scholarly journals Virtual Currencies: Distribution and Prerequisites for Recognition

2019 ◽  
pp. 165-169
Author(s):  
A. Malynovska
Keyword(s):  
Everyday Life ◽  
Legal Status ◽  
Legal Regulation ◽  
Unified Approach ◽  
Electronic Money ◽  
Virtual Currency ◽  
The World ◽  
Problematic Issue ◽  
Methodological Principles ◽  
Economic Nature

The article discusses the theoretical and methodological principles of recognition of the economic nature of virtual currencies and analyzes the use of technologies on which it is built in everyday life. The present time is significantly different from the previous: the world is ruled by technology, and commodity is information. In this environment, virtual currencies were born and actively used. This is especially true not only of the cryptocurrency, but also of the processes on which it is built. Cryptocurrencies are actively spreading, with their number increasing to more than two thousand types of virtual currencies during their existence. Despite this popularity, cryptocurrency transactions are not regulated in most countries of the world. Therefore, the legal status of virtual currencies remains a problematic issue not only for Ukraine, but in other countries of the world. The lack of legal regulation of virtual currencies has led to an increase in illegal, shadow transactions, the tool for which has become a cryptocurrency, since transactions conducted with it can not be tracked. In the world, different approaches to determining the economic nature of virtual currency, it is defined as electronic money, virtual goods, property, virtual currency, means of payment. The lack of a unified approach to interpreting the economic nature of virtual currencies complicates accounting for transactions with them. The article is based on an analysis of approaches to determining the economic nature of virtual currencies and the technologies on which they are based. Keywords cryptocurrencies, virtual currencies, Blockchain, mining.

scholarly journals Features of Inheritance of Cryptocurrency Assets

2021 ◽  
Vol 10 (1) ◽  
pp. 103-122
Author(s):  
Oleksandr Omelchuk ◽  
Inna Iliopol ◽  
Snizhanna Alina
Keyword(s):  
Legal Status ◽  
Legal Regulation ◽  
European Countries ◽  
Electronic Money ◽  
Applicable Law ◽  
Legal Nature ◽  
The World ◽  
Functional Features ◽  
Made In

The article analyzes the legal nature and specific of legal regulation of cryptocurrency in order to reveal the features of inheritance of cryptocurrency assets. The article aims to reveal whether it is possible to inherit cryptocurrency in terms of the existent legislation and if so, what kind of peculiarities of cryptocurrency should be considered. The financial and legal nature of cryptocurrency are described in the article. The main differences between cryptocurrency and traditional electronic money are revealed. The current legislation of Ukraine and some European countries on cryptocurrency legal status is analyzed. It is stated, that in most countries of the world, cryptocurrency is not considered to be money or currency, but rather a kind of property. It is noted, that while solving the issue of inclusion of cryptocurrency assets in the legacy, it is necessary to take into account the functional features of cryptocurrencies in general and the specifics of a particular type of cryptocurrency. Most of the benefits of cryptocurrencies for their owner (such as anonymous character) are obstacles to their inheritance according to the procedures provided by applicable law. The classification of the methods of inheritance of cryptocurrency assets is made in the article. The differences in the inheritance of cryptocurrency and tokens are revealed.

scholarly journals Research on the legal status of the national digital currency Karbo: the state and the prospects

2019 ◽  
pp. 11-15
Author(s):  
Larysa OSTROVERKH ◽  
Yurii SHANDRENKO
Keyword(s):  
Legal Status ◽  
Market Price ◽  
The State ◽  
Electronic Money ◽  
Virtual Currency ◽  
Global Trends ◽  
Economic Relations ◽  
The World ◽  
National Bank ◽  
The Relationship

The article explores the phenomenon of the development of virtual currencies and their growing popularity, resulting in a natural imbalance when innovations in the field of economy outstripped the development of legislation governing the relationship between entities in the field of calculations and payments. This led to the lack of a common understanding of the legal status of cryptocurrency and the methods of its regulation at the current stage of economic relations and global technologies, which caused the world community the problem of determining the legal status of cryptocurrency, which arose from the evolution of money and the emergence of new structured financial products. For Ukraine, as for most countries in the world, the global digital economy remains an area with undiscovered potential, since the National Bank of Ukraine does not recognize cryptocurrencies with either electronic money, money surrogates or other legal means of payment and does not recommend using them as such, but, in addition, it does not prohibit their use. Evidence of NBU's desire to keep up with current global trends was the emergence in May 2016 of the first Ukrainian «Karbowanec» cryptocurrency (after the Karbo rebranding in September 2017), which prompted many financial agents to ask whether – «Can you trust Karbo?» and «What is Karbo better than other cryptocurrencies?». Karbo is positioned as an alternative to low volatility settlement, designed for calculations and real use with new cryptocurrency ways of regulating money supply and market price. However, the question remains open – should the state recognize cryptocurrency as a digital (virtual) currency, or as a means of exchange or payment, or as other digital or intangible assets, or as property rights, etc., to introduce a method of accounting and regulate the system of taxation of transactions with it?

scholarly journals Prerequisites for the Introduction of Virtual Currency (Cryptocurrency) Control in Ukraine

2019 ◽  
pp. 170-175
Author(s):  
A. Mamonova
Keyword(s):  
Legal Regulation ◽  
Unstable State ◽  
Government Officials ◽  
Virtual Currency ◽  
The World ◽  
The Status ◽  
Money Transfer ◽  
The Media ◽  
Asking Questions ◽  
Economic Nature

Observing the rapid uptake and active use of virtual currencies that are not found in every country in the world, regulators are asking questions about the ability to control and regulate their operations. Therefore, the article describes approaches to determining the economic nature of virtual currencies and analyzes their legal regulation and transactions with them in the world and in Ukraine. The status and official attitude of the regulatory bodies of different countries, consolidation of legislation and taxation of virtual currencies are reflected. In recent years, there have been significant changes in the attitude of most cryptocurrencies in most of the leading countries of the world, from “illegal payment” to “promising financial instrument”. The increasing interest of government in progressive innovation has led to an increase in the influx of new entrants (both individuals and institutions) who are actively using virtual currencies. Yes, cryptocurrencies have caused a lot of concern about the risks they may bring since the first digital currency, Bitcoin. Over a period of time, cryptocurrency exchanges have been steadily increasing their interest in underwriting to ensure the secure process of exchanging and buying cryptocurrencies, reducing theft. Virtual currencies contain a large amount of capitalization in terms of fiat currencies, but the disorder and even the unstable state of cryptocurrencies, as well as the lack of historical loss data, complicate the process of controlling their turnover. However, given the interest, popularity and attention of the media, many, including lawyers, political scientists, economists, are trying to understand the basics of technology and its implications for politicians and other departments. The development of blockchain-based cryptocurrency technology has been introduced in areas that have traditionally been widely regulated, such as capital raising and money transfer. Politicians and other government officials often try to apply laws that have been developed for decades for the latest technology. The US in each state has a different definition and approach to cryptocurrency transactions. A similar situation is observed in the international arena, where some countries have sought to promote the growth of technology and others have sought to remove technology from their jurisdiction. Therefore, the legal field of law requires in-depth research and analysis on virtual currency transactions, the development and implementation of a new cryptocurrency exchange rate verification mechanism that is similar to those existing for traditional financial processes.

scholarly journals Legal regulation of practices of the police as an entity in charge of preventing and combating corruption in Ukraine

2021 ◽  
Vol 39 (69) ◽  
pp. 735-755
Author(s):  
Lina M. Tovpyha ◽  
Igor D. Pastukh ◽  
Tetiana Yu. Tarasevych ◽  
Serhii V. Bondar ◽  
Oksana V. Ilina
Keyword(s):  
Regression Analysis ◽  
National Security ◽  
Legal Status ◽  
Legal Regulation ◽  
Analysis Method ◽  
The World ◽  
Comprehensive Development ◽  
Definition Of ◽  
National Police ◽  
Police Practices

This article deals with the legal regulation of the practices of the police as an entity responsible for preventing and combating corruption. The study shows that corruption is becoming increasingly widespread, creating major obstacles to the comprehensive development of the economy and national security of any state. The objectives of this study were to clarify the problematic aspects of the legal regulation of police practices as an entity responsible for preventing corruption, to identify positive international experience in this area and to clarify its implementability in Ukraine. The corruption perceptions index regression analysis method was applied in 12 different countries around the world for 2018 and 2019. On the basis of the analysis, the authors propose to amend Ukrainian legislation with regard to the definition of the legal status of police practices as an entity responsible for preventing and combating corruption at the level of Ukrainian legislation, detailing the powers of the National Police as a specially authorized entity in the field of preventing and combating corruption in the Ukrainian Law "On the National Police".

scholarly journals THE ROLE OF CRYPTWALTH IN THE DIGITAL ECONOMY

2021 ◽  
pp. 80-87
Author(s):  
Merinova S. ◽  
Polovenko L.
Keyword(s):  
Exchange Rate ◽  
Legal Status ◽  
Digital Economy ◽  
Electronic Money ◽  
Functional Roles ◽  
Increased Risk ◽  
The World ◽  
The Status ◽  
Digital Money ◽  
The Exchange Rate

Today's situation of global development of the cyber economy and the spread of digital technologies have contributed to the creation of a new asset – digital cartographic currency, which is rapidly gaining popularity. Most scientists understand crypto-currency as digital money that is encrypted and protected by special algorithms that operate independently of the central bank. Cryptocurrency differs from electronic money primarily by the anonymity of its use. This state-of-the-art means of payment is gaining more and more popularity in use not only by individuals but also by legal entities around the world, which is why there is an objective need to determine the economic category to which cryptocurrency should be attributed and accounted for. Among a number of different cryptocurrencies, the most common is Bitcoin. Taking into account the popularization of cryptocurrency in the world as a completely new, innovative payment instrument of the XXI century. and the active use of Bitcoin and other types of cryptocurrencies, the development and use of this payment instrument in Ukraine and the world need further research. The article considers the functional roles of cryptocurrencies in the digital economy, examines trends and prospects for their development. Approaches to the interpretation of the essence of the concept of "cryptocurrency" are revealed, the main types of the most pop-ular cryptocurrencies today are considered, their general features are unified. It was found that the most common cryptocurrency is Bitcoin, analyzed the dynamics of changes in the exchange rate of this currency, compared the exchange rates of the 10 most common cryptocurrencies. It is noted that the first Ukrainian cryptocurrency was Karbowanec, an analysis of changes in the exchange rate of the domestic cryptocurrency. The legal status of cryptocurrency in some countries and in Ukraine has been stud-ied, and it has been found that more and more countries give cryptocurrency the status of a legal and legal means of payment, sometimes equating it to electronic money. It is noted that cryptocurrency today has both positive features and disadvantages, the main of which is the increased risk of fraud and fraud using digital currency.Keywords: cryptocurrency, Bitcoin, blockchain, electronic money, digital currency, digital economy, cryptocurrency market. У статті розглянуто функціональні ролі криптовалюти у цифровій економіці, досліджено тенденції та перспективи їх розвитку. Виявлено підходи до трактування сутності поняття «криптовалюта», розглянуто основні види найбільш популярних на сьогодні криптовалют, уніфіковано їх загальні ознаки. Встановлено, що найбільш розповсюдженою криптовалютою є Bitcoin, здійснено порівняння курсів 10 найбільш поширених криптовалют, проаналізовано зміну курсу вітчизняної криптовалюти. Досліджено правовий статус криптоваюти, виявлено, що все більше країн надають криптовалюті статус легального та правового засобу платежу, подекуди прирівнюючи її до електронних грошей. Зазначено, що криптовалюта має як позитивні риси, так і недоліки, головним з яких є підвищення ризику виникнення шахрайства та махінацій з використанням цифрової валюти.Ключові слова: криптовалюта, Bitcoin, блокчейн, електронні гроші, цифрова валюта, цифрова економіка, ринок крип-то валюти.

scholarly journals Digital technologies in the financial sphere (on the example of cryptocurrencies)

2020 ◽  
pp. 198-203
Author(s):  
E. B. Chernobrovkina
Keyword(s):  
Financial Market ◽  
Russian Federation ◽  
Legal Status ◽  
Digital Technologies ◽  
Financial Sector ◽  
Legal Regulation ◽  
Complex Nature ◽  
The World ◽  
The Russian Federation

The article explores the dialectic of determining the legal status of cryptocurrencies. Digital technologies are considered specifically for their application in the financial sector. The features of the use of digital technologies in various countries of the world are analyzed. Due to the variability of the legal regulation of digital technologies, the complex nature of their implementation is noted, which is not reduced to a simultaneous behavioral act. It is concluded that there is no universal way to sell cryptocurrencies in the financial market. The analysis of existing scientific approaches to understanding the concept of cryptocurrency, bitcoin is carried out.The article examines the digital technologies used in the financial sector, which include virtual currencies and — like their kind of cryptocurrency. The cryptocurrency status is not defined, however, there is the prospect of normative fixing it on the territory of the Russian Federation.

scholarly journals Corporations and Corporate Financial Instruments in Russian and Foreign Law

2021 ◽  
pp. 285-320
Author(s):  
R. V. Chikulaev ◽  
◽  
Keyword(s):  
Legal Status ◽  
Developed Countries ◽  
Legal Regulation ◽  
Financial Instruments ◽  
Legal Systems ◽  
Legal Regime ◽  
Financial Instrument ◽  
Corporate Rights ◽  
The World ◽  
Legal Forms

Introduction: the paper investigates the legal regime of corporate financial instruments in the context of the convergence of the world legal systems taking into account historically determined national differentiation. We study the legal regime of corporate financial instruments with respect to the status peculiarities of a corporation as a subject of legal relations and the regime characteristics of a financial instrument as a legal object. The purpose of the study is to analyze and generalize the legal experience of economically developed countries and to explain the modern legal content of the concept ‘corporate financial instrument’ against the related legal terms ‘securities’, ‘financial instrument’, ‘corporation’; to reveal major problems in the doctrine and positive legal regulation. Methods: comparative-legal, formal-logical, historical, analytical, empirical methods, and legal modeling. Results: the analysis of Russian and foreign experience made it possible for us to explain the specific nature of the legal status of corporation as the main component of modern economic systems, which determines special legal regimes of financial instruments that provide certain corporate rights. Conclusions: in terms of comparative analysis, of special interest is legal experience of such countries as Germany, France, Great Britain, and the USA since these countries show a higher level in the development of corporate legal forms and financial markets. Since early 1990s, Russia has been demonstrating high rates in the formation of the system of financial instruments circulation, which, with respect to the legal development of the corporate legal entity doctrine, brings Russian legal system closer to the world major legal systems. In the light of the focus on the sustainable economic development and defense of state interests with the use of modern digitalization methods, this also objectifies and makes currently relevant the development of the national legal regime of the corporate financial instrument based on the international legal experience.

Bitcoins within Georgia’s Money Laundering Scheme

2017 ◽  
Vol 9 (1) ◽  
pp. 9
Author(s):  
Aleksandre Mikeladze
Keyword(s):  
Central Bank ◽  
Money Laundering ◽  
Global Economy ◽  
Developed Countries ◽  
Current Situation ◽  
Innovative Technology ◽  
Electronic Money ◽  
Virtual Currency ◽  
The World ◽  
Bank System

Bitcoins’ technology brings a new level of innovation to business and communication across the world. However, the advantages of a virtual currency payment system face the threat from criminal activities occurring over a pseudonymous network where there is virtually no current regulation to cover illegal transactions. The current situation in Georgia is as follows: the second Bitcoin’s processing datacenter has opened in Georgia. While the virtual money is new even in developed countries, more unusual it is for Georgia, where local economists are more skeptical toward cryptocurrency. Therefore, they believe that electronic money is not controlled by any central bank that gives a lot of opportunities for illegal transactions. According to the Georgian experts, bitcoin is a very risky currency that can be used for money laundering, as it is completely uncontrolled. However, the Georgian central bank system claims that bitcoins are not dangerous, and the lack of awareness gives rise to talk about money laundering. The biggest challenge seems to be regulation of Bitcoin without hindering the potential for growth. While there is usually certainly a chance that Bitcoin could fail or be pushed out of existence by a more innovative technology, policymakers must be careful not to hinder a technology that could change the way global economy functions.

scholarly journals Cryptocurrency as the Сurrency of the Future Financial System

2020 ◽  
Vol 24 (1) ◽  
pp. 27-32
Author(s):  
T. Bantorina ◽  
◽  
O. Livandovska ◽  
Keyword(s):  
Legal Status ◽  
Financial System ◽  
Legal Regulation ◽  
Minimal Risk ◽  
Advantages And Disadvantages ◽  
Stage Of Development ◽  
The World ◽  
The Future ◽  
Mathematical Problems ◽  
History Of

Annotation. Introduction. 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 – 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. Purpose. 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. Results. 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. Conclusions. 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. Keywords: cryptocurrency; currency; bitcoin; mining; digital currency; the legal status.

scholarly journals Regulation of the private employment agencies’ status as participants in relations in the field of non-standard forms of employment

Legal Ukraine ◽  
2019 ◽  
pp. 40-46
Author(s):  
Mytrytska Hanna
Keyword(s):  
Informal Economy ◽  
Legal Status ◽  
Labor Relations ◽  
Legal Regulation ◽  
Traditional Concept ◽  
Atypical Form ◽  
The World ◽  
The Status ◽  
Private Employment ◽  
Employment Agencies

The article is devoted to the study of the legal status of private employment agencies. International and European standards in the regulation of private employment agencies are analyzed. The status of private employment agencies in foreign countries as bodies that promote and secure employment of the population has been investigated. Mainly hermeneutic, statistical and functional research methods have been applied. the etiology of the emergence and revision of the traditional concept of labor relations during the collapse of the Soviet system and the beginning of the formation of market relations in the 1990s is investigated. It is established that during the first post-Soviet decade old legal norms of doing business remained; the informal economy flourished in real labor relations; the question of liberalization of labor law was raised at the beginning of the third millennium. In the economic situation, there is a growing demand for loan work. As a rule, such services are provided by representatives of multinational companies, national companies with complex organizational structure and well-established budgeting system, companies undergoing reorganization. According to expert estimates, about 100,000 people are currently employed in loan work in Ukraine, and in view of the new tax rules, this figure is expected to increase by at least half. At the same time, it is concluded that in addition to classical employment in modern Europe and in the world as a whole, there are other forms of employment, in particular its atypical form - borrowed labor (loan). Given the growing role of private employment agencies in the world, including in addressing unemployment, it is necessary to regulate much of the important conditions of borrowing that have been left out of Ukrainian law, which could adversely affect the level of protection of the rights and legitimate interests of workers. The conclusion is made about the expediency of improving the legal regulation of the status of private employment agencies and relations in the sphere of employment and in the national labor legislation of Ukraine.

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