CRYPTOCURRENCY RELATIONS IN UKRAINE: ECONOMIC AND LEGAL ANALYSIS

Keywords: cryptocurrency, cryptocurrency relations, digital currency, blockchain, legal regulation of cryptocurrency relations in Ukraine

Abstract

The article is devoted to the consideration of the key prerequisites for the formation and development of cryptocurrency, the principles and methods of its creation, its economic nature, the state of legal regulation of cryptocurrency relations in Ukraine. The relevance of considering this issue arises, since cryptocurrency is becoming a widespread phenomenon in our country and the world as a whole, which is caused by scientific and technical progress, which has become a dotic phenomenon in all spheres of human life. Ways to improve the legislative regulation of cryptocurrency relations are proposed, since in our country it is imperfect, in particular in civil law (the introduction of cryptocurrency as an object of civil circulation), commercial law (the ability to provide legal entities with the necessary licenses to work with cryptocurrency in the process of commercial and other activities) , criminal law (creation of prerequisites for the introduction of cryptocurrency as an object of special confiscation, and so on), tax law (the problem of taxation of cryptocurrency transactions and the establishment of the required amount of tax duty on them), improvement of the terminological base, a pattern is indicated in determining the directions of work with cryptocurrency assets, defined their potential economic consequences for the economy of our state. Conclusions are made about the positive features of cryptocurrency, the risks of this economic phenomenon are identified, the possibility of leveling the harmful consequences of risks by regulating these processes at the legislative level is considered. Analyzed the work of famous scientists working with finance, financial law in the field of the essence of cryptocurrency and related processes, their economic and legal nature. The approaches of various scientists regarding the settlement of cryptocurrency relations in our country were investigated. Conclusions are made about the state of cryptocurrency relations in the country based on statistical data. Through the prism of history, the evolution of the development of legislative thought in Ukraine regarding the normalization of cryptocurrency relations was considered, errors were indicated during the development of these bills. The international experience of different countries in relation to cryptocurrency and its introduction into financial circulation, establishing control over these operations has been investigated.

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Article views: 139
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Published
2021-09-28
How to Cite
Kovtun, V., & Ovsiienko, O. (2021). CRYPTOCURRENCY RELATIONS IN UKRAINE: ECONOMIC AND LEGAL ANALYSIS. Economy and Society, (31). https://doi.org/10.32782/2524-0072/2021-31-50
Section
ECONOMICS