{"id":14602,"date":"2021-01-20T11:00:40","date_gmt":"2021-01-20T09:00:40","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=14602"},"modified":"2021-01-14T19:34:58","modified_gmt":"2021-01-14T17:34:58","slug":"cryptocurrency-as-the-%d1%81urrency-of","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/cryptocurrency-as-the-%d1%81urrency-of\/","title":{"rendered":"Bantorina T., Livandovska O. Cryptocurrency as the \u0421urrency of the Future Financial System"},"content":{"rendered":"

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JEL Classification<\/strong>: E44<\/em>; <\/em>F30<\/em>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-04<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Bantorina T.<\/strong>, Applicant for Higher Education Faculty of Management, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-1694-2604<\/a>
\ne-mail:<\/strong> taisbantorina@gmail.com<\/a><\/p>\n

Livandovska O.<\/strong>, Applicant for Higher Education Faculty of Management, Mykolayiv National Agrarian University, Mykolayiv, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-2676-8635<\/a>
\ne-mail:<\/strong> livandovskaolena1997@gmail.com<\/a><\/p>\n

 <\/p>\n

Cryptocurrency as the \u0421urrency of the Future Financial System<\/h2>\n

 <\/p>\n

Annotation. Introduction.<\/strong> At the present stage of development of the world is the rapid functioning of all spheres of society. Based on this, today society seeks to be progressive, modern, and therefore the world introduces us to a new type of money that is gaining popularity \u2013 cryptocurrency. Currently, humanity is aimed at finding a more progressive way of realization of any financial transactions with minimal risk. Now, the cryptocurrency is in the same city, where was the first paper money during the popularization of the concept of “printing money”. That is why, after a certain period of time cryptocurrency calculations become commonplace.<\/p>\n

Purpose.<\/strong> The purpose of the study is to consider cryptocurrency as the currency of the future financial system and possible prospects for its future development in Ukraine and the world.<\/p>\n

Results<\/strong>. The article discusses the theoretical aspects and history of cryptocurrency as currency future financial system. The main types of cryptocurrencies, the process of their creation, which is based on the solution of computers to complex mathematical problems and their entry into the market, are identified. The advantages and disadvantages of using cryptocurrencies are studied, as well as its feature as decentralization, which distinguishes it from other currencies. It is emphasized that in the world, so far, there is no consensus on the further strategy for the development of cryptocurrency in the world, its legalization and legality of use, thus analyzing the legal status of cryptocurrency in different countries and prospects for use. The legal regulation of cryptocurrencies in Ukraine in accordance with the norms of Ukrainian legislation is considered. The peculiarities of the functioning of virtual currencies in Ukraine are highlighted.<\/p>\n

Conclusions.<\/strong> Cryptocurrency inevitably and actively popularized worldwide in furthering decade. In some areas, such as online gaming business, this kind of currency has found its application in full. In Ukraine, there is everything necessary for legal operations with cryptocurrencies, but it is at the legislative level that there is a problem that prevents the active distribution and use of such currencies. The situation when cryptocurrency is not banned, but also not allowed, is an additional reason for fraudulent schemes. Legal entities and individuals who want or are able to use cryptocurrency is not protected. Similarly, the state can not get taxes from prospective activities. That is why the need for a clear establishment of the concept of “Cryptocurrency” by the law of Ukraine and the creation of mechanisms for regulating any activity with cryptocurrencies at the legislative level, are the priority state tasks at present.<\/p>\n

Keywords<\/strong>: cryptocurrency;\u00a0 currency; bitcoin;\u00a0 mining; digital currency; the legal status.<\/p>\n

References:<\/strong><\/p>\n

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  1. Dvulit, Z. P., Peredalo, Kh. S., Tylipsjka, R. B., Terno R. M. & Stybelj R. I. (2019). Cryptocurrency : state and trends of development. Ekonomichna nauka. Ekonomika ta derzhav<\/em>,<\/em> 1, 10\u201314. Retrieved from: http:\/\/www.economy.in.ua\/pdf\/1_2019\/4.pdf [in Ukrainian].<\/li>\n
  2. Derevyanko, B. V. (2017). Risks of Operations with Cryptocurrency (Bitcoins) for Citizens and Economic Entities of Ukraine. Forum prava: elektronne naukove fakhove vydannja<\/em>, <\/em>3, 33\u201339. Retrieved from: https:\/\/cutt.ly\/EfSkCnq [in Ukrainian].<\/li>\n
  3. Doronin, I. M. (2017). Cryptocurrencies : socio-economic factors, law and functions of the state. Informacija i pravo<\/em>, <\/em>3(22), 85\u201393. Retrieved from: http:\/\/ippi.org.ua\/sites\/default\/files\/11_5.pdf [in Ukrainian].<\/li>\n
  4. Internet business platform \u00abBusiness Worl\u00bb. What is mining. Official web-site. Retrieved from: https:\/\/busines.in.ua\/shho-take-majning\/ [in Ukrainian].<\/li>\n
  5. Online edition of \u00abMarketer\u00bb. Top 10 cryptocurrencies you should know about. Retrieved from: https:\/\/marketer.ua\/ua\/top-10-cryptocurrencies\/ [in Ukrainian].<\/li>\n
  6. Information reference. (2018). International experience in legislative regulation of cryptocurrencies, cryptocurrency exchanges, mining and withdrawal in fiat. Retrieved from: https:\/\/radaprogram.org\/sites\/default\/files\/infocenter\/piblications\/65.pdf [in Ukrainian].<\/li>\n
  7. Nazarenko, O. V., Lykova, V. V. (2019). Cryptocurrency : interpretation, organizational aspects of state regulation and accounting. Ekonomichna nauka. Investyciji: praktyka ta dosvid<\/em>, 24, 25\u201330. Retrieved from: http:\/\/www.investplan.com.ua\/pdf\/24_2019\/6.pdf [in Ukrainian].<\/li>\n
  8. Sardak, S. E., Lytvynenko, I. I. (2018). Influence of cryptocurrency on economic development of the countries. Infrastruktura rynku<\/em>. 15. 46\u201351. Retrieved from: https:\/\/cutt.ly\/CfFmSnv [in Ukrainian].<\/li>\n
  9. Prostobank Consulting. Official web-site. Retrieved from: https:\/\/bankchart.com.ua\/e_banking\/statti\/oglyad_tsifrovih_kriptovalyut [in Ukrainian].<\/li>\n
  10. Urbanovich,V. A., Yakovishina N. A. (2018). Cryptocurrency in Ukraine and to the world : condition, regulation and prospects of development. Molodyj vchenyj<\/em>, 5(57), 334\u2013337. Retrieved from: https:\/\/cutt.ly\/mfFmZJg [in Ukrainian].<\/li>\n
  11. Fedorova, Ju. V. (2018). The cryptualities and their place in the financial system. Naukovyj visnyk Mukachivsjkogho derzhavnogho universytetu. Ekonomika ta suspljstvo<\/em>, 15, 771\u2013774. Retrieved : http:\/\/economyandsociety.in.ua\/journal\/15_ukr\/116.pdf [in Ukrainian].<\/li>\n
  12. Legal Internet resource \u00abProtocol\u00bb. Prospects for legalization of cryptocurrency in Ukraine. Retrieved from: https:\/\/protocol.ua\/ua\/perspektivi_legalizatsii_kriptovalyuti_v_ukraini_2\/ [in Ukrainian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received:<\/strong> 20 November 2020<\/p>\n

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    Bantorina T., Livandovska O. (2020). Cryptocurrency as the \u0421urrency of the Future Financial System. Modern Economics<\/em>, 24(2020), 27-32. DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-04.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: E44; F30 DOI: https:\/\/doi.org\/10.31521\/modecon.V24(2020)-04 [\/vc_column_text][vc_column_text] Bantorina T., Applicant for Higher Education Faculty of Management, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID ID: 0000-0002-1694-2604 e-mail: taisbantorina@gmail.com Livandovska O., Applicant for Higher Education Faculty of Management, Mykolayiv National Agrarian University, Mykolayiv, Ukraine ORCID ID: 0000-0003-2676-8635 e-mail: livandovskaolena1997@gmail.com   Cryptocurrency as the \u0421urrency of the
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