Current Aspects of Transformation of Economic Relations: Cryptocurrencies and Their Legal Regulation

Abstract

The article is devoted to the analysis of transformation of economic relations due to the emergence of such phenomenon as cryptocurrency. It is substantiated that its appearance is connected with the development of the information society, the formation of the virtual economy and the spread of digitization processes in all spheres of economic activity. It is proved that despite the innovative nature of the revolutionary character and the considerable potential for stimulating radical changes in the sphere of economic relations and economic model of modern society, the cryptocurrency is a confirmation of the evolution of money. From the point of view of the theory of money, the ability of cryptocurrency to perform the functions of money (measures of value, means of payment and medium of exchange, accumulation, world money), as well as new specific functionssocial, regulatory, indicative and others, have been proved. Analysis of the practice of cryptocurrencies spread gave the opportunity to reveal their characteristic features on grounds of the format of money, unit of account, legal status, money creation, stability of payment, mechanism of exchange, regulation and supervision, risks, etc. In addition, the positive properties of cryptocurrencies and their possible negative effects are identified. It is emphasized that the adoption and active spread of cryptocurrencies leads to the transformation of economic relations, and more precisely, the objective formation of a new system of economic relations as a compensator of the negative manifestations of a modern economic society, which, at the same time, has exacerbated to some extent the threats to the traditional monetary system. This is confirmed by the tendencies of the development of the cryptocurrency market, changes in the position of the central banks of the countries of the world from rigid rejection to the development of national cryptocurrencies, including in Ukraine. The problematic aspects of determining the legal status of cryptocurrencies in the regulation of cryptocurrency in Ukraine from the point of view of civil-law relations and relatively criminal-410 law context have been identified. It is concluded that it is necessary to determine the legal status of cryptocurrency in Ukraine, taking into account the position of the leading countries of the world.

Cryptocurrencies’ Impact on Accounting: Bibliometric Review

“…The issue of disconnection between legal and accounting treatment for cryptocurrencies (Huang et al 2023;Kolková 2018;Matusky 2017) manifests in two areas: the general absence of legal frameworks governing cryptocurrencies (Pantielieieva et al 2019) and the absence of established accounting standards for how companies should handle them in their financial statements. While law classifies them as property, accounting standards like IFRS offer options like inventories (IFRS Foundation 2024), intangible assets (IFRS Foundation 2024) (Huang et al 2023), or long-term investments (IFRS Foundation 2024) (Zadorozhnyi et al 2022) according to the intended use (Zadorozhnyi et al 2018).…”

The Regulatory Regime for Cryptocurrency in the Present Global Order

“…A thorough research while security market related rulemaking for cryptocurrency is required that must gather output from industry experts and stakeholders, and subsequently request public opinion on the same (Usha, 2019). Therefore, the legal status of the cryptocurrency is a debatable topic and hence require backing of legislative regulatory framework for practicing the dealing of cryptocurrency (Pantielieieva et al, 2019). A reasoning has been provided by taking the example of European Union payment platforms that insist on singularity of regulation relating to credit and debit transactions within the European Union region, and due to lack of recognition of cryptocurrency as debit transaction or credit transfer, the said cryptocurrency is out of purview of the said regulation known as Single Euro Area Payment (SEPA Regulation).…”

Фінансова Безпека В Умовах Цифрової Економіки: Очікування І Реальність

“…Найбільш радикальною фінансовою інновацією на основі цифрових технологій є криптовалюта. Від своєї появи перелік її різновидів постійно зростає та вже становить більше двох тисяч, що свідчить про затребуваність серед інших криптоактивів, виникненню яких вона сприяла [18]. На наш погляд, сутнісна природа криптовалюти має значний потенціал і поліаспектний вплив на цифровізацію всіх економічних процесів і фінансову безпеку в тому числі, завдяки базовій технології блокчейн.…”