FINANCIAL AND LEGAL ASPECTS OF CRYPTOCURRENCY MARKET DEVELOPMENT IN UKRAINE
DOI:
https://doi.org/10.31891/mdes/2022-4-8Keywords:
cryptocurrency, Bitcoin, digital economy, e-commerce, financial mechanisms, currency operations, institutional support, legal status, strategic managementAbstract
The article examines the theoretical basis for the formation of the cryptocurrency market, outlines the features of the content and functional load on certain financial and legal mechanisms. The features of cryptocurrency in the e-commerce system are determined and a comparative characteristic with other forms of electronic money is given, the factors of influence and possibilities of scenario modeling are outlined. It is confirmed that the current stage of development of the digital economy, the evolution of money and informatization of economic systems and the spread of modern financial investment models in society contributes to strengthening attention to cryptocurrency and increasing the volume of currency procedures. The current state of the cryptocurrency market is studied, the issues of financial burden and development trends are updated. According to the data of 2022, the indicators of reduction of financial activity in the cryptocurrency market prevail to a greater extent and the results of reduction of capitalization to the lowest indicators of 2020 are available. The financial results of involvement of cryptocurrency operations in donor (charitable) procedures are outlined, the forecasted results of economic consequences from reduction of capitalization and decrease in cost value of cryptocurrency are formed. It is proposed to strengthen strategic activity and create short- and long-term models of development in the operation of the cryptocurrency market in order to avoid possible risks. The results of applied involvement of cryptocurrency in the financial system of Ukraine are presented, generalized conclusions on development and institutional support are formed. Problematic issues concerning the legal status of cryptocurrency transactions and the possibility of their investment support have been worked out. It is generalized that the financial and legal support of the cryptocurrency market in Ukraine has all the prerequisites for expanding prospects and obtaining the appropriate level of competitiveness at the international level. It is proposed to strengthen the internal financial and legal status of cryptocurrency and recommended the establishment of interstate cooperation as a foreign economic development of the country.
References
Shynkarenko O.M., Rohova N.V., Panivnyk I.A. Osoblyvosti normatyvnoho rehuliuvannia kryptovaliut: svitovyi dosvid. Finansovyi prostir. 2018. No 3. S. 139–146.
Krupka A. Kryptovaliuty—zahrozy ta perspektyvy funktsionuvannia. Materialy Ⅵ Mizhnarodnoi naukovo-praktychnoi konferentsii «Formuvannia mekhanizmu zmitsnennia konkurentnykh pozytsii natsionalnykh ekonomichnykh system u hlobalnomu, rehionalnomu ta lokalnomu vymirakh». K: KNEU, 2021. S. 89-92.
Merinova S. V., Polovenko L. P. Rol kryptovaliuty u tsyfrovii ekonomitsi. Naukovyi visnyk Khersonskoho derzhavnoho universytetu. Seriia «Ekonomichni nauky». 2021. № 42. S. 80-87.
Makarchuk I. M., Perchuk O. V., Yaremenko L. M., Stratan A. V. Osoblyvosti funktsionuvannia svitovoho rynku kryptovaliuty v umovakh transformatsiinykh zmin hlobalnoho ekonomichnoho seredovyshcha. Ahrosvit. 2021. № 7-8. S. 85-93.
Kryptovaliuty ta yikh mistse u finansovii systemi. Available from: https://knute.edu.ua/ file/NjY4NQ==/02d193b6b501a0fd82d6& 798fc841e70b.PDF
Forbes.ua (2022) Available from: https://forbes.ua/ru/innovations/bitcoin-letit-vniz-ukrainski-volonterski-fondi-zibrali-v-kriptovalyutakh-ponad-100-mln-chi-mozhut-voni-vtratiti-pozhertvi-cherez-kriptozimu-11052022-5938
CoinDesk (2022) Available from: https://www.coindesk.com/price/bitcoin/
CoinMarketCap (2022) Available from:https://coinmarketcap.com/
Stratan V. V., Stratan A. V. Stanovlennia rynku kryptovaliuty v informatsiino-merezhevii paradyhmi. Suchasni tendentsii rozvytku finansovykh ta innovatsiino-investytsiinykh protsesiv v Ukraini. Materialy IV Mizhnarodnoi naukovo-praktychnoi konferentsii: zbirnyk naukovykh prats [Elektronnyi resurs]. Vinnytsia: VNTU.2021. S. 905-908.
Vasylenko M. D. Aspekty lehalizatsii kryptovaliuty v ukraini. The XIV International Science Conference «Current issues of modern science and practice». Rome, Italy. 2021. Rp. 52-56.
