The Possibilities of Using Investment Tools Based on Cryptocurrency in the Development of the National Economy

Abstract

The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the “grey” zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.

Legal Regulation of Virtual Currency: International Experience and Development Trend in Russia

“…The exchange draws attention to the fact that market participants must take note that the emerging basic cash markets and Bitcoin exchanges remain largely unregulated markets. In Florida, a bill has been drafted, according to which "virtual currency" is defined as a "monetary instrument", and not the coin or currency of the United States or other countries (8,20). Virginia has developed a bill that defines a virtual currency as a digital currency, in which encryption methods are used to regulate the generation of currency units and operate independently of the central bank.…”

Specifics of Cryptocurrencies from an Accounting, Tax and Financial View in a Globalized Environment

“…In many countries, the legal framework for cryptocurrencies is not considered at all and needs to be developed [23]. Cryptocurrencies are gaining significant popularity due to the benefits of their use, such as convenience, independence, accessibility, lack of commitment, confidentiality, no documents, full accounting automation, and optimization of administrative costs [24]. There are also ways to invest in funds using cryptocurrencies.…”

Media Effect on Cryptocurrency Popularity and Pricing

“…Theoretical foundations of the nature of the economic and technical approaches to providing cryptocurrency payment option devoted considerable segment of modern literature, particularly such works as authors Bondarenko O., Kichuk O., Antonov A. [3], Shaen Corbet, Douglas J. Cumming, Brian M. Lucey, Maurice Peat, Samuel A. Vigne [4], Spithoven A. [5].…”

“…The study was conducted using the questionnaire method. Respondents were asked to fill out questionnaires in Google form, in electronic form [3]. The survey included 450 respondents aged from 17 to 70 years.…”

“…This indicates the interest and commitment of potential cryptocurrency consumers. However, a large number, 320 respondents, accounting for 71.1%, did not use, do not use and, so far, do not plan to use cryptocurrency [3].…”