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 discusses the possibilities of investing in digital currency - cryptocurrencies, in particular, their most common form - Bitcoin. The high hype and rising prices of crypto coins determine the relevance of the research topic and set the trend for many years. This scientific article is devoted to the study of the nature of Bitcoin, and the history of its creation, and highlights the main features and distinguishing features from fiat money. Blockchain technology is also discussed, which is a technological breakthrough in the field of data analysis that provides many advantages, including cryptocurrency. In addition to the basic strategies of investing in Bitcoin, the option of earning money by "mining" cryptocurrencies is considered. The purpose of this paper is to show the main advantages of virtual currency, as well as to present the main disadvantages of Bitcoin compared to traditional money as an investment object. In the research, special attention is paid to determining the place of the currency in the legal framework, specifications, and perspectives of the use of cryptocurrencies in the territory of Georgia. Based on the results of the analysis conducted in the works, it was determined that this type of investment is developing very quickly. In addition, most countries already use Bitcoin as an everyday currency and also use blockchain technology outside of financial services. Keywords: investments, cryptocurrency, bitcoin, blockchain technology, mining, digital currency, crypto investment.
Subject. The article investigates the role of cryptocurrency in the international financial market. Objectives. The aim is to analyze the place and role of cryptocurrencies in the international financial market. Methods. The study rests on logical, historical, and statistical analysis, and methods of comparison, classification, and deduction. Results. The paper defines the concept of cryptocurrency, considers the problem of including cryptocurrencies in the economic system, characterizes the cryptocurrency market at the international level, determines the place and role of cryptocurrencies in the international financial market. Conclusions. Cryptocurrency is a new phenomenon in the global economy. It plays a special role in the investment market. The introduction of cryptocurrency into everyday life is possible only after solving all technical, legal, and economic issues directly related to its circulation. The problem with legal regulation is particularly relevant, since the attitude of governments of different countries to digital assets is constantly changing. This is due to the fact that decentralized systems can be used in the shadow economy, which threatens the stability of the national economy of States. Nevertheless, the development of digital economy cannot be stopped, so it is worth adapting to the new realities of the modern world.
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 study addressed the problem of developing a mechanism for introducing blockchain technology into the system of accounting and analytical support for public sector entities. In the course of the research, the volumes and types of financial violations by public sector entities were analyzed. Identified violations were committed by public sector entities, and their significant share fell on the system of accounting and analytical support, in particular, financial reporting, budget execution. Legal restrictions on the introduction of blockchain technology for public sector entities were outlined. The absence of a number of acts in the field of digitization, protection of state secrets, cyber security, international standards, etc. in the legal field was established. The characteristics and mechanisms of blockchain technology were described, the types of blockchains based on permission models (open, closed) were defined. The technological characteristics of the use of blockchain platforms in the system of accounting and analytical support of public sector entities have been determined. The need to use blockchain applications such as smart contracts was indicated. It is noted that the use of smart contracts can be developed on blockchain platforms such as Ethereum, NXT, and Hyperledger; their key characteristics were described. A comparative description of transactions of state funds in the traditional accounting system and with the use of blockchain systems is given. The problem of the materiality of the transaction cost when transferring large volumes of data was outlined using the Ethereum platform as an example; its shortcomings were identified. The development of a mechanism for introducing blockchain technology into the system of accounting and analytical support using the Hyperledger platform, which has an open-source community focused on the development of a set of stable frameworks, tools, and libraries for deploying enterprise-level blockchains, was described. The advantages and disadvantages of introducing blockchain technology into the system of accounting and analytical support have been determined.
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.
Ілля Чіков, Світлана Коляденко, V. A Supryhan, Oksana Tabenska · 6 authors
Purpose. To analyze the process of implementing smart contracts for the automation of business processes, aimed at achieving high reliability and cybersecurity during contract execution, optimizing transaction costs, and maximizing the productivity of the enterprise’s internal operations. Methodology. The research results were obtained using special and general methods of scientific knowledge, namely descriptive, comparative, strategic analysis, abstract-logical and generalization. Findings. The study revealed the potential of smart contracts based on blockchain technology to improve business process efficiency, reduce costs, and ensure innovative development in the Ukrainian business environment. Originality. A comprehensive analysis of the technical aspects of using smart contracts based on blockchain technology to automate business processes has been conducted; their impact on the business environment has been assessed; a comparison of popular programming languages and blockchain platforms for the development and deployment of smart contracts has been made; a SWOT-analysis of the implementation of smart contracts at Ukrainian enterprises has been carried out, which opens up prospects for innovative approaches to business practices and their optimization. Practical value. The results of the study can be used to develop and implement innovative strategies in a business environment based on the integration of smart contracts based on blockchain technology in order to improve the efficiency of business processes.
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
The article analyzes the dynamics of changes in the exchange rate of cryptocurrencies such as DogeCoin, Bitcoin, BinanceCoin and AaveCoin in recent years (before COVID-19, during the pandemic and the war in Ukraine). At the same time, in the first quarter of 2020, the spread of the COVID-19 pandemic and the related active campaign of the National Bank and banks to support online operations and services was an additional factor contributing to the population’s rejection of cash. The war, among other things, encouraged more people in Ukraine to believe in cryptocurrency.
Introduction. In recent years, the digital economy has become the main driver of economic growth both at the global and national levels. Within this paradigm, a number of socio-economic challenges are being overcome: creating new jobs, ensuring digital inclusion of people around the world. Problem Statement. The national institutional environment in the field of the digital economy is currently under development, in particular in terms of consistency of conceptual apparatus. The purpose of the article is to analyze the conceptual and categorical apparatus used in the regulatory and legal framework for accounting and taxation of objects arising from the activities of business entities in the digital economy, and to determine the directions of its development. Methods: institutional approach; comparative analysis; synthesis; hierarchical classification method. Results. A bibliographic analysis of scientific and professional publications showed that all categories of “non-fungible token”, “virtual asset”, “cryptoasset” are inherently digital assets, i.e. assets that are stored or transmitted in digital format and have economic or cultural value. The global nature of digital assets has led to the need for international coordination on their legal status and resolution mechanisms. Such digital assets as virtual assets, cryptoassets and their subtypes are regulated at different levels: international (FATF, OECD); regional (EU); national (UK, Ukraine). The presented review of the documents defining the concepts of “digital asset”, “cryptoasset” and “virtual asset” at the international and regional levels, as well as in individual countries, demonstrates that there is currently no generally accepted definition of these terms. Conclusions. The conducted study of the features in forming the conceptual and terminological apparatus of accounting and taxation of objects, the appearance of which is determined by the activities of economic entities under the digital economy, in regulatory documents at various levels showed that when developing institutional support for the regulation of the circulation of digital assets and operations with them in Ukraine the approach used by the FATF was chosen. In terms of its content, the category of “virtual assets” corresponds to the interpretation of the category of “cryptoassets” laid down by European legislation. The author identifies terminological inconsistencies in the Ukrainian legal framework that require further resolution through a cross-analysis of legislation to unify approaches to the interpretation of digital economy objects.
In today's environment modern economic technologies are rapidly developing. This process and its impact on the financial system as a whole requires all the details effective consideration. Given that cryptocurrencies are highly dynamic in the market, the article proposes prospects for further use of the new currency. Accordingly, the purpose of the research was to provide a comprehensive analysis of cryptocurrencies as digital currencies in the Ukrainian economic market, trends, and prospects for their introduction. In the article such methods as special scientific methods (methods of collecting information, methods of processing information, methods of conducting analytical work) and general scientific methods (analysis, synthesis and generalization) were used. It allowed carrying out a complex study based on the principles of systematicity, scientificity and specificity. Search engines revealed more than 70 works on the issue of cryptocurrencies. In the course of the study, 40 in-depth studies from 2019 to 2023 were selected. The results provided a strategy for the impact and transformation of cryptocurrencies on the reform of the economic sector in general. It has been established that the introduction of cryptocurrency into the Ukrainian economy will facilitate the digitalisation of the economy. Based on the analysis of market denominations, crypto-exchanges and cryptocurrencies in the world are aimed at people, management, savings, and services. The research analysed the concept of the content of “cryptocurrency”, its features, advantages and disadvantages, and the relationship with the economic world. The international cryptocurrency market, the general state, development factors, and dynamics of adaptation in Ukraine were studied. The main conclusions were reflected in a comprehensive study of cryptocurrencies and their rapid growth as major technological innovations in the global and Ukrainian economy.
In recent years, the cryptocurrency industry has been developing rapidly, creating new opportunities and challenges for investors, entrepreneurs, and policymakers. Ukraine has become a promising destination for investment in cryptocurrencies and blockchain development due to its favorable business environment, highly educated workforce, and growing technology sector. Organizational and economic support for the development of foreign trade activities of Ukrainian businesses in the context of the cryptocurrency industry includes a thorough analysis and development of strategies to use these opportunities.In this article, we have considered some promising areas for the development of the cryptocurrency industry in Ukraine using general scientific and special methods of scientific knowledge, such as analytical methods, comparative analysis, methods of comparison, and generalization. From the potential of blockchain-based e-government services to the possibilities of mining and trading cryptocurrencies, the article examines the country's strengths and opportunities in this area and identifies ways to use them for future growth.To this end, the author analyzes the legal framework, the state and degree of development of the blockchain, the peculiarities and pace of mining, the degree of acceptance of cryptocurrencies in society, and the state and peculiarities of the development of cryptocurrency exchanges. Understanding the potential of the cryptocurrency industry in Ukraine, we believe that the strategic directions for promoting economic growth and technological innovation in the country are: a clear regulatory framework, a skilled workforce, abundant energy resources, and a growing number of cryptocurrency changes.These elements of organizational and economic support will help Ukrainian businesses to develop their foreign trade activities in the context of the growing influence of the cryptocurrency sphere, providing greater opportunities for investment and trade, as well as promoting the introduction of innovative technologies and increasing international competitiveness.
The purpose of the article is to study the Ukrainian experience of financial and legal regulation of the cryptocurrency market. During the analysis, the role and significance of cryptocurrencies in the modern world was characterized. Models for countries around the world are built on the basis of the level of adoption of cryptocurrencies in the context of national policy. The meaning and characteristics of cryptocurrencies are revealed. Attention is focused on the problems of forming regulatory and normative needs in Ukrainian legislation. Systematized principles of legal support for taxation of transactions with cryptocurrency and prevention of the use of cryptocurrency for the purpose of legalizing income (money laundering). The trends of threats of cybercriminal content in cryptocurrency transactions are summarized and the main provisions of the government's plan to resolve the situation with cryptocurrency for 2023‒2024 are defined. Ways to improve the legal support of the cryptocurrency industry in Ukraine are outlined. The reasons and significance of the popularization of cryptocurrencies in Ukraine are determined. In particular, it was determined that one of the main elements of financial support for the circulation of cryptocurrencies is the legal framework that regulates the interaction between the participants of the cryptocurrency market. Legislation should define rules and norms of conduct, requirements for security and confidentiality of personal data, liability for violations of rules and other aspects of cryptocurrency circulation. Planned ways of further development of the Ukrainian crypto industry and improvement of its regulatory and legal regulation. It is substantiated that the financial and legal support of cryptocurrency circulation should include mechanisms for the protection of consumer rights, such as mechanisms for insurance, dispute resolution, and conflict resolution between market participants. Such mechanisms can help ensure interaction between market participants, increase the level of trust and ensure market stability.
Topicality. The events of November 2022 showed the absolute instability of Ukraine's centralized energy system. Up to 40% of the centralized energy infrastructure was disabled in two days. Millions of people were left without electricity, heat and water for a long time. Therefore, it is very important to develop the energy sector of the state in the future, taking into account the needs of Ukraine's decentralization policy, in particular, local communitiesAim and tasks. The purpose of the research is to determine the imperatives of decentralization of the energy sector of Ukraine. The main way of developing the energy system of the state is the transition from a centralized to a distributed system. The location of generation systems in united communities makes it possible to switch to systems of cogeneration of electric and thermal energy to increase the efficiency of installed capacities and save fuel significantly by up to 40%.Materials and Methods. The methodological basis for the formation of regional policy should become the best of the world and European practices of the country`s energy sector development. Active use of the methods of system analysis, expert assessment on the implementation of decentralization systems of the energy industry is a guarantee of achieving the priorities of national security of Ukraine in the post-war period. Priority support from the EU and others international donors refers to those projects and programs aimed at decentralization, decarbonization, local economic sustainability and energy independence.Research results. The research substantiates that local communities have great opportunities for using alternative renewable resources for the generation of electricity and thermal energy. First of all, it is biomass, biogas, solar energy, wind energy and geothermal energy. In particular, the authors proved that due to the installation of means of electric energy accumulation, it is possible to raise the level of use of the installed capacities of solar and wind power plants by another 50% and to bring the total level of use of the installed energy capacities to 70%.Conclusions. The active implementation of alternative energy sources into economic practice can become the basis of the national security of the state in the post-war period. It is suggested that Communities use nearby agricultural waste and solid household waste as fuel instead of imported fossil fuel. It is also proposed to create local electric networks combined into virtual power plants within the framework of united communities, including not only all types of generation available on the territory, but also systems of short-term and long-term storage of electric energy. For the long-term storage of large amounts of electrical energy, it is suggested to use accumulators based on cryogenic liquids. It has been proven that due to the installation of means of electric energy accumulation, it is possible to raise the level of use of the installed capacities of solar and wind power plants by another 50% and to bring the total level of use of the installed energy capacities to 70%. Virtual power plants make it possible to significantly increase the amount of generated (consumed) electricity without additional investment costs. Such technologies meet the requirements of the European Union for candidate countries to join the Union and open the possibility of financing projects related to the restoration of the energy system of Ukraine based on renewable sources and advanced energy-efficient technologies.
최근 블록체인 기반 스마트계약 기술의 개발로 국제물품매매계약의 발전이 기대되고 있다. 그러나 스마트계약에 대한 통일된 정의가 아직 정립되어 있지 않고, 스마트계약에 대한 국제무역법규의 적용 여부 또한 불분명하다. 본 논문에서는 스마트계약의 정의를 제안하였으며, 이를 활용한 새로운 형태의 국제물품매매계약, 즉 스마트무역계약의 성립에 대한 국제무역규칙의 적용을 검토하고 이와 관련한 쟁점 및 해결방안을 제시하였다.
Bogdan Derevyanko, Nadiia Іvanchenko, Oleksandr Podskrebko, A. V. Prylutska · 5 authors
The paper identifies the main positive aspects and risks of operations involving cryptocurrency after their legitimization and suggests ways to reduce the impact of risks and negative consequences. Analysis and synthesis techniques were utilized in the research in order to summarize the findings and draw conclusions in accordance with the paper’s structural divisions. The structural approach made it possible to structure the provisions on the potential spread of the impact of the existing state regulatory system on participants’ activities in the cryptocurrency market and determine which state executive authorities should be assigned the task of licensing cryptocurrency mining. The comparative legal method was used to search for advantages and disadvantages for various types of legal entities after legitimizing cryptocurrency. In order to examine the origins of human civilization and its recent acceleration of digitalization, the historical legal method was utilized. The authors have elaborated methods aimed at reducing the risks of operations with cryptocurrencies, as well as protecting the interests of the state and cryptocurrency market participants. It is proposed to establish a cryptocurrency exchange by citizens of Ukraine or business entities in agreement with the National Bank of Ukraine, the National Securities and Stock Market Commission or other central executive body. It is proposed to protect the interests of participants in the cryptocurrency market through the application of a group of measures characterized by the term “legal work at the enterprise”, and the LLC legal form can be used to prevent conflicts between founders and protection from encroachments of corporate raiders for small businesses
The economic essence of cryptocurrencies and digital technologies were substantiated in the article. Also the article defines their role and significance in global economic processes. It has been established that the reason for the rapid growth in the popularity of cryptocurrencies lies in their advantages over traditional money, in particular, in decentralization, speed and ease of transactions, a high level of security through the use of cryptographic technologies, etc. At the same time, it has been established that the use of cryptocurrencies poses threats associated with the risk of stability of the global financial and economic system, significant volatility in the value of cryptocurrencies, the uncertainty of their legal status, insufficient controllability of transactions, etc. It is substantiated that the widespread use of cryptocurrencies in business processes and their use as an investment object requires proper legal regulation of operations with digital assets. The current state of the regulatory framework for the circulation of cryptocurrency and approaches to its recognition as an object of accounting in accordance with the Generally Accepted Accounting Principles (GAAP) and International Accounting Standards (IAS) are analyzed. It has been established that the enterprises, when recognizing cryptocurrency as an object of accounting, assessing its value and subsequently displaying information in the system of accounting accounts and financial statements, are guided by various accounting standards that are currently available, and therefore there are threats of inconsistencies or distortions of information about the financial condition of the enterprise, its liquidity and solvency, net asset value, etc. To solve this problem, the expediency of developing the special accounting standards by the regulatory authorities that define the generally accepted methodological foundations for displaying information about cryptocurrencies in the accounting system of enterprises is substantiated. Taking into account the specific properties and characteristics of cryptocurrencies, it is recommended to introduce a separate category of assets for cryptocurrencies and disclose information about them in the company’s balance sheet before the item «Cash and its equivalents» in order to maintain the order of liquidity of asset allocation.
В данной статье рассмотрена криптовалюта биткоин как возможная альтернатива традиционным валютам, таким как как рубль, доллар, евро. Описана система «блокчейн» и дан ответ на вопрос об идеальной бухгалтерии. Показано, что биткоин представляет собой значимый финансовый инструмент, который обладает множеством преимуществ перед традиционными фиатными деньгами. Тем не менее необходимо помнить о недостатках биткоина. В настоящее время биткоин не сможет заменить фиатные деньги для государств и стать полноценным заменителем для традиционных валют, поскольку необходимо решить еще множество технических и организационных проблем. This article considers Bitcoin cryptocurrency as a possible alternative to traditional currencies such as ruble, dollar, euro. The “blockchain” system is described and the question of ideal accounting is answered. It is shown that Bitcoin is a significant financial instrument which has many advantages over traditional fiat money. However, it is necessary to keep in mind the shortcomings of Bitcoin. Currently, Bitcoin will not be able to replace fiat money for states and become a full substitute for traditional currencies, as many technical and organizational problems still need to be solved.
Economic and Technological Developments in Russia
Economic, Social, and Public Health Issues in Russia and Globally
The following research is aimed at individuals tangentially involved with digital or virtual currencies, who are increasingly facing questions about how to declare income derived from trading these financial instruments. The purpose of the research is to present the tax treatment of transactions with cryptocurrencies in the part related to the taxation of the income of legal entities and individuals obtained from the activity of trading with virtual currencies according to the legislation of the Republic of Moldova, as well as the practice followed in other countries. The issue of taxation of these types of income is a current one both at the level of the legislation of the Republic of Moldova and at an international level, given the fact of abundant flooding of the world economy with an enormously large number of cryptocurrencies without which today the financial-banking system would look like a quaint one. It is worth mentioning that the clarity of the tax legislation regarding the taxation of new types of income, or the synchronous advancement of the tax legislation with the up-to-date needs of the taxpayers is a priority both for the institutions that collect the sources of the state budget, as well as the income payers. In other words, increasing the clarity of the tax legislation and the tendency to align with international standards and practices ensure greater efficiency in the successful administration of state revenues and an upward growth in the number of compliant taxpayers. At the same time, this research aims to examine the causal link between the harmonization of legislation to the needs of the market with the level of compliance of taxpayers and receipts to the state budget. The scientific methods used in the study are as follows: analysis of the legal framework governing the research, synthesis of information, comparison to identify distinctive features, deduction of challenges.
Cryptocurrency taxation is a set of taxes on cryptocurrencies in a particular jurisdiction that are levied on various transactions conducted by legal entities and individuals with cryptocurrencies. Questions about the legal nature of digital currency and transactions are handled differently in each country. Various jurisdictions treat digital currency as a means of payment or, more broadly, as a medium of exchange. The lack of formal certainty in this area regarding the general legal status of cryptocurrencies entails extensive discussions on more specific issues regarding the need for licensing the activities of exchanges, taxation of cryptocurrencies, and so on. The situation is constantly changing. Ordinary users often fear that if they encounter problems when working with cryptocurrency exchanges or ICOs, they may not receive help from the state and support from the law. Miners and traders also remain at risk, worried about the uncertainty of the cryptocurrency tax on income generation. It should be remembered here that mining, as a type of activity, requires an initial investment and the regular purchase of new computer components, and is currently not protected by law. Trading crypto assets is similar in nature to trading stocks and securities. The approach to be taken in determining whether a transaction is taking place or not is also similar, and guidance can be drawn from existing jurisprudence in stock and securities trading. The capital gains tax for cryptocurrencies works the same as for other assets: if a loss is incurred in transactions, you can declare a loss and save on fiscal deductions. There are two different types of capital gains taxes: long term and short term. Long term means you held the currency for more than a year before selling or trading it, short term applies to less than a year. Rates vary by country and taxpayer category.
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.