalized automation, omnichannel, omnichannel marketing, the field of brand community formation and creation of texts, images for its promotion, etc.
Iryna Dashko, Олександр Череп, Liubomyr Mykhailichenko
The definition of the concept of cryptocurrency (bitcoin) is revealed, which is based on cryptographic methods, and as a rule, its accounting is decentralized. The general state of the crypto market in modern conditions is investigated. The price determinants are substantiated and grouped, in particular: market forces, i.e., supply and demand factors; macro-financial factors; public and investor interest; and news coverage (popularization). The author analyzes the main factors that directly affect the price of cryptocurrencies are attractive to investors and determine public interest in the media. The dynamics of prices for the three most popular cryptocurrencies over the past few years are analyzed. It proves that the price of bitcoin can be influenced by the macroeconomic index and the asset price index. The main reasons for the fall of cryptocurrencies in early 2022 are identified. The market capitalization for 2019–2022 is analyzed. Based on a study of the general situation in the cryptocurrency market, the author reveals significant price volatility due to the general global situation and crisis phenomena that have a negative impact on this market. It is noted that today the legalization of cryptocurrency is one of the most important breakthroughs not only in the global economy but also in Ukraine. A comparative analysis of the capitalization of cryptocurrencies and cryptocurrencies of 2019–2022 is made. The regulation of the cryptocurrency market in the example of the EU is analyzed. The author analyzes the «big breakthrough» in the field of digital governance – the draft law «On Electronic Assets»and defines its purpose. It is substantiated that the draft Regulation is the result of the active spread of cryptocurrencies, which began in 2017 and caused a surge in public and political interest and additional investment in cryptocurrencies. The purpose and main significance of the draft EU Regulation are determined. The categories of crypto assets are defined. It is substantiated that, according to the researchers, the draft EU Regulation is aimed «at ensuring certainty in terms of legal regulation of cryptoassets which are not covered by current EU financial services legislation and at establishing common rules for service providers and issuers at the EU level». It is noted that the draft EU Regulation is intended to address the issues of legal regulation in the field of stablecoin circulation, as well as the activities of Crypto Asset Services Providers (CASPs). The main objectives of the EU Regulation in the field of cryptocurrency regulation are revealed. The author identifies three categories of crypto assets based on the draft Regulation, in particular: asset-related tokens; electronic money tokens; other crypto assets. Conclusions on the peculiarities of cryptocurrency regulation in the EU are provided.
The system of social protection of the population serves as an indicator of the stable development of society. Therefore, in the context of decentralization reform, local authorities have acquired powers to provide social protection and have become direct providers of social services to ensure that citizens (community residents) have an adequate level of social protection in accordance with established norms and standards. The scientific publication provides a general theoretical analysis of the concept of "decentralization" and its characteristic features. It is emphasized that ensuring an adequate level of social protection for the population remains a priority for Ukraine, especially as the number of people in need of such protection is only increasing due to the ongoing war. It is noted that the centralized model of social protection involves the provision of social services through intermediary structures, while the decentralized model involves direct financing of social services, where, in the process of decentralization of budgetary powers, part of the state's functions for providing social protection is transferred to territorial communities. The conclusion is made that the Law of Ukraine "On Social Services" is a reformist law aimed at improving the system of providing social services, taking into account the real needs of community residents. Some aspects of the organization and provision of activities of the territorial community in the areas of social protection of the population and child protection are highlighted.
Любов Крестьянполь, Станіслав Новачевський, Микола ХРАНОВСЬКИЙ
Незамінні токени (NFT) представляють одну з найважливіших технологій у просторі Web3. Завдяки NFT цифрові або фізичні активи можна токенізувати, щоб представляти їх власність за допомогою смарт-контрактів і блокчейнів. Перше покоління цієї технології під назвою NFT 1.0 розглядає статичні токени, описані набором метаданих, які неможливо змінити після створення токена. Статичний характер перешкоджає їх широкому розповсюдженню, оскільки вони не підтримують жодної значущої взаємодії з користувачем. З цієї причини була запропонована його еволюція, яка називається NFT 2.0, щоб зробити токени інтерактивними та динамічними та покращити взаємодію з користувачем, відкриваючи можливість використовувати NFT у більшій кількості способів і сценаріїв. Об’єкти культурної спадщини знаходяться під загрозою зникнення або пошкодження через відсутність публічності та фінансові проблеми. Технологічний прогрес може зіграти певну роль у їх збереженні та просуванні. Збереження та поширення культурної спадщини є серйозним викликом, особливо в епоху цифрових технологій. Невзаємозамінні токени (NFT) пропонують багатообіцяюче рішення для управління та автентифікації цифрових активів. Використовуючи технологію блокчейн, NFT можуть допомогти зберегти та сприяти видимості цих важливих культурних артефактів. Це дослідження спрямоване на створення системи захисту культурної спадщини на основі блокчейну. Культурні активи перетворюються на унікальні цифрові елементи за допомогою технології NFT. Смарт-контрактами забезпечена автономна робоча система. Прихильники проекту роблять пожертви, щоб отримати свою частку прав на захист і підтримку обєктів культурної спадщини. Використання NFT у цій сфері ставить важливі питання збереження, оцифрування та популяризації української культури. Метою статті є аналіз технології блокчейн, яка використовується для NFT, розробка унікальної колекції цифрових активів та розміщення її на маркетплейсі.
The article examines decentralized models of general secondary education management in Poland and Germany. It was revealed that reforming the system of public administration in the field of education became a component of preparation for European integration. However, the specific steps of the transformation of the management system in today's conditions involve not only the introduction of elements of European models of education management into domestic education, but also a comprehensive analysis of their positive and negative impact on the functioning of the educational system. It was determined that many countries of the European Union consider the idea of introducing a decentralized model of education management to be progressive, therefore, studying the experience of the functioning of mechanisms of public management of the education system of European countries is instructive for the post-war development of the education management system in Ukraine. The article notes that in Poland, the management of reform processes and activities of secondary education institutions is carried out by self-governing bodies. Here, the powers of the public regarding control over the activities of educational institutions of local communities are maximally expanded, which are strengthened by the organizational and financial responsibility of local authorities for the development of education. Financing of school education in Poland is carried out from the state budget, and local self-government bodies set the rules for paying teachers, are responsible for investing in education, and set the rules for receiving and using private funds by schools. It is noted that the decentralized system of education management in Germany is determined by its federal structure: each state conducts its own educational policy. It was concluded that the democratization of the society of Poland and Germany is characterized by the search for such options of education management that would most successfully ensure the support of educational institutions from the local community. In these countries, it was considered expedient to abandon the system of centralized management of the network of educational institutions and transfer responsibility to the local executive authorities in whose territory they are located. The considered experience of functioning of the decentralized model can be useful when introducing similar models in Ukraine.
The article analyzes the modern crypto industry market, examines its role, significance, dynamics and possibilities of further application in our country. The history of the cryptocurrency concept is presented. The development path of the domestic cryptoindustry from complete non-recognition to attempts to regulate this sphere by law is illustrated. The advantages and disadvantages of cryptocurrency as a payment were studied, the trends of its development in Ukraine and in the whole world were considered. The research identified three main groups of digital currencies and assets: cryptocurrencies, stablecoins, and digital currencies of central banks. The first group includes traditional cryptocurrencies, that is, those that are not backed by other assets and have a decentralized register of owners (Bitcoin, , Ripple, Ethereum). The second group of digital currencies and assets includes stablecoins — cryptocurrencies backed by one asset or a basket of some assets. The third group includes digital currencies of central banks, which are currently issued in a limited way as part of pilot projects, or government-issued cryptocurrencies. An analysis of the cryptocurrency market was conducted; a conclusion about the positive dynamics of the use of cryptocurrency in our country was made. The dynamics of the ratio of the cryptocurrency market capitalization to the indicators of GDP are estimated. The impact of military events on the cryptoindustry development was studied. The contribution of the global crypto-community to Ukrainian charitable foundations was studied. The advantages of the latest technologies in the war conditions are indicated, in particular, the speed and efficiency of transaction processing, the absence of restrictions inherent in classical finance. The domestic and global experience of cryptocurrency regulation is analyzed. It is noted that it is necessary to develop further measures to regulate the cryptocurrency market in a legislative manner. It is proposed to create associations consisting of IT lawyers, cyber police and blockchain developers. This stimulates the emergence of new methods of combating terrorism and the development of a new legislative model. Possible directions of cryptocurrency development and prospects for their development are proposed.
The article explores the issues of local budgets as the financial foundation of local self-government in conditions of economic instability. It defines the competencies of local self-government bodies in the sphere of local budget functioning and accumulation of financial resources. The article aims to substantiate the possibilities of strengthening the financial base of local self-government bodies in the context of economic instability. According to the European Charter of Local Self-Government, the article investigates the financial autonomy of local self-government bodies. According to the Charter, territorial communities have the right to own financial resources, enough funds to fulfill delegated powers, manage received financial resources according to their vision, receive assistance from higher-level budgets for financial equalization among communities, borrow funds, and receive assistance from the state budget based on competitiveness and clarity of implementation methods. It is established that the revenue part of local budgets needs to provide more funds for financing regional development programs and essential public services. Therefore, the needs of communities are met through interbudgetary transfers in the form of subsidies and grants. Additional measures have been identified that have been implemented to enhance the financial independence of local budgets within the framework of budgetary and tax decentralization (establishment of a single norm of deductions from national taxes; abolition of the indicative planning system by the Ministry of Finance; formation of a single revenue basket of the general fund; introduction of a system of tax capacity equalization for the territory). The structure of local budget revenues has been studied, where the primary sources of local budget revenues include tax and non-tax receipts, income from capital operations, and interbudgetary transfers. The system of interbudgetary relations, namely the basic subsidy and grants provided to local budgets, has been analyzed. Inter-municipal borrowing is identified as one of the potential paths for community development, especially in conditions of economic instability. Keywords: local budgets, territorial communities, decentralization, economic instability, taxes, and fees, interbudgetary transfers.
Розібрано інвестиційне ДАО, як один з типів децентралізованих автономних організацій. Розглянутомеханізм роботи інвестиційних децентралізованих організацій. Окремо у статті розкрито, позитивні танегативні аспекти ДАО, а також проведена категоризація ДАО. Звернуто увагу на те, що найважливіше вДАО це ком’юніті, а не технології. Визначено, що ДАО є новим форматом онлайн ком’юніті, в якому члениможуть взаємодіяти заради спільних інтересів. ДАО буде чекати велика кількість оновлених версій, дляінтеграції їхніх ідей з реальним світом, а також низка нормативних актів, які будуть створені длярегулювання діяльності ДАО.
 Ключові слова: DAO, Blockchain, decentralized, autonomous, organization, блокчейн, децентралізована,автономна, організація, управління, ДАО, смарт-контракти.
The results of reforming the system of interbudgetary relations in Ukraine are studied in terms of the degree of local self-government participation in solving regional development problems. Normative and legal acts, which introduced changes in the functioning of administrations in wartime and changed the procedure for budget planning and reporting, are singled out. The paper offers options for dividing the country into functional types of territories to stimulate their direct financing. Emphasis is placed on the established norm regarding the mandatory preparation of a development strategy for each community. Attention is focused on the need to strengthen interstate partnership in the process of post-war reconstruction of the country and the implementation of European experience in the legislative regulation of regional development. The possibility of applying the European concept «S3» in Ukraine as a policy of determining priorities for the development of regions on the basis of smart specialization is outlined. The changes in the sources of revenues to the local budgets of Ukraine and the directions of their use for the purposes of post-war reconstruction are clearly presented and substantiated. Incomes and expenditures of local budgets for 2018—2022 have been analyzed. The interbudgetary transfer line items are singled out with the provision of proposals for the implementation of the system of vertical-horizontal equalization of communities’ capacity. The community sector’s levers of influence on the processes of local budget funds allocation in order to strengthen social ties and increase the social capital of territorial communities are determined. An assessment of changes in the structure of local budgets’ own revenues and in the composition of financed programs is carried out. Subsidization trends have been systematized and the subsidy level of community budgets has been determined. The advantages of the carried out budget decentralization reform and its next steps are argued. Proposals for measures to improve the communication policy in relations between state authorities, local self-government bodies and territorial communities are provided.
The article examines and systematizes the directions and scope of the impact of the full-scale invasion of Russia on the budget system of Ukraine, in particular, on the structure and volume of budget revenues and expenditures, the growth of the budget deficit and public debt, changes in the public finance legislation, and the decrease in financial capacity of the regions. It was determined that due to the social and military orientation of a large part of budget expenditures, as well as numerous tax incentives, the possibilities of budget financing in areas that contribute to the economic development of the country are limited.The experience of foreign countries, in particular Poland, Israel, Georgia, Germany, and Japan, regarding the economic recovery and budgetary reformation after the end of the wars is summarized in the article. Priority measures to improve the budget system of Ukraine and exit from the budget crisis are proposed, which must be taken both during the war and immediately after its end. In particular, among the main measures of the wartime, support of small and medium-sized businesses, cancellation of temporary tax benefits, reform of the customs service, protection of investors rights and guarantees, financing of priority expenses such as defense, security and social protection, attraction of grant financing, use of fundraising tools and continued digitization of the economy are mentioned.After the end of the war, it was proposed to shift the direction of economic policy towards the active involvement of investors, development of export-oriented production and strategically important competitive industries, restoration of budget reforms (decentralization, medium-term planning, program-target method, expenditures review, digital services) and fiscal rules, reduction of debt burden with simultaneous social protection support of the population affected by the war. JEL classification: E62, N44, O52, H61, H62, H63
Marta Ciarko, Greta Poszwa, Agnieszka Paluch-Dybek, Mustafa Caner TİMUR
During times of technological development, many aspects of everyday activities have been digitalized while traditional forms of payments have stepped back in the name of more innovative methods such as cryptocurrencies. This article focuses on analysing the emergence, functionality, and future role of cryptocurrencies, particularly Bitcoin. By interpreting the theoretical aspects of money, the emergence of cryptocurrencies, and blockchain technology, the authors tried to determine whether cryptocurrencies have the potential to become the money of the future. In the article, the analysis of cryptocurrencies’ functioning in the modern world focuses on the role of technological development and innovations in their use and popularity. SWOT and speculative analyses of cryptocurrencies, which have been touted as the money of the future, were also carried out. The results obtained from the research show that cryptocurrencies have many advantages over traditional payment methods. Elimination of intermediaries, low transaction costs, safe storage of data, limited increase in monetary supply, globalization, and privacy are stated as the most important of these opportunities. In addition, energy use, inaccessibility without the internet, high volatility, and cyber-attacks were seen as the most important threats and weaknesses. When developments in the world follow, it can be seen that there are many blockchain-based opportunities or threats. Despite this, blockchain technology offers great opportunities. As a result, countries and individuals should turn to this technology now to benefit more in the future. At this point, it is very important for all other educational institutions, especially universities, to implement educational programs that will meet the needs of the age.
The development of cryptocurrencies by banking institutions operating in the online environment provides for the purchase and sale of cryptocurrencies on stock exchanges, not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. The aim of the article is to determine the impact of cryptocurrency on the investment market based on the analysis of key environmental factors that affect the correlation of these variables. The issue of cryptocurrency by banking institutions also ensures its stability, thus expanding the investment potential of this financial instrument. The above contributes to the formation of the cryptocurrency investment market in the structure of the stock market.The development of cryptocurrencies of banking institutions operating in the online environment, provides the purchase and sale of cryptocurrencies on stock exchanges, and not on crypto exchanges, allowing the use of cryptocurrencies as a means of payment and investment. Among the factors that indicate the negative impact of cryptocurrency on the investment market are the following: the lack of a stable value of cryptocurrency and its volatility, dependence on fluctuations in the world economy and macroeconomic factors, in particular demand; as a result of the first factor, cryptocurrency as an object of investment activity is quite risky. Further research should be devoted to the issues of central bank digital currencies and their potential impact on competition in the market of private digital currencies based on blockchain technology.
Олександр Валерійович Корнійчук, Марина Сергіївна Граф
У роботі детально досліджуються існуючі механізми для системи прийняття рішень Proof-of-Stake і Proof-of-Work у блокчейнах та проводиться їх порівняння. Розглянуто методи знаходження консенсусу як процесу погодження нового блоку, що згодом додається до блокчейну всіма учасниками. В досліджених механізмах виявлено схожість: передбачені правила, що стосуються всіх учасників – майнерів або валідаторів. У разі порушення цих правил на учасників накладаються штрафи. Після успішно доданого блоку учаснику, що розв’язав математичну задачу, передбачається отримання нагороди за активну участь. Суттєвою різницею між механізмами є формування нових блоків, вимоги до обладнання учасників та механізми нагород і штрафів. Розглядаються тенденції держав у впровадженні блокчейнів у державні реєстри та майданчики для державних закупівель. Було виявлено, що блокчейни можуть зменшити рівень корупції та змов лише за правильного їх впровадження та подальшого використання. У результаті дослідження припускається можливість використання саме Proof-of-Stake механізму для інтеграції в майданчики, що проводять державні закупівлі.
Today, the main threat to the security of the country in general and its regions and territorial communities in particular is still the armed aggression of the Russian Federation. This requires the concentration of efforts of state and local authorities, military administrations in this direction. Despite all the problems caused by the war, local self-government bodies respond to unforeseen challenges in a timely manner, ensuring the restoration of destroyed objects, providing services to the population, creating jobs for internally displaced persons, attracting investments, etc. The Law of Ukraine “On the Legal Regime of Martial Law” defined the modes of functioning of local self-government bodies and their interaction with military administrations. During the war, military administrations perform the powers of local state administrations and, partially, local self-government bodies, defined by current legislation.The article analyzes the main measures to protect the population from possible emergency situations at the level of territorial communities. It is noted that local authorities are making efforts to restore destroyed housing, schools, kindergartens, hospitals, critical infrastructure facilities, etc. In the conditions of war, decentralization makes it possible to strengthen the potential of territorial communities, to strengthen the initiative of citizens in solving issues of social and economic development. On this path, the State Fund for Regional Development, international partnership between communities, new subventions, and additional sources of income for local budgets demonstrated their success. The article emphasizes that communities have shown their ability to effectively increase and manage the received financial resources. Despite this, the funds received from international donors and grants for the reconstruction of destroyed objects should be partially used to finance the country’s reconstruction projects.
Вступ. Криптовалюти, такі як Bitcoin, Ethereum та інші, з’явилися на світовому фінансовому ринку близько десяти років тому і з тих пір стали предметом великої уваги. Ці цифрові валюти привернули увагу не лише інвесторів, а й фахівців з фінансів та економіки, які досліджують їх вплив на міжнародні фінансові ринки. Мета. Аналіз впливу криптовалюти на міжнародні фінансові ринки. Наукова новизна. Полягає у всебічному аналізі впливу криптовалюти на міжнародні фінансові ринки в контексті регулювання та регуляторної політики урядів та міжнародних організацій. Робота містить нові результати, які були отримані завдяки аналізу останніх досліджень та статистичних даних, що забезпечує її важливість у розумінні взаємозв’язку криптовалюти та міжнародних фінансових ринків. Результати дослідження. В результаті дослідження було встановлено, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки. З одного боку, регулювання може забезпечити більшу стабільність на ринку криптовалюти та знизити ризики для інвесторів, що може позитивно вплинути на загальний фінансовий ринок. З іншого боку, неправильне регулювання може призвести до великих коливань цін на криптовалюту та зростання ризиків для інвесторів, що може негативно вплинути на міжнародний фінансовий ринок. Дослідження також показало, що регулювання криптовалютного ринку відрізняється в різних країнах та може мати різний вплив на міжнародний фінансовий ринок. Деякі країни активно регулюють криптовалютний ринок та намагаються забезпечити більшу стабільність на ньому, тоді як інші країни намагаються заборонити криптовалюту або дозволяють торгівлю на незареєстрованих біржах, що може призвести до збільшення ризиків для інвесторів. Також було виявлено, що криптовалюти можуть мати значний вплив на загальний міжнародний фінансовий ринок, зокрема на біржові курси валют та інші фінансові інструменти. Водночас, криптовалюта також може використовуватись як інструмент для захисту від інфляції та інших ризиків на міжнародному фінансовому ринку. Отже, результати дослідження показують, що регулювання криптовалютного ринку має значний вплив на міжнародні фінансові ринки.