Dubyna M., Doctor of Economics, Associate Professor, Head of the Department of Finance, Banking and Insurance, Chernihiv National University of Technology, Ukraine

ORCID ID: 0000-0002-5305-7815
e-mail: maksim-32@ukr.net

Zhavoronok A., PhD (Economics), Associate Professor, Associate Professor at the Department of Public, Corporate Finance and Financial Mediation, Yuriy Fedkovych Chernivtsi National University, Ukraine

ORCID ID: 0000-0001-9274-8240
e-mail: artur.zhavoronok@ukr.net

Fedyshyn M., PhD (Economics), Associate Professor, Associate Professor at the Department of Public, Corporate Finance and Financial Mediation, Yuriy Fedkovych Chernivtsi National University, Ukraine

ORCID ID: 0000-0002-0807-6814
e-mail: m.fedyshyn@chnu.edu.ua

Directions for Increasing the Development of Cryptocurrency in Ukraine

Abstract. Introduction. With the increasing complexity of payments and the distances between participants in financial transactions, the number of third parties involved in making payments is also growing. This entails an increase in commissions. Cryptocurrency solves this problem. This, in its way, is a digital “cash” that can be used by network participants, regardless of the distance and type of transaction. Cryptocurrency is a new type of electronic money, is rapidly gaining popularity.Purpose. The purpose of the article is to study the directions of increasing the level of development of cryptocurrencies in Ukraine.

Results. The growth of society’s informatization, the increase in e-commerce and, in particular, digital goods, makes cryptocurrency an ideal platform for using them as an effective payment and settlement tool in the channels of movement of national money and world currencies. It should be borne in mind that cryptocurrency can have a potential impact on the financial system of the state, the stability of the national payment system as a result of changes in the number of transactions and, as a result, the speed of circulation of money and monetary aggregates. An important step towards promoting the development of cryptocurrency in Ukraine should be its legalization. Measures to create a favorable economic environment for the development of cryptocurrency in Ukraine may include: determination of the legal status of cryptocurrency in Ukraine, adoption of relevant legislative acts on regulation of cryptocurrency circulation, cryptocurrency circulation to be taken under state control, development of international cooperation to introduce comprehensive regulation of cryptocurrency circulation, formation of a single cryptocurrency digitalization strategies, creating a national cryptocurrency, ensuring everyone has cryptocurrency traders needing the latest tools, introducing and stimulating cryptocurrency startups.

Conclusions. The growth of society’s informatization, the increase in e-commerce and, in particular, digital goods, makes cryptocurrency an ideal platform for using them as an effective pay-as-you-go tool in the channels of movement of national money and world currencies. It should be borne in mind that cryptocurrency can have a potential impact on the financial system of the state, the stability of the national payment system as a result of changes in the number of transactions and, as a result, the speed of circulation of money and monetary aggregates. Based on the fact that virtual currencies are a technical and economic innovation, the distribution of which is only a matter of time, first of all, you need to develop an appropriate legal framework for regulating relations on the crypto market.

Keywords: cryptocurrency; bitcoin; blockchain; electronic payment systems; money circulation.

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