Nov 21, 2025·ФИЛИАЛ ФЕДЕРАЛЬНОГО ГОСУДАРСТВЕННОГО АВТОНОМНОГО ОБРАЗОВАТЕЛЬНОГО УЧРЕЖДЕНИЯ ВЫСШЕГО ОБРАЗОВАНИЯ «КАЗАНСКИЙ (ПРИВОЛЖСКИЙ) ФЕДЕРАЛЬНЫЙ УНИВЕРСИТЕТ» В ГОРОДЕ ДЖИЗАКЕ РЕСПУБЛИКИ УЗБЕКИСТАН
The article considers cryptocurrency not as an "Internet coin", but as a combination oftechnologies, market practices and institutions that change the ways of issuing, circulation and accountingof value. The material is devoted to three topics: demand factor - institutionalization through exchange- traded funds and use in cross-border settlements, main risks - price volatility, operational disruptions, and external environmental impacts, regulatory responses - the EU MiCA system, and the Central Bank'sinterest in digital currencies.
The theses examine the legal and financial aspects of cryptocurrencies, taxation specifics, and transaction monitoring.The advantages of cryptocurrencies in financial inclusion and blockchain implementation are outlined.Challenges of legal regulation and prospects for aligning Ukrainian legislation with EU MiCA standards are highlighted.
Lyudmyla Alekseyenko, Marta Dmytryshyn, Mykhailo Novitskyi
The article examines decentralization, a complex process of institutionalization that aims to transform public economic management by transferring authority from central authorities to territorial communities. It is proven that economic power is the dispositive capacity to make decisions that influence the distribution of resources and the vectors of regional development. The sustainability of decentralization requires the simultaneous strengthening of formal (legislative) and informal (public control, transparency, anti-corruption monitoring) institutions. It is argued that, under conditions of global financial transformations, economic power and its institutions require the introduction of a two-tier model of intergovernmental fiscal relations (State – Community) to eliminate financial imbalances, enhance transparency, and maximize the approximation of public services to the population. The study reveals a disbalance between the revenue and expenditure powers of local self-government authorities and the institutional inadequacy of the horizontal financial equalization mechanism. The primary forms of transferring authoritative powers – deconcentration, decentralization, and devolution – are explored, with an emphasis on fiscal decentralization as the central institutional mechanism for transmitting economic power. Two key aspects characterize the dual function of budgetary decentralization: it enhances the efficiency of service provision by adapting to local needs, and it creates incentives for communities to expand their revenue base and attract investment. It is determined that without sufficient fiscal powers, other forms of decentralization remain merely declarative. The highest level of institutionalization is achieved by granting territorial communities the right to independently establish the rates for local taxes and fees, ensuring a direct link between political decisions and fiscal responsibility. The principles of ecological security are revealed as competition among communities encourages them to integrate environmental standards into investment-attracting strategies, develop green technological hubs, and reallocate resources in favor of ecologically oriented projects. In the context of global financial transformations, prospective directions for further research – to ensure the transition from formal autonomy to the genuine financial self-sufficiency of communities – are identified as: enhancing the financial self-sufficiency of territorial communities, digitalization of monitoring and management processes, and developing managerial competencies about the principles of ecological security and inclusivity. Keywords: institutionalization; fiscal decentralization; local self-government authorities; finance; effects of decentralization; project financing; state credit programs; ecological security.
Distributed ledger technology (DLT) provides a fundamental methodological basis for strengthening control and enhancing the reliability of accounting. It shifts trust to the cryptographic level and enables triple-entry accounting and continuous auditing, ensuring the immutability and integrity of accounting information. This article offers a comprehensive examination of the potential of Distributed Ledger Technology (DLT) as a foundation for the methodological transformation of accounting systems and enterprise financial control – specifically, the transition toward the paradigms of triple-entry accounting and continuous auditing – and develops recommendations for mitigating systemic challenges essential for ensuring the reliability of accounting information in the digital economy. The study employs conceptual, synthetic, and classification-systematizing analytical methods to assess the architecture of DLT systems and their suitability for accounting tasks. To provide a multifaceted evaluation of integration potential and related challenges, comparative, synergetic, SWOT, and risk analyses are applied. The research substantiates that adopting DLT technologies enables a fundamental methodological shift in accounting, facilitating the transition from traditional double-entry bookkeeping to Triple-Entry Accounting. It is demonstrated that the immutability, transparency, and cryptographic security of distributed ledgers enable the integration of accounting and analytical functions with emerging digital technologies (AI, IoT, and Big Data). This synergy forms the basis for Continuous Auditing, in which the control function is performed automatically and in real time. The study identifies the main systemic challenges of DLT implementation, including the acute shortage of specialists with dual expertise (accounting, auditing, and DLT), insufficient digital competencies of existing staff, and significant integration complications with legacy enterprise IT infrastructures (ERP systems). Additional risks arise from regulatory uncertainty regarding the legal status of crypto-assets and smart contracts, which hinders the standardization of accounting practices. The article proposes practical recommendations emphasizing that the successful implementation of DLT projects requires a comprehensive approach. This includes not only technological transformation (gradual integration and transition toward consortium-based DLT models) but also active development of human capital. Specifically, investment is required in retraining accounting and analytical personnel, creating new interdisciplinary educational programs focused on smart-contract deployment and DLT analytics, and adapting national accounting standards. Keywords: distributed ledger technology, accounting and analytical support, triple-entry accounting, continuous auditing, digital economy, smart contracts, professional competencies.
The emergence of blockchain technology has spawned a broader discussion of designs for digital currencies, with Central Bank Digital Currencies (CBDCs) - digital forms of fiat currency - being one of them. An important feature of digital currencies is facilitating transactions without network connectivity, which can enhance the scalability of cryptocurrencies and the privacy of CBDC users. However, in the case of CBDCs, this characteristic also introduces new regulatory challenges, particularly when it comes to applying established Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) frameworks. This paper introduces a prototype for offline digital currency payments, equally applicable to cryptocurrencies and CBDCs, that leverages Secure Elements and digital credentials to address the tension of offline payment support with regulatory compliance. Performance evaluation results suggest that the prototype can be flexibly adapted to different regulatory environments, with a transaction latency comparable to reallife commercial payment systems. Furthermore, we conceptualize how the integration of Zero-Knowledge Proofs into our design could accommodate various tiers of enhanced privacy protection.
The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.
The article is devoted to the study of the current legal regulation of virtual assets in the French Republic. The author analyzes the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonize legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of in-depth research that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, there was a need to study in detail the current regulatory framework of the French Republic in this sector, which is characterized by simple and clear requirements. Below is a list of responsible regulators, as well as the legally established definition of virtual assets and their classification. The French Republic has developed an original classification system, which currently continues to operate within limits that do not contradict the MiCA classification. Currently, not all objects created on the basis of blockchain technology are subject to regulation, for instance, non-fungible tokens or central bank digital currencies, which complies with the provisions of the MiCA Regulation. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period, and new provisions in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the legislation of the French Republic and MiCA was conducted. The issues of virtual asset mining regulation and taxation regime were examined. It is concluded that the French Republic has managed to regulate the circulation of most known types of virtual assets, create a clear system for all participants in this market, and be able to easily implement new European Union legislation if necessary. Therefore, Ukrainian legislation should adopt an approach to building such an adaptive regulatory system that can be seamlessly harmonised with European Union legislation.
The digitalization of global economic relations has redefined the foundations of consumption, investment, and financial intermediation, positioning e-commerce and digital finance as central pillars of the contemporary economic model. The rapid integration of online trade platforms, fintech ecosystems, and algorithmic payment systems has not only transformed consumer behavior but also reshaped the mechanisms of capital formation and resource distribution. Ecommerce functions as an accelerator of market accessibility and competition, while digital finance provides the structural infrastructure necessary for transactional transparency, financial inclusion, and liquidity circulation in data-driven markets. In emerging economies, these instruments collectively stimulate entrepreneurial activity, reduce transaction costs, and expand cross-border investment flows. The research emphasizes that the synergy between digital trade and financial technologies generates a new consumption–investment paradigm characterized by personalization, real-time decision-making, and decentralized trust mechanisms. At the same time, the sustainability of this paradigm depends on the robustness of digital infrastructure, cybersecurity frameworks, and institutional adaptability to technological disruption. The study concludes that e-commerce and digital finance are not isolated innovations but interdependent drivers of structural modernization that integrate consumer dynamics with investment behavior, forming the analytical nucleus of the digital economy.
This systematic review explores the potential applications of blockchain technology within the financial operations of the UK's National Health Service (NHS), specifically focusing on its impact on general ledgers. The NHS, a complex and vast healthcare system, faces significant financial management challenges, including data fragmentation, inefficiencies in transaction processing, and issues with transparency and auditability. Blockchain, with its inherent characteristics of decentralization, immutability, and cryptographic security, offers a promising paradigm for addressing these issues. This paper systematically reviews the opportunities that blockchain presents for enhancing financial transparency, streamlining payment processes, improving data integrity, and reducing administrative overhead in NHS general ledgers. Concurrently, it critically examines the significant challenges to its adoption, including regulatory hurdles, interoperability concerns, scalability limitations, and the substantial investment required for implementation and training. By synthesizing current literature and identifying key themes, this review aims to provide a comprehensive understanding for policymakers, financial managers, and technology innovators within the NHS regarding the strategic implications of integrating blockchain into healthcare finance.
The rapid development of decentralized technologies and blockchain is transforming the methods of authentication, data management and the implementation of digital human rights, which actualizes the need to form a new identity paradigm based on user autonomy and trustful interaction without intermediaries. The purpose of this article is to substantiate self-sovereign identity as the foundation of trust and digital asset management within the Web3 ecosystem. The research methodology combines comparative legal and formal-dogmatic analysis, structural-functional modeling of the three-way interaction among issuer, holder, and verifier, as well as a problem-oriented review of the technical standards and practices of early platforms (Sovrin, uPort). It is demonstrated that the emergence of self-sovereign identity is a natural response to the shortcomings of centralized and federated identification models in Web 2.0 (OAuth 2.0, OpenID Connect): dependence on providers, concentration of leakage risks, and inability to disclose attributes selectively. The article reveals the mechanism of trust formation in the self-sovereign identity system, which is based on a three-party model of interaction between the issuer, the holder and the verifier; in this model, data authenticity is ensured using cryptographic verifiability through decentralized identifiers and verifiable credentials, which allows minimizing the participation of intermediaries, reducing the surface of possible attacks and guaranteeing the autonomy of the data subject in the process of managing their own digital identity. The key principles of self-sovereign identity (control, availability, transparency, minimization of disclosure, portability, security/resilience, and consent) are systematized, and their applied role in forming a «trust architecture» in Web3 (DAO, DeFi, NFT) is demonstrated. The study revealed a regulatory asymmetry between the technological development of self-sovereign identity systems and the level of their legal regulation. For Ukraine, key regulatory gaps have been specified that hinder the implementation of self-sovereign identity systems and limit the possibility of integrating Ukrainian e-government systems into the international Web3 space: the legislation lacks definitions of the terms «self-sovereign identity» and «decentralized identifier», which is why these concepts have no legal status in Ukraine; the current legal framework for electronic identification and personal data protection is incompatible with the principles of decentralization, self-control, and minimization of information disclosure, which underlie the SSI model. The practical significance of the results lies in the proposed holistic legal and technical framework for developing Web3 trust services, which enables the design of interoperable and secure processes for managing digital assets, prioritizing personal sovereignty over data.
The article explores the potential of blockchain technology and smart contracts in the field of public administration. The emphasis is on the legal challenges that arise in the process of implementing relevant innovations, as well as on the opportunities they open up for increasing transparency, efficiency, and trust in state institutions. The relevance of the topic is due to global digitalization processes, the need to modernize public administration, and the growing demand from society for openness and public control over the work of state authorities. The novelty of the study lies in the study of the legal aspect of integrating decentralized technologies into the public sphere, which has not yet been sufficiently developed in the Ukrainian legal community. The international experience of regulating smart contracts is analyzed, legal gaps in Ukrainian legislation are identified, and proposals for its improvement are formulated. The results obtained may be useful for legislators, representatives of state bodies, and researchers in the field of digitalization of processes in public administration. Furthermore, the research highlights practical applications of blockchain and smart contracts in various public administration sectors, including digital identity management, tax collection, social welfare distribution, and property registration. By examining pilot projects and international case studies, the study demonstrates how these technologies can streamline administrative processes, reduce bureaucracy, and minimize the risk of corruption. The findings suggest that a gradual, regulated integration of blockchain solutions could significantly enhance operational efficiency and citizen satisfaction. Finally, the study addresses the potential risks and limitations associated with blockchain adoption in the public sector, including high implementation costs, technological challenges, and legal uncertainty. It emphasizes the importance of developing comprehensive regulatory frameworks, establishing clear standards for smart contract usage, and ensuring that public sector employees are equipped with the necessary technical skills. The paper concludes that while blockchain offers transformative opportunities, its successful adoption in public administration depends on a balanced approach that combines technological innovation with legal and institutional preparedness.
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Legal, Health, Environmental and COVID-19 Challenges
Digital currencies such as cryptocurrencies and central bank digital currencies (CBDC.s) have transformed the financial transactions and economies across the globe. The monetization of such digital assets hinges on data driven strategies, with block-chain analytics, market trends, and economic indicators. This paper explores direct and indirect revenue models, focusing on trading, stacking, decentralized finance (DeFi), and block-chain analytics. Additionally, it examines regulatory and ethical challenges while presenting case studies of successful monetization strategies. The research highlights how businesses and investors can utilize big data and AI-driven insights to maximize profitability in the digital currency market. The study also explores emerging trends in digital currency adaption and discusses potential risks associated with these innovative financial tools, including regulatory interventions, technological advancements, and security threats.
K. Myrzabekkyzy, G. Lukhmanova, B. Dosanov, A. Bolganbayev · 5 authors
This article, within the context of modern financial technology development, analyzes the impact of decentralized finance (hereafter - DeFi) on the traditional financial system and its criminal-risk aspects. The study aims to describe DeFi operating mechanisms (decentralized architecture and smart contracts), systematize the directions of change in banking, lending, insurance, and investment services, and identify the main types of misconduct and fraud while proposing preventive measures. The paper clarifies DeFi’s operational features, the role of smart contracts, and the nature of decentralization, and examines DeFi’s position across traditional financial service segments. Types of offenses and fraudulent schemes occurring on DeFi platforms are identified, and prevention measures are proposed. A comparison between DeFi and traditional finance is provided, highlighting key advantages and disadvantages and offering recommendations to reduce criminal risks.
ABSTRACT Cryptocurrency, a decentralized digital asset enabled by blockchain technology, has transformed global finance by introducing novel mechanisms for value exchange, security, and governance. This comprehensive academic review synthesizes current knowledge across multiple dimensions: the technical foundations of cryptocurrencies (including distributed ledger technologies, cryptographic primitives, and consensus mechanisms), economic and financial implications (market behavior, monetary policy interactions, speculation, and investment risk), legal and regulatory frameworks (jurisdictional approaches, taxation, anti-money laundering measures, and consumer protection), as well as societal and ethical concerns (environmental impact, privacy, financial inclusion, and potential for illicit use). Drawing on recent empirical studies, case analyses, and theoretical models, the review highlights both the transformative potential of cryptocurrencies to democratize access to financial services and foster innovation, and the significant challenges—such as scalability, volatility, regulatory uncertainty, and energy consumption—that could inhibit or slow their integration. The paper concludes with a discussion of future research directions, including evolving consensus innovations (e.g. proof-of-stake, sharding), central bank digital currencies (CBDCs), and frameworks for balancing innovation with systemic risk mitigation. KEYWORDS Cryptocurrency, probabilistic forecasting, value-at-risk, expected shortfall, volatility, risk management, threat modeling, fintech, blockchain
The article is devoted to the study of the current legal regulation of virtual assets in the Federal Republic of Germany. The author analyses the advantages and disadvantages of the relevant regulatory framework, decisions taken to harmonise legislation in accordance with the new Regulation of the European Parliament and of the Council, as well as the possibility and expediency of implementing the most successful decisions into Ukrainian legislation. Due to the lack of relevant in-depth studies that would combine the main regulatory norms and definitions, as well as provide a general overview of this regulatory system, it became necessary to conduct a detailed study of the current regulatory framework of the Federal Republic of Germany in this area, which is one of the most complex among known jurisdictions in the field of virtual assets. The following list details the responsible regulators, as well as the legally established definition of virtual assets and their classification. The Federal Republic of Germany has developed an original classification system and a hybrid approach to defining asset categories in order to apply the provisions of MiCA. Currently, not all objects created on the basis of blockchain technology are subject to regulation, primarily non-fungible tokens, which is in line with MiCA provisions. The licensing system for service providers in the field of virtual asset circulation, the specifics of the transition period and the new classification of licence classes in accordance with MiCA were also examined. An analysis of the requirements for initial coin offerings (ICOs) in accordance with the regulatory framework of the Federal Republic of Germany and MiCA was conducted. The issues of virtual asset mining regulation and taxation were examined. It is concluded that the Federal Republic of Germany has found a way to regulate many more assets than provided for by MiCA, which gives competitive advantages to the national economy. Ukrainian legislation needs to borrow the approach to building such a regulatory system, which can be harmonised with European Union legislation, while preserving the advantages of its own legislation.
У період суспільних криз та нестабільності стратегічний фандрайзинг стає важливим практичним інструментом забезпечення фінансової стабільності та соціально-економічного розвитку. Метою роботи є аналіз стратегічних підходів до інноваційного потенціалу фандрайзингу, які можуть бути успішно використані для ефективного залучення фінансування. Методологія. У процесі дослідження було застосовано загальні наукові методи: аналіз і синтез, порівняння, структурно-логічний метод, систематизація, узагальнення та абстракція. Наукова новизна. У дослідженні розглянуто проблематику стратегічного фандрайзингу у контексті інструментарію фінансової підтримки в умовах обмеженого ресурсного забезпечення. Розглянуто різні підходи до фандрайзингу, в тому числі – цифрового, традиційного, інноваційного та партнерського. Проаналізовано особливості конкретних стратегій та інструментів, таких, як краудфандинг, онлайн-платформи, технології non-fungible tokens (NFT). Встановлено, що комплексний підхід до фандрайзингу, який асимілює сучасні та традиційні методи, дозволяє забезпечити максимальну ефективність у досягненні фінансової стабільності. Висновки. У дослідженні обґрунтовано, що краудфандинг, онлайн-платформи та NFT позиціонуються надійними інструментами фандрайзингу, зокрема, на етапі формування стратегії діяльності компанії. Запропоновано ключові підходи до врегулювання ринку краудфандингових інвестицій. Доведено, що розглянуті види альтернативного фінансування та підтримки вбачаються дієвим засобом трансформації підходів до фінансування інноваційних проєктів. Проведена у статті аналітика дозволяє ідентифікувати переваги моделей фандрайзингу, а також виділити дотичні ризики та виклики, що дозволить розробляти та впроваджувати ефективні стратегії їх нівелювання.
The rise of Central Bank Digital Currencies (CBDCs) or digital forms of central bank money represents a transformative shift in the global financial landscape, aiming to enhance financial inclusion, reduce transaction costs, and improve payment efficiency. While blockchain technology has been proposed as a foundational infrastructure for CBDCs, its suitability remains debatable. This paper provides a Systematization of Knowledge (SoK) on the application of blockchain in CBDCs, analyzing their potential benefits and challenges. We examine key aspects, including scalability, security, privacy, interoperability, environmental sustainability, offline functionality, regulatory considerations, and architecture design. To ground our analysis in practice, we review several real-world CBDC initiatives, including China’s eCNY, the Bahamas’ Sand Dollar, Nigeria’s eNaira, the European Central Bank’s digital euro initiative, Sweden’s eKrona, BIS’s CBDC projects, and Thailand’s CBDC journey. Finally, we highlight research challenges and future directions, including post-quantum cryptography for enhanced security, zero-knowledge proofs for preserving privacy, and AI-driven compliance automation. This study offers a comprehensive knowledge base for policymakers, researchers, and financial institutions to explore the blockchain-based CBDCs.
The relevance of the study is determined by the need for in-depth study and systematization of innovative decision-making methods that Web3 technologies offer to the modern business environment. In the context of global digital transformation, traditional approaches to management and finance are proving insufficient to ensure the competitiveness and sustainable development of organizations. The purpose of this article is to analyze Web3 tools, in particular blockchain, asset tokenization, decentralized finance (DeFi), and decentralized autonomous organizations (DAOs), as a basis for forming new, more transparent, secure, and effective methods and models for management decision-making. The paper applies a comprehensive methodology that includes a systematic analysis of the functional capabilities of Web3 technologies and a structural-logical approach to classifying their impact on corporate governance and financial management. The use of case studies has made it possible to illustrate the practical aspects of integrating these tools into the activities of large companies. The results confirm that Web3 is not only a technological trend but also a new paradigm that provides managers with qualitatively different tools. It has been established that blockchain creates a foundation for trust and data security; tokenization and DeFi radically increase the flexibility and liquidity of financial management; and DAOs transform corporate governance into a collective and inclusive process. In addition, the integration of AI agents into routine operations allows managers to effectively refocus their attention on strategic planning. The practical value of the article lies in providing organizations with clear recommendations for implementing Web3 technologies: from the need to start with pilot projects to test systems and processes to the mandatory investment in the development of internal competencies. The materials in the article can serve as a basis for developing innovative strategies that will help business organizations minimize technical and regulatory risks and secure leadership in today's digital market.
As cryptocurrencies began with the launch of Bitcoin in 2009, a technological and financial revolution has created a fundamental menace to worldwide banking infrastructure by its presence. The article is a thorough exposition of the increasing use of cryptocurrencies and its compounding implications to the conventional banking systems. We mention the principles of decentralized finance (DeFi) which explicitly challenge the role between banks, payments, and settlements, lending, and borrowing, and even, the custody of assets. This paper adopts a conceptual and comparative analysis research design to consolidate a number of general layers of scholarly articles, industrial reports and regulation books to develop an overall structure against which to understand this dynamic relationship in a holistic manner. It is analyzed by means of the two-sided impact that semi-protects the traditional bank axiom on one hand, the cryptocurrencies and the DeFi systems are actively disintermediating the traditional banking operations which made delivery of cross-border remittances, P2P lending protocols, and self-custody opportunities faster, cheaper, and more convenient. This is putting competitive pressure on the existing institutions threatening the existence of fee based revenue systems and customer relations. One other, but equally, is that the boarding cryptocurrencies over technological resolutions, namely blockchain and distributed ledger technology (DLT), is borrowed even by the banking sector itself. Banks are learning about DLT to automatize their back-office business, create new digital assets, and the crypto threat establishes their stance through two forms Central Bank Digital Currency (CBDCs) and regulated stablecoins. The implication of this change is evaluated critically depending on the discussion of the potential increase of financial inclusion and financial efficiency in addition to the high level of security risks and the great uncertainty of regulation and the threat of volatility, systemic financial stability. The conclusion of this paper is that crash belongs more to cryptocurrency than to its replacement, and the old banking structures will have to make use of it to be creative, and develop a new value proposal in a more and more decentralized financial system. The future has been defined as requiring a hybrid solution of centralization and decentralization of systems in which they would co exist, compete, and converge.
The aim of the study was to conduct a comprehensive comparison of selected popular cryptocurrencies, such as Bitcoin, Ethereum, XRP, Cardano, and Litecoin. The analysis was carried out in terms of technological categories, scalability, as well as security and privacy. In addition, the development prospects of selected cryptocurrencies were assessed.The research showed that despite its slow transaction speed and scalability issues, Bitcoin is the most widely accepted cryptocurrency as a form of payment, while XRP, which has the fastest transaction speed, is not as widely chosen and supported as a payment method. In terms of everyday applications, Ethereum is the best choice due to its ability to automate many business processes. Most cryptocurrencies are decentralized, which is the foundation of their existence and functioning. Bitcoin, Litecoin, and Cardano place considerable emphasis on this, while there is much debate about the actual decentralization of XRP due to their affiliation with Ripple Labs. An analysis of price stability and volatility has shown that a large proportion of cryptocurrencies are dependent on Bitcoin's market position, which gives an idea of how important it is as a resource. In terms of potential future applications, each of the cryptocurrencies studied can be used as a means of payment, but Bitcoin and Ethereum have the potential to find general use. In addition, they are seen by investors as the safest investment option due to the constant improvements and updates.Analysis in terms of selected factors, including technology, privacy, stability, and price volatility, allowed us to determine the relationship between these factors and the development prospects of the given cryptocurrencies. Bitcoin and Ethereum are the most popular currencies due to their price, and investors often treat them as long-term investments with high growth potential. XRP, Cardano, and Litecoin are less commonly used due to their high dependence on Bitcoin and low growth potential compared to other cryptocurrencies.
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 legal mechanism for regulating the circulation of virtual assets in Ukraine and the regulatory and legal support for countering illegal activities with various types of cryptocurrencies. The provisions of the Law of Ukraine “On Virtual Assets”, amendments and additions to civil legislation in terms of introducing the concept of “digital thing” are analyzed. It is proven that the provisions of the European Regulation “Markets in Crypto-Assets” (“MiCA”) are essential for the legal regulation of the circulation of virtual assets and countering illegal activities with them. The classification of virtual assets contained in the European Regulation “MiCA” is disclosed in order to understand the essence of various types of cryptocurrencies. The peculiarities of the circulation of such crypto-assets as Bitcoin, Ethereum are disclosed and noted; the concepts of “blockchain”, “validator”, “service token”, “crypto-asset issuer”, etc. are investigated. The role of a number of state bodies in countering the illegal circulation of virtual assets in Ukraine is highlighted. It is argued that the coordination of analytical work and the detection of risky transactions is provided by the State Financial Monitoring Service of Ukraine. It is substantiated that the detection of criminal schemes and ensuring the prosecution of those guilty of offenses with virtual assets is entrusted to the National Police, the Security Service of Ukraine, the State Bureau of Investigation, the Bureau of Economic Security, and the Prosecutor’s Office. Such bodies as the National Bank of Ukraine, the National Securities and Stock Market Commission, and the Ministry of Digital Transformation of Ukraine form a regulatory framework that should prevent the use of crypto-assets for illegal purposes. It is established that countering the illegal circulation of virtual assets in Ukraine is carried out both through preventive measures, analytical work and improvement of the regulatory and legal framework, and through operational-search and criminal-law jurisdiction. This comprehensive model allows responding to the latest challenges, in particular, the use of decentralized finance, anonymous technologies, and cross-border schemes for the illegal circulation of virtual assets.
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.
Purpose: to develop a methodological framework for selecting the optimal technology for building cross-border payment infrastructure based on the criterion of decentralization of key financial system actors. Methods: structural analysis of objects, a systems approach, a service approach, a method of structural-matrix analysis of concepts, a research method from general to specific, a comparative analysis method. Results: payment institutions and infrastructure are classified as the main factors influencing the qualitative and quantitative characteristics of cross-border payments. Such characteristics can be improved by forming a cross-border payment infrastructure based on distributed ledger technology, which allows for more equal relations between its users. The features of a cross-border payment infrastructure based on distributed ledger technology include mechanisms for forming, using, maintaining identity and protecting processes, objects and data, which provide it with the required functionality. A comparative analysis with centralized data processing systems shows the advantages of using distributed ledger technology to form a cross-border payment infrastructure. The signs of a payment's cross-border nature are determined by splitting the payment into fragments and identifying pairs of payment subjects located in different jurisdictions. It has been established that a number of cross-border payment subjects may be located outside the payment space and, under certain circumstances, fail to perform their functionality. Numerical indicators of the level of a cross-border payment dependence on the actions of entities outside the payment space are proposed. A model of a decentralized cross-border payment infrastructure is constructed, containing one structural level and an integrated payment token. Conclusions and Relevance: the proposed model can serve as a methodological foundation for the practical implementation of the task of developing cross-border payment infrastructure that ensures a sufficient level of key actors decentralization, meets the needs of economic agents in conducting cross-border payments, and possesses long-term development potential.