MEDIEVAL COINS ON THE TERRITORY OF UKRAINE. “BRUSH STROKES” TO THE MONETARY CIRCULATION (I)

During the past two decades, with the development of private search using a special equipment, the number of known coins has increased dramatically, opening up the new opportunities for researchers. The aim of the study. Some of these finds, mainly treasures, have been the subject of the specialized research or have been the part of various numismatic publications, which cannot be said of isolated finds that have only been partially covered in the scientific literature. At the same time, the individual finds are not inferior to informative treasures, allowing a reconstructing the monetary circulation of a single settlement or city, its economic potential, interregional trade relations and many other aspects that contribute together to the restoration of the historical past. Over the last 10-15 years, the authors of this article have been systematically collecting information about the medieval coins found in Ukraine, some of which have an exact location. Thus, the purpose of this article is the gradual introduction into scientific circulation of the numismatic material originating from the territory of modern Ukraine with its full description, illustrations and outlines, references to current works and catalogues. It opens a series of articles on issues of the XV and XVII centuries, namely the Moldavian coins of Alexander I the Good, Stephen III the Great and one piece of the crown solidus of Sigismund III, found with them. Within the 22 coins described in the article, about 10 were found: 6 coins originate from Chernivtsi region, 1 piece of Moldovan coins were founded in Vinnytsia, Poltava, Volyn and Lviv regions. Other coins were also found on the territory of modern Ukraine, the authors do not know the exact places of their discovery. The Conclusions. The topographic distribution of the finds indicates that the main zone of concentration of Moldavian coins falls on the Chernivtsi region, which is quite natural, given that these lands, mentioned in written sources under the name of Shipinska land (terra Sepenicensis), were was included the part of the Moldavian principality since the end of XIV century. The distribution of Moldovan coin finds in Ukraine corresponds to the same international trade routes that connected Central Europe with the Crimean Peninsula, passing through the territory of modern Ukraine and Moldova, known as «Tatar» and «Moldovan» trade routes; and the mediating the role played by the lands of the Principality of Moldavia in this trade.

THE RISKS OF OPERATING A CRYPTOCURRENCY BUSINESS

The article is devoted to the study of theoretical and practical aspects of the risks that accompany the activities of economic actors in the cryptocurrency market (both mining and trading) at the micro­ and macro­economic level at the beginning of the third decade of the XXI century. The risks associated with the functioning of economic entities in the market of cryptocurrency coins and such risks are the following: lack of legal regulation on the cryptocurrency market and insurance of owners of assets stored on crypto wallets; use of malware in order to access assets rotating on the cryptocurrency market; hacking attacks on cryptocurrency wallets and exchanges in order to steal cryptoassets; loss of assets deposited into accounts of cryptocurrency exchanges in case of bank-ruptcy or closure of these exchanges; loss of the password used to access the crypto wallet; loss of a secret personal PIN code, which is the key to access funds deposited into the crypto wallet at the exchange and used to transfer assets (cryptocurrencies or fiat currencies) to other crypto wallets or a bank card; erroneous transaction due to one number or letter mistake when transferring from one crypto wallet to another or error (when entering bank card number), when transferring funds from crypto wallet to bank card, a mistake of one or more numbers is possible and funds will be transferred to the wrong addressee, in both cases it is impos-sible to cancel the transaction and funds are lost irrevocably; significant volatility in the value of cryptocurrencies, because of which an investor can go bankrupt. It was revealed that the functioning of the cryptocurrency market is also associated with risks to the national economy and security: monetary policy (reduction of control over monetary circulation due to the replacement of national fiat currency with cryptocurrency coins and the loss of the central bank monopoly on the emission of money and reducing the country's income from seigniorage due to mining cryptocurrencies), financial stability (because of the threat of the outflow of deposits from the banking system and replacing them with investments in cryptocurrencies, the possibility of replacing traditional banking, as well as the possibility of avoiding taxation and shadowing the economy) and national security. It has been proven that the intensive activity of an economic entity associated with mining, trading, investing or other economic activities in the cryptocurrency market requires significant theoretical and practical training of the individual and patience and faith in the future of cryptocurrency market activity because of the probability of losing savings invested in cryptocurrencies or investments.Keywords: risk, cryptocurrency, cryptocurrency market, crypto coin, crypto wallet, Bitcoin, Ethereum, cyberattack. Статтю присвячено дослідженню ризиків, які супроводжують діяльність ринку криптовалют, як майнінгу, так і трейдингу. Охарактеризовано ризики, з якими пов’язане функціонування ринку криптовалют, і такими ризиками є: відсутність правового регулювання та страхування власників криптогаманців; використання шкідливих програм та здійснення хакерських атак на криптогаманці і біржі криптовалют; утрата активів, розміщених на рахунках криптовалютних бірж, у разі банкрутства чи закриття цих бірж; утрата паролю від криптогаманця чи втрата секретного персонального PIN­коду, що є ключем доступу до коштів, розміщених на криптогаманці на біржі; помилкова транзакція (через помилку на одну цифру чи букву) під час переказу з одного криптогаманця до іншого (також під час переказу грошових коштів із криптогаманця на банківську картку можлива помилка на одну чи кілька цифр, і кошти будуть переказані не тому адресанту, якому вони передбачалися); значна волатильність вартості криптовалют. Виявлено, що функціонування ринку криптовалют пов’язане з ризиками для національної економіки: монетарної політики, фі-нансової стабільності, інвестиційної та банківської діяльності. Доведено, що активна діяльність економічного суб’єкта, пов’язана з майнінгом, торгівлею, інвестуванням чи іншою економічною діяльністю на ринку криптовалют, вимагає значної теоретичної і практичної підготовки особи через імовірність утратити заощадження, вкладені у криптоферми чи інвестиції.Ключові слова: ризик, криптовалюта, крипторинок, криптомонета, криптогаманець, Bitcoin, Ethereum, хакерська атака.

Designing and using central bank digital currency: China's experience

Subject. This article examines the main characteristics of a central bank digital currency and describes the procedure for designing and using the digital yuan in China. Objectives. The article aims to consider the positions of the leading countries on the need to introduce a digital currency, its risks and development prospects, and analyze the feasibility and main provisions for the introduction of the digital yuan into monetary circulation. Methods. For the study, we used economic and statistical analyses, and comparison. The National Bank of China statistics were used when preparing and conducting the study. Results. The article presents an analysis of the experiment on the implementation of settlements using the digital yuan and determines the most significant difference between the digital yuan and the cryptocurrency. Conclusions. China is the first country to launch a pilot test of the digital yuan, which has so far been successful. Despite the many advantages, the internationalization of the yuan looks possible in the long term only. The presented data can be used in the development and conduct of an experiment on the introduction of the digital ruble in the Russian Federation.

The Use Of Payment Cards In Kazakhstan: Analysis And Forecast

The aim of the study is to analyze and forecast the use of payment cards for making non-cash payments through national payment systems in Kazakhstan. Based on this goal, a hypothesis was put forward that in Kazakhstan, there is a relationship between the number of payment cards and the volume of non-cash payments. This hypothesis was confirmed because of the study. The information base of the study was the data on payment cards, which were taken from the Statistical Bulletin of the National Bank of the Republic of Kazakhstan. Hypothesis testing was carried out using correlation analysis for three periods: 2009, 2016, 2020. The method of finding Pearson’s correlation in the SPSS program was used. The results showed a downward change in the relationship between the selected indicators and the amount of funds transferred over time. Also, in this study, a forecast was made for 2021-2023 for the indicators under consideration. To make a forecast for the indicators under consideration, a graphical method (polynomial trend line) was used. The resulting forecast shows the growth of cardholders and, consequently, the spread of the number of payment cards among the population in 2021-2023. The practical significance of this study is that the proposed methodology can help predict the dynamics of payment cards in any country in the world. Recommendations are also given for further improving the financial system, since increasing the transparency of monetary circulation in small-and-medium sized businesses will lead to a positive result in the implementation of the program for universal declaration of income in 2025.

About alternative concepts of money in Russia (to the 160th anniversary of the birth of A.A. Manuylov). Materials for lectures and seminars

This article examines the scientific ideas about the substantial value of coins, paper and monetary signs of circulation in the Russian economic theory in the second half of the XIX — early XX centuries. The critical re-evaluation of foreign concepts contributed to a deep study of the concept of value, nature and functional role of banknotes in the national economy. The factors regulating the value of banknotes and the key criteria of the new model of elastic monetary circulation are considered. The concepts of Russian economists (A.N. Miklashevsky, A.A. Manuylov, L.V. Fedorovich, M.I. Tugan-Baranovsky, P.A. Nikolsky, N.I. Sieber, and many others) reveal the laws of pricing that affect the value of money. It is suggested that money is «an integral part of the developed social division of labor». In this context, we study the process of forming a systematic understanding of the relationship between different market segments and the state monetary economy, which revealed the specific role of money as an instrument that unites individual markets. It is concluded that, first, in the course of a critical analysis of the concepts of money and the development of the principles of reforming the monetary system in the Russian literature, the foundations of a macroeconomic understanding of the market economy were laid. The semantic «content» of the concept of «conjuncture» indicated an increased interest in macroeconomic research. Second, the development of the theory of the value of money and to elucidate their role in economic conditions contributed to the opening of several new, «frontier» of economic topics, including the theory of industrial crises and characteristics of the circulation of banknotes in extreme conditions at the beginning of the XX century. The fundamental economic concepts of value, price and money are still the «platform» of the most acute theoretical discussions, in which arguments in favor of the interests of traditional market actors, entrepreneurs and the state, are supplemented by the motives of transnational institutions. Knowledge of the theories of the value of money sheds light on the effectiveness of tools for regulating market conditions. The model of monetary circulation as an effective tool for regulating budget deficits and industrial activity during the crisis (with the help of the State Bank`s commercial portfolio) was the experience of the circulation of maternity money in the twentieth century. Familiarity with the positions of leading scientists gives an idea of alternative approaches in the interpretation of value (classical school, Marxism), or value (German historical school, marginalism, nominalism), creates a solid basis for analyzing the features of the domestic monetary system and attempts to reform it at the present time. A retrospective analysis of the theories of the value of money will help to form a clear understanding of the peculiarities of domestic monetary policy, to find out its role in the development of crises, inflation and «lack of money». The article, addressed to teachers of economic theory and the history of economic studies, graduate students, students, and anyone interested in the theory and practice of monetary circulation, attempts to «reveal» the secrets of the economic analysis of value — one of the key problems of economic science.

Prospects for the use of cryptocurrency in public monetary circulation

The modern world is changing rapidly. Digitalization is becoming more and more important and penetrates into all spheres of society. The digital transformation of financial and monetary processes and systems deserves special attention. It is important to determine the place and role of the state in the regulation of these processes. This paper examines the current state and prospects of using cryptocurrency as an element of monetary circulation. Analysis of the dynamics of the bitcoin rate showed that the use of cryptocurrencies is promising. However, it is necessary to improve the regulatory framework. The introduction and use of the national cryptocurrency in Russia will stabilize the state of the financial system in relation to the dollar, ensure the safety of economic development and reduce transaction costs.

Principles of monetary system reform in Russia in the XIX century. (To the 150th anniversary of the memory of N. I. Turgenev)

The purpose of the study is to characterize the Russian model of monetary circulation during the transition from pre-capitalist forms of economy to a relatively developed capitalism in the late XIX century. The paper provides the analysis of theoretical ideas on the specifics of metal, paper and credit instruments of circulation. The key principles of the Russian model of monetary circulation are formulated in the programs of statesmen (M. M. Speransky, E. F. Kankrin, S. Yu. Witte), in the works of economists who presented alternative concepts of money, the theoretical provisions of which formed the conceptual «core» of the new monetary system. The article reveals the features of quantitative approach of N. I. Turgenev, who was the first to analyze the factors of inflation development associated with issue of banknotes, and possible scenarios of monetary reform aimed at its mitigation. The author identifies fundamental differences in the methods of reforming Russia’s monetary system in 1839-1843 and 1895-1897, considers the characteristic features of the new system of «state credit money», the concept introduced by M. M. Speransky, and the criteria for its stabilization. He then shows that the concept of «state credit money» arose at the intersection of the interests of market and state economy and reveals the role of state and commercial institutions in forming a new model of monetary circulation. The paper reveals the specifics of the domestic monetary system during the transition to capitalist production. The study contributes to the development of the theory of money, as it shows the relationship between the evolution of national economic system, the model of monetary circulation and the instruments of state regulation of the market situation. The author concludes that the changes that occurred in the theories of money are a reflection of changes in the monetary system itself and state monetary policy during the periods of economic transformation.

Principles of monetary system reform in Russia in the XIX century. (To the 150th anniversary of the memory of N. I. Turgenev)

The purpose of the study is to characterize the Russian model of monetary circulation during the transition from pre-capitalist forms of economy to a relatively developed capitalism in the late XIX century. The paper provides the analysis of theoretical ideas on the specifics of metal, paper and credit instruments of circulation. The key principles of the Russian model of monetary circulation are formulated in the programs of statesmen (M. M. Speransky, E. F. Kankrin, S. Yu. Witte), in the works of economists who presented alternative concepts of money, the theoretical provisions of which formed the conceptual «core» of the new monetary system. The article reveals the features of quantitative approach of N. I. Turgenev, who was the first to analyze the factors of inflation development associated with issue of banknotes, and possible scenarios of monetary reform aimed at its mitigation. The author identifies fundamental differences in the methods of reforming Russia’s monetary system in 1839-1843 and 1895-1897, considers the characteristic features of the new system of «state credit money», the concept introduced by M. M. Speransky, and the criteria for its stabilization. He then shows that the concept of «state credit money» arose at the intersection of the interests of market and state economy and reveals the role of state and commercial institutions in forming a new model of monetary circulation. The paper reveals the specifics of the domestic monetary system during the transition to capitalist production. The study contributes to the development of the theory of money, as it shows the relationship between the evolution of national economic system, the model of monetary circulation and the instruments of state regulation of the market situation. The author concludes that the changes that occurred in the theories of money are a reflection of changes in the monetary system itself and state monetary policy during the periods of economic transformation.

The Concept of Money in the Era of Digitalization

The paper examines issues related to the origin of money and the transformation of its forms, the economic and legal nature of money, provides characteristics of "cryptocurrency" and digital currencies of central banks, including the digital ruble. The author makes an attempt to define money based on its obligatory nature. As the author emphasizes, remaining in captivity of traditional approaches (money is a thing, there is full-fledged money and inferior ones, cash is money, but along with this there is “money” that is not money), we will not get an adequate reflection of the phenomenon “money” in national legislation, and we will not achieve effective regulation of money circulation in the country. It seems that the definition of money should be based on its obligatory nature. Money is a universal right of claim, expressing the value of any goods, works, services, recognized in thesociety, supported and provided by the state (central bank). The paper also emphasizes that the digital ruble will require a serious reform of both private law and public law legislation to properly reflect the existing and actually emerging system of monetary circulation. Changes in legislation cannot be limited to legal and technical amendments with the use of the term "digital ruble" and the establishment of some features of its circulation.

Money Circulation in the Bulgar Ulus in the second half of fourteenth century

Research objectives: To reveal the radical change in money circulation in the second half of the fourteenth century, using the example of the coin hoards of the Bulgar ulus and the 199 excavation of the Bolgar settlement. Research materials: These include the hoards of the Bolgar settlement, the Karatunsky hoard, and counter-minted coins from the 199 excavation of the Bolgar settlement. Results and novelty of the research: The city of Bolgar began to resume minting coins after it was annexed to the ulus of Jochi. The earliest such coins were minted on behalf of the Caliph an-Nasir and the Great Khans, Möngke and Ariq Böke. After the establishment of the Golden Horde, Bolgar minted coins on behalf of Mengu-Timur and subsequent rulers, as well as many anonymous and unepigraphic coins that have been found deposited in hoards. Hoards are an indicator of changes in monetary circulation in the ulus and they increased significantly during the reign of Toqtamish Khan. Counter-minted and trimmed coins appeared due to a shortage of coins; this is a characteristic feature of the monetary circulation of the Bulgar ulus.