Олена СКЛЯРЕНКО, Denis Shcherbatykh, Н. М. Котвицька, Svitlana V. Sharova
Емпіричне дослідження потенційної ролі криптовалюти як інструменту хеджування інфляції набуває все більшої актуальності на тлі нещодавньої глобальної економічної невизначеності та інфляційного тиску. У цьому дослідженні вивчається довгостроковий зв'язок між цінами на Bitcoin та інфляцією за допомогою коінтеграційного аналізу, використовуючи щомісячні дані з січня 2015 року по червень 2023 року. Використовуючи коінтеграційні тести Енгла-Гренджера та Йохансена в рамках методу ковзного вікна, ми оцінюємо стабільність та еволюцію цього взаємозв'язку з плином часу.Результати свідчать про складний і мінливий у часі зв'язок між криптовалютою Bitcoin та інфляцією. Тест Йохансена виявив коінтеграцію у 25% ковзних інтервалів, тоді як тест Енгла-Гренджера знайшов докази лише у 3,6% інтервалів, що свідчить про те, що будь-який довгостроковий рівноважний зв'язок є радше епізодичним, ніж стабільним. Помітний структурний злам спостерігається близько 2021 року, що збігається зі значними змінами як на ринках криптовалют, так і в глобальних економічних умовах.Отримані результати ставлять під сумнів наратив про Bitcoin як надійний інструмент хеджування інфляції, вказуючи на те, що його зв'язок з інфляцією є менш стабільним, ніж у традиційних активів для хеджування. Період після 2021 року демонструє особливо високу волатильність цього взаємозв'язку, незважаючи на більш широке інституційне впровадження та увагу до нього з боку широкого загалу. Результати дослідження свідчать про те, що хоча Bitcoin може пропонувати властивості хеджування інфляції протягом певних періодів, ці властивості не є достатньо послідовними, щоб покладатися на них для систематичного захисту від інфляції.
The purpose of the article is to conduct a study and determine the importance and benefits of using artificial intelligence (AI) tools for certain areas of the cryptocurrency market, in particular, detecting and preventing fraud in the cryptocurrency market, as well as the possibilities of using AI chatbots in trading and in the formation of investment portfolios. The article covers the analysis of the growth of digital currencies and the increasing number of hacker attacks, defines the role of AI in ensuring security, considers methods of fraud detection and prevention, and analyses development prospects. AI plays a crucial role in identifying suspicious transactions and preventing fraud. The study aims to investigate the benefits and potential risks of AI bots. AI's integration has transformed the market, enabling more informed decision-making, improved investment strategies, and higher returns. The article emphasizes the need for ongoing research into the evolving landscape of AI in cryptocurrency, discussing challenges, and the potential to finance sphere. The integration of AI in fraud detection has proven advantageous, enabling real-time data analysis and pattern recognition, enhancing security for investors. The article also addresses concerns such as algorithmic bias and the displacement of traders and using AI chat bots. While acknowledging the risks, it highlights the positive impact of AI on efficiency, reliability, and security in the cryptocurrency marketThe article presents an algorithmisation of the possibilities and procedures for engaging artificial intelligence in the fight against fraud, as well as recommendations for market participants and regulators. The presented results highlight the existing innovative potential of AI to improve the security and efficiency of the functioning of participants in the cryptocurrency market. Overall, the article suggests that AI's transformative influence in the cryptocurrency market is a game changer, shaping the industry's future and presenting opportunities for growth and innovation.
Open access
Business and Economic Development
Economic, Social, and Public Health Issues in Russia and Globally
Purpose.To determine the role of digital infrastructure in the context of the digital transformation of Ukraine and to analyze the possibilities of applying blockchain technologies. Methodology. To achieve the set goal, various research methods, including analysis and synthesis for illuminating the economic essence of digital infrastructure, were employed as well as statistical methods for analyzing global trends in information and communication technology development. Inductive, deductive, and abstract-logical methods were used to support the conclusions. Findings. The research results encompass several significant findings. Firstly, various definitions of the digital economy were analyzed, leading to the proposal of an original definition that takes into account the peculiarities of the Ukrainian context and aligns with contemporary trends in digital technology development. Key sectors of economic activity were highlighted where the implementation of digital technologies holds the greatest potential within the context of digital transformation. Special attention was given to sectors where the use of digital tools can have a decisive impact on the development and competitiveness of enterprises. The authors emphasized strategic tasks and instruments that would facilitate the creation of a conducive environment for the development of the digital economy in Ukraine. Additionally, the essence of blockchain technology was studied, and potential areas of its application in Ukraine were discussed. Significant focus was placed on aspects of ensuring cybersecurity and data protection, which are critical in the context of blockchain utilization. Originality. The introduced original definition of the digital economy places a primary emphasis on the implementation and actual utilization of digital technologies across various spheres of human activity. A comprehensive set of measures for the development of digital infrastructure in Ukraine was proposed, including the enhancement of legislative regulation, creation of favorable conditions for the IT sector to accelerate the adoption and implementation of innovative solutions, development of digital infrastructure, coordination between educational and industrial sectors, nationwide Internet coverage to ensure equal opportunities for all citizens, attracting foreign investments, and utilizing blockchain technology for data protection (a critical aspect of state governance) and the intensification of digitizing administrative and public services. Practical value. The obtained research results can serve as the basis for the creation of necessary institutional frameworks, fostering the further advancement of the information technology sector in Ukraine. This can be particularly beneficial for the development of the production of goods and provision of services geared towards innovation and quality improvement. Establishing an effective digital economy in Ukraine requires not only technological innovations but also appropriate institutional frameworks that support this process. Such development will enhance the country’s competitiveness on the international stage and contribute to the improvement of citizens’ quality of life. Ultimately, the establishment of an effective digital economy in Ukraine opens up new opportunities for innovative growth and national development.
The article examines the peculiarities of the emergence and development of virtual assets -cryptocurrencies. The history and reasons for the creation of the most famous cryptocurrency -bitcoin -are analysed. The advantages and disadvantages of using cryptocurrencies are presented. The principle of blockchain operation is described. The foreign experience of regulating the circulation of cryptocurrencies is analysed. The possibility of integrating best practices to legalise and minimise the risks of using cryptocurrencies in Ukraine is substantiated.
Ensuring the effectiveness of organizational changes is associated with the need to take into account risks and design actions to prevent the occurrence of conflict situations and overcome resistance to changes, the reasons for which may be the unnecessarily negative reflexive nature of the company's staff's perception of radical transformations. To assess the radicality of structural changes, it is proposed to use a methodical approach to positioning relevant projects in the space formed by integral assessments of the impact of the results of the implementation of such transformations on the organizational level of management, the level of the organization of the production process, and the level of the organization of personnel management. For the proposed scale for assessing the radicality of structural transformation projects, recommendations have been developed for the purposeful use of tools for countering resistance to organizational changes on the example of enterprises implementing construction projects. The main research hypothesis consists in the assumption that increasing the level of project management effectiveness depends on the effectiveness of cognitive mechanisms and is associated with the use of modern concepts of information modeling and integrated project implementation. The necessity of using a selective approach to the organization of planning structural changes has been proven, which is proposed to be carried out by selecting the following types of construction of the appropriate planning system: operational, focused mainly on optimizing relations and connections of units; design, which involves making changes in the principles of structural construction of the enterprise (in the range of choosing between the options of centralization or decentralization); autonomous, based on the support of strategic orientation and adaptive orientation of structural changes as an element of a constantly operating system of adaptation of the enterprise to changes in economic conditions.
In the era of digital economy, the digital transformation of the payment industry has become a general trend. However, digital transformation can bring development opportunities to the payment industry, but it also faces some challenges. Blockchain technology is regarded as the key core technology to support the future development and application of the Internet. The development of blockchain has become the focus of financial technology. Its decentralization, simple process, openness, transparency, and non-tampering characteristics can effectively solve traditional payment problems. problems existing in. It is precisely because of the characteristics of decentralization that the payment method is more information symmetric and transparent, which greatly improves the security of the transaction process. Commercial banks use the blockchain consensus mechanism to ensure that the data of the platform, upstream and downstream, and other participants reach a consensus across the entire network to ensure information symmetry and transparency; the secure interaction of information is achieved through encryption algorithms, which solves the possibility of information being tampered with; blocks The timestamp feature of the chain ensures the integrity of historical data. This topic is based on the research on the role of blockchain technology in the digital transformation of the payment industry. It is mainly used in the following three aspects:1.This technology has the intelligent features of payment settlement and fund management. Ensure the safe interaction of transaction information by improving payment efficiency and the security of fund transactions. 2.This technology has the characteristics of high efficiency and low cost. It efficiently and low-costly obtains true and reliable data in the system, optimizes the credit creation mechanism, forms a new trade financing model, and effectively reduces financing risks. 3.This technology has safe and low-risk characteristics. Improve the level of data governance, improve the intelligence level of KYC, risk control strategies, and anti-money laundering, and reduce the risks of both banks and the industrial Internet.
Objective : to increase the effectiveness of countering the use of typical criminal money laundering schemes by identifying the technological and legal vulnerabilities of the DeFi infrastructure: decentralized exchanges, blockchain bridges, decentralized wallets, and privacy-enhanced currencies. Methods : general scientific (analysis and synthesis, induction and deduction, theoretical modeling, legal interpretation) and special methods of scientific cognition (structural-functional, constructive, situational, innovative, target-oriented, program-target, and risk-oriented). Results : the main trends in the development of money laundering using decentralized finance were outlined; the determinative significance of DeFi technological characteristics in the genesis of money laundering was revealed; the main types of money laundering using decentralized finance were identified; the schemes of committing crimes were studied and the criminogenic potential of DeFi infrastructure (decentralized exchanges, blockchain bridges, mixers, privacy-enhanced tokens, etc.) was assessed. Scientific novelty : it is proposed to consider money laundering using DeFi as a special type of digital financial crime. The article proposes the author’s typology of money laundering, substantiates the idea that the matrix of traditional financial regulation and AML standards cannot be applied to decentralized finance. It is argued that prevention of money laundering using decentralized finance should be carried out in close connection with the identification of risk indicators and the development of effective control measures at the points of entry of criminal incomes to centralized exchanges. Practical significance : the analysis of typical mechanisms of money laundering using DeFi allows a systematic approach to the organization of early crime prevention and can potentially become the basis to develop recommendations for financial intelligence and monitoring services.
We present a comprehensive analysis of the profitability of technical trading strategies that were successful within the sample period for the cryptocurrency pairs BTC/USDT and ETH/USDT. The study covers the time period from August 2017 to October 2023 and employs rigorous data snooping tests including reality checks and stepwise tests. This approach ensures that any positive results obtained are not merely coincidental, but instead reflect the intrinsic value of the method. Our results indicate that the previously profitable technical approaches, observed prior to December 2021, generally failed to generate profits during the subsequent out-of-sample period, especially after adjusting for potential data snooping. Based on the results, it is recommended to exercise caution when relying solely on historically profitable trading strategies and advisable for investors and practitioners to validate the performance of such strategies in real-time market conditions before implementing them. The findings of the study highlight the difficulty of identifying profitable technical trading strategies in an out-of-sample context when only data from the in-sample period are available, which lends support to the efficient market hypothesis within the cryptocurrency market.
While insurance professionals are well-versed in their field, there is a distinct lack of a framework for implementing distributed ledger technology, including blockchain, in the industry. This chapter evaluates the operational and regulatory aspects of using blockchain in the insurance industry. Even though blockchain technology has piqued the involvement of several stakeholders, it is necessary to predict how this technology will affect financial services, including insurance. From 2017 to 2021, this script analysed 212 Scopus-indexed research papers. The graphical maps created via VOS shows the historical commitments of authors and countries, as well as trends through cooperation and journal. All selected articles assessed concepts of research, and shared study areas as well as potential future research endeavours.
Dewi Khornida Marheni, Jenny Jenny, Isnaini Nuzula Agustin
Technological developments are increasing rapidly. This encourages increase the number of investors, especially in cryptocurrency. Investment decision considerations are influenced by investor behavior, including attitude, subjective norms, herd behavior, overconfidence, perceived risk, financial literacy, and investment intention. The purpose of this study is to determine the factors of financial behavior that influence investment decisions. The sampling technique used is snowball sampling by distributing questionnaires to Indonesian investors who are currently/already using cryptocurrency. Data was analyzed using the PLS-SEM method. The samples used as test material were 274 respondents who are currently or have used cryptocurrency. The results state that attitude, overconfidence, financial literacy, and investment intentions have a significant influence on investment decision variables. Future research is expected to be able to add other variables. The object of research used by the author is only in the territory of Indonesia. Therefore, the authors suggest that it can expand the object of research so that it can strengthen the results of the research. Most of the previous studies used quantitative methods in obtaining data. Thus, future research is expected to be able to expand the object of research so that it can strengthen the results of the research and use mixed methods, quantitative and qualitative methods (interviews and questionnaires).
To explore the impact of factors from the traditional financial market, such as economic policy uncertainty, oil prices, the NASDAQ index, and gold prices, to identify factors contributing to Bitcoin volatility. This study uses traditional OLS (ordinary least squares) regression analysis to examine how different external factors affect Bitcoin price volatility from January 2014 to March 2023. By employing a comprehensive approach to recognize the distinctive characteristics of the Bitcoin market, namely, 24-hour trading and the short duration of its existence, we’ve included a wide spectrum of data to ensure a cohesive comparison with other financial datasets. The findings of the statistical analysis indicate that EPU and the NASDAQ index promote positive fluctuations in Bitcoin volatility, whereas gold prices act as a dampener. Conversely, we do not find empirical support for the influence of energy prices, such as oil, on Bitcoin volatility. These findings indicate that we should not undervalue Bitcoin in any financial transaction scenario. It means that all stakeholders should treat the issue of Bitcoin volatility more seriously, even including governments, who should actively regulate the Bitcoin market, and investors, who should recognize the dangers of this volatility, make rational decisions based on individual circumstances, and employ flexible trading strategies.
Dharmula Srinivas, Jaymin Shah, Kaustubh Arvind Sontakke, B. T. Geetha · 6 authors
In the last decade, bitcoin has grown in prominence. The unidentified and uncontrollable characteristics of bitcoins appeal to millions of individuals worldwide. Bitcoin study is devoted to locating the ether and estimating its digital pricing based on the bitcoin's previous digital pricing hikes. Because of the instantaneous prediction of digital pricing, earlier techniques for digital price prediction lack sufficient data and solutions for anticipating digital pricing shifts. We suggested a machine learning-based method for digital pricing prediction for a banking company depending on the challenges highlighted in Bitcoin digital pricing prediction. The suggested architecture includes a blockchain foundation for a secured deal setting and also a Reinforcement Learning technique for digital pricing assessment and prediction. The outcomes reveal that the provided framework outperforms another state-of-the-art method in terms of digital pricing prediction accuracy.
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.
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.
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.
Mohammad Ahmad Alnaimat, Oleg Kharit, Safar Pürhani, Olena Symonenko · 5 authors
Rapid technological changes cause several challenges for established processes and approaches to the auditing. A special role in this context is assigned to the blockchain as a key driving force in changes in auditing. The aim of the article is to identify the key features of blockchain’s impact on auditing. The research employs economic and statistical methods, namely trend analysis, in-depth semi-structured interviews, assessment of the economic effect to identify the main changes in auditing under the influence of blockchain technologies. The experience of using blockchain was studied through a sample of 27 auditors from Azerbaijan, Israel, and Jordan. The respondents indicated changes in the operational work of auditors (88,9% of respondents) among the main areas of influence of blockchain technologies. The surveyed auditors also consider it necessary to improve auditors’ IT skills under the influence of blockchain (88,9% of respondents). The respondents emphasize the appropriateness to change the audit methodology under the influence of blockchain (77,8% of respondents). The surveyed auditors see the prospect in using real-time auditing (55,6% of respondents) and other higher value-added services (44,4% of respondents). Data from the financial statements of the 4 largest auditing companies were analyzed to determine the economic effect of the impact of blockchain on auditing. It was determined that the average annual growth rate under the basic scenario is 6.9% for 2023-2025, or $72.1 billion on average per company in 2025. The prospects for further research are studying the directions of strategic and operational transformations in auditing because of the influence of blockchain in terms of audit methodology, organizational structure of audit companies.
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.
The paper examines the major threats and related legal challenges posed by activities based on blockchain technology, such as cryptocurrencies, smart contracts, Decentralised Autonomous Organisations (DAOs), the Decentralised Finance System (DeFi), and Non-Fungible Tokens (NFTs). In the light of practical findings, the provisions of the Lithuanian Law on prevention of money laundering and terrorist financing and MiCA regulation are being analysed. The paper arrives at the conclusion that the new national law should effectively contribute to the prevention of cybercrimes, money laundering, terrorist financing, and violation of international sanctions. Nevertheless, a number of other issues typical for cryptocurrencies and other forms of utilisation of the blockchain technology remain unaddressed. Certain loopholes will be partly filled in by MiCA regulation. However, it will not create the required scope of legal certainty for other than cryptocurrencies forms of technology utilisation. On the basis of these findings, the paper puts forward proposals for the further development of the regulation of activities based on the blockchain technology.
There have been many studies on the blockchain, however blockchain research in the accounting field is scarce. The article outlines the characteristics and steps to apply blockchain in accounting. The article also identifies and measures the factors affecting the application of blockchain in accounting in enterprises, proving that the application of blockchain impacts the quality of the accounting information system of enterprises. The article shows that incorporating blockchain in accounting will help the accounting at businesses optimize the security, safety, and transparency of accounting information. We collected data on 195 manufacturing firms in six sectors. This study’s primary data analysis method is the SEM structural equation modeling method. The article used AMOS software to evaluate and measure the influence of each factor on the application of blockchain and the effect of blockchain on the accounting information system in enterprises. The article analyzed four aspects: the level of information technology of the accountant (IT), Information Security Infrastructure (SI), Training (TR), and Legality and Regulation (LR), affecting the application of blockchain in the business. The independent variables TR (training) and IT (information technology) have an impact on BL (Blockchain). We also find that the independent variable IT (information technology) has the most substantial impact on Blockchain adoption, followed by the independent variable TR (training), which has the second most influential impact on Blockchain adoption. For the accounting information system, the results show that applying blockchain will substantially impact accounting information, along with the safety factor of information infrastructure SI also has an evident influence. The results show that applying blockchain in accounting, information technology, and professional training are core issues with significant influence. The issue of guaranteed infrastructure also determines the effectiveness and efficiency of blockchain applications for accounting information systems. I declare that this is my scientific work; it is my original work. I commit that all data sources and ideas are my research and have never been published anywhere.
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.
Research background: Fintech development shapes corporate investment efficiency and economic growth with innovative tools, and can decrease financing constraints of enterprises, enabling direct and indirect financing and furthering inter-bank competition. Crowdfunding- and blockchain-based fintech operations harness deep and maching learning algorithms, augmented and virtual reality technologies, and big data analytics in mobile payment transactions. Purpose of the article: We show that fintechs have reconfigured financial service delivery by harnessing AI-based data-driven algorithms and cloud and blockchain technologies. Fintech optimizes financial organization and services, economic structures and growth, data analysis, and digital banking performance. Machine learning algorithms can streamline payment operation capabilities and process promptness, ensuring smooth operational flows, assessing risks, and detecting frauds and money laundering by historical data and customer behavior analysis across instant payment networks and infrastructures. Methods: Quality tools: AXIS, Eppi-Reviewer, PICO Portal, and SRDR. Search period: July 2023. Search terms: “fintech” + “artificial intelligence algorithms”, “cloud computing technologies”, and “blockchain technologies”. Selected sources: 40 out of 195. Published research inspected: 2023. Data visualization tools: Dimensions and VOSviewer. Reporting quality assessment tool: PRISMA. Findings & value added: Fintech development enables organizational innovation by mitigating information asymmetry and financing limitations while providing financial assistance and tax incentives in relation to products and services. The fintech growth has influenced the dynamic intermediary function of financial institutions in terms of sustainability and economic development. Fintech and natural resources negatively influence, while green innovations and financial development further, environmental sustainability.