Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects
The subject of the research is theoretical approaches to the formation and development of the cryptocurrency market and its integration into the national financial system. The purpose of the article is to determine the theoretical foundations of the functioning of the cryptocurrency market based on...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Hryhorii Skovoroda University in Pereiaslav
2023-03-01
|
| Series: | Економічний вісник університету |
| Subjects: | |
| Online Access: | https://economic-bulletin.com/index.php/journal/article/view/958 |
| _version_ | 1797736323930390528 |
|---|---|
| author | Mykhailo Kuzheliev |
| author_facet | Mykhailo Kuzheliev |
| author_sort | Mykhailo Kuzheliev |
| collection | DOAJ |
| description | The subject of the research is theoretical approaches to the formation and development of the cryptocurrency market and its integration into the national financial system. The purpose of the article is to determine the theoretical foundations of the functioning of the cryptocurrency market based on a systemic approach and to explore the possibilities of its integration into the financial system of Ukraine. Method or methodology of research. The article uses the methods of scientific abstraction, analysis and synthesis, generalization, systematic approach. Results of the article. The article examines the theoretical aspects of the economic category "cryptocurrency". A retrospective analysis of cryptographic money research was carried out. The largest cryptocurrencies by capitalization were studied and it was concluded that Bitcoin remains the leader in terms of price and level of capitalization among existing cryptocurrencies. The state of introduction and development of the cryptocurrency market in Ukraine is considered. In particular, the article presents Ukrainian companies that offer the purchase of their goods and services for cryptocurrency. The prospects for the use of cryptocurrencies in the financial system of Ukraine are outlined. Field of application of results. The results of the research can be used in the process of streamlining the legal framework regulating the circulation of virtual assets and electronic money. Conclusions. A significant potential for the development of the cryptocurrency market is seen in Ukraine. Currently, the issue of implementation, full legal and institutional support for the circulation of cryptocurrencies is open and relevant, but has certain inhibitions, which are caused by an objective factor – the war in the country. |
| first_indexed | 2024-03-12T13:12:07Z |
| format | Article |
| id | doaj.art-1c0e13467baf4d0caad46d5d0cb4eb93 |
| institution | Directory Open Access Journal |
| issn | 2306-546X 2414-3774 |
| language | English |
| last_indexed | 2024-03-12T13:12:07Z |
| publishDate | 2023-03-01 |
| publisher | Hryhorii Skovoroda University in Pereiaslav |
| record_format | Article |
| series | Економічний вісник університету |
| spelling | doaj.art-1c0e13467baf4d0caad46d5d0cb4eb932023-08-27T17:42:16ZengHryhorii Skovoroda University in PereiaslavЕкономічний вісник університету2306-546X2414-37742023-03-015613714210.31470/2306-546X-2023-56-137-142958Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspectsMykhailo Kuzheliev0National University of “Kyiv-Mohyla academy”The subject of the research is theoretical approaches to the formation and development of the cryptocurrency market and its integration into the national financial system. The purpose of the article is to determine the theoretical foundations of the functioning of the cryptocurrency market based on a systemic approach and to explore the possibilities of its integration into the financial system of Ukraine. Method or methodology of research. The article uses the methods of scientific abstraction, analysis and synthesis, generalization, systematic approach. Results of the article. The article examines the theoretical aspects of the economic category "cryptocurrency". A retrospective analysis of cryptographic money research was carried out. The largest cryptocurrencies by capitalization were studied and it was concluded that Bitcoin remains the leader in terms of price and level of capitalization among existing cryptocurrencies. The state of introduction and development of the cryptocurrency market in Ukraine is considered. In particular, the article presents Ukrainian companies that offer the purchase of their goods and services for cryptocurrency. The prospects for the use of cryptocurrencies in the financial system of Ukraine are outlined. Field of application of results. The results of the research can be used in the process of streamlining the legal framework regulating the circulation of virtual assets and electronic money. Conclusions. A significant potential for the development of the cryptocurrency market is seen in Ukraine. Currently, the issue of implementation, full legal and institutional support for the circulation of cryptocurrencies is open and relevant, but has certain inhibitions, which are caused by an objective factor – the war in the country.https://economic-bulletin.com/index.php/journal/article/view/958cryptocurrencyfinancial systempayment systemfinancial marketvirtual assetsblockchain |
| spellingShingle | Mykhailo Kuzheliev Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects Економічний вісник університету cryptocurrency financial system payment system financial market virtual assets blockchain |
| title | Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects |
| title_full | Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects |
| title_fullStr | Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects |
| title_full_unstemmed | Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects |
| title_short | Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects |
| title_sort | integration of the cryptocurrency market in the financial system of ukraine theoretical aspects |
| topic | cryptocurrency financial system payment system financial market virtual assets blockchain |
| url | https://economic-bulletin.com/index.php/journal/article/view/958 |
| work_keys_str_mv | AT mykhailokuzheliev integrationofthecryptocurrencymarketinthefinancialsystemofukrainetheoreticalaspects |