FINANCIAL SYSTEM OF THE INFORMATION ECONOMY

  • Oleksandr Vlasiuk
Keywords: crypto currency, bitcoin, rate, risks, NBU.

Abstract

Both the global financial system and financial systems of particular countries transform extensively under the conditions of information technology dynamic development.

Such changes take place most rapidly in the fields of financial market and financial infrastructure. Within the next years in the financial sphere both in the world and in Ukraine it is necessary to expect the rapid development of information technology, in particular online banking, algorithmic trading, Big data industry, credit online platforms, blockchain and cryptocurrency with a gradual refusal of cash payment. The author analyzes prerequisites of development, the main functioning problems, exposures and prospects of cryptocurrency market legalization in Ukraine. Foreign experience shows that some states promote a cryptocurrency turnover in every way. Particular countries impose significant restrictions on it, whereas the direct prohibition of cryptocurrency virtually is not used.

Cryptocurrency turnover in Ukraine is not regulated by law as well as using it in the form of payment facility contradicts the current legislation. However, the most appropriate attitude to the gray market of cryptocurrency in Ukraine is a neutrality position, which reduces to repeated warnings of market participants and potential investors, awareness-rising activity in the information space. Nevertheless, such a position does not include an official prohibition of cryptocurrency transactions. It will enable monitoring and exploring a completely new market for Ukraine without material and moral responsibility of state for speculative activity and probable losses of market participants in the case of its legalization. A reliable state control over the gray market of cryptocurrency, which has already operated in Ukraine, requires measures aimed at its legalization and adjustment, which is a medium-term task. Today the strategic challenge for Ukraine is a necessity of more forced digital agenda-setting.

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Published
2018-08-04
How to Cite
Vlasiuk, O. (2018). FINANCIAL SYSTEM OF THE INFORMATION ECONOMY. Strategic Panorama, (2), 46-55. Retrieved from https://niss-panorama.com/index.php/journal/article/view/6
Section
Financial Security