FINANCIAL SYSTEM OF THE INFORMATION ECONOMY
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.
References
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2. Danylyshyn, B.М. (2017). Hroshovo-kredytna polityka ta zrostannia ekonomiky Ukrainy [Monetary Policy and Growth of the Ukrainian Economy]. Novoe vremia – New Time. nv.ua. Retrieved from http://nv.ua/ukr/opinion/ danylyshyn/groshovo-kreditna-politika-ta-zrostannjaekonomiki-ukrajini-1761649.html [in Ukrainіan].
3. Liutyi, I.O. & Moroz, P.A. (2014). Superechnosti protsesiv finansializatsii ta yikh vplyv na ekonomichne zrostannia v Ukraini [Contradictions financialisation processes and their impact on economic growth in Ukraine]. Ekonomika Ukrainy – Ukraine Economy, 4, 29–39 [in Ukrainian].
4. Baranovskyi, О.I. (2014). Spetsifika finansovoi bezpeky v bankivskiy sferi [Specifics of financial security in the banking sector]. Visnyk NBU – NBU Bulletin, 9, 17–23 [in Ukrainіan].
5. Burakovskyi, I.V. (2017). Shcho ne tak z ukrainskymy bankamy [What is wrong with Ukrainian banks]. Novoe vremia – New Time. nv.ua. Retrieved from http://nv.ua/ ukr/opinion/burakovsky/shcho-ne-tak-z-ukrajinskimibankami-641607.html [in Ukrainіan].
6. Zagariy, V.P. (2014). Monetarni vazheli dosiahnennia finansovoi bezpeky: dosvid rozvynenyh krain [Monetary instruments achieve financial security: the experience of developed countries]. Biznes-inform – Business-inform, 4, 400–404 [in Ukrainian].
7. Mishchenko, V.І. & Naumenkova, S.V. (2015). Makroprudentsiini instrumenty v mekhanizmi zabezpechennia finansovoi stabilnosti [Macroprudential tools in ensuring financial stability mechanism]. Finansy Ukrainy – Finance of Ukraine, 10, 53–76 [in Ukrainian].
8. Smovzhenko, Т., Bagratian, G. & Kravchenko, I. (2014). Makroekonomichna polityka v Ukraini v 2014–2019 rr.: bankivska i finansova sfery [Macroeconomic policy in Ukraine in 2014–2019: Banking and finance]. Visnyk NBU – NBU Bulletin, 10, 20–24 [in Ukrainian].
9. Sharov, О.М. (2016). Valiutna polityka Ukrainy: chvert storichchia nevyznachenosti [Ukraine’s exchange policy: quarter of a century of uncertainty]. Ekonomika i prohnozuvannia – Economics and Forecasting, 2, 41–73 [in Ukrainian].
10. Sharov, О.М. (2017). Mistse Ukrainy v hlobalnii ekonomichnii systemi: potentsial ta perspektyvy [Ukraine’s position in the global economic system: potential and prospects]. Stratehichni prioritety – Strategic Priorities, 2, 4–19 [іn Ukrainian].
11. Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions. (n.d.). eur-lex.europa.eu. Retrieved from http://eur-lex.europa.eu/legal-content/EN/ TXT/?uri=CELEX:32000L0046 [in English].
12. Postanova Pravlinnia Natsionalnoho banku Ukrainy
«Pro vnesennia zmin do deiakykh normatyvno-pravovykh aktiv Natsionalnoho banku Ukrainy z pytan rehuliuvannia vypusku ta obihu elektronnykh hroshey» vid 04 lystopada 2010 r. № 481 [Resolution of the Board of the National Bank of Ukraine «On Amending Certain Regulatory Acts of the National Bank of Ukraine Regarding Issues and Circulation of Electronic Money» from 2010, November 4 No. 481]. (n.d.). zakon4.rada.gov.ua. Retrieved from http://zakon4.rada.gov.ua/laws/show/z1336 -10 [in Ukrainіan].
13. O may mayning: kto zarazil Rossiiu i Putina blokcheynom [About May Mining: Who Infected Russia and Putin with Blockchain]. (n.d.). rbc.ru. Retrieved from http://www.rbc.ru/technology_and_media/10/08/2017/ 5989a5ec9a79474d57d0d897?from=center_1 [in Russіan]. 14. Ombudsmen Marinichev organizuet dobychu bitkoinov na zavode «Moskvich» [Ombudsman Marinichev organizes the production of bitcoins at the Moskvich plant]. (n.d.). rbc.ru. Retrieved from http://www.rbc.ru/technology_and_media/ 10/08/2017/5989afb59a79476c1befecff [in Russіan].
15. Kurs bitkoina obnovil istoricheskiy maksimum [Bitcoin rate updated historical maximum] (n.d.). ria.ru. Retrieved from https://ria.ru/economy/20170813/1500264696. html [in Russіan]
16. Kurs bitkoina podskochil vyshe piati tysiach dollarov [Bitcoin rate jumped above five thousand dollars]. (n.d.). lenta.ru. Retrieved from https://lenta.ru/news/2017/09/02/ bitcoin5000 [in Russіan].
17. Kitay vyzval bolshoy kriptoobval. Bitcoin ruhnul do $3000, drugie valiuty takzhe katiatsia vniz [China has caused a large cryptocrush. Bitcoin collapsed to $3,000, other currencies also roll down]. (n.d.). biz.nv.ua. Retrieved from http://biz.nv.ua/finance/kitaj-vyzval-bolshoj- kriptoobval-bitcoin-ruhnul-do-3000-drugie-valjuty-takzhekatjatsja-vniz-1854466.html [in Russіan].
18. Yuzhnaia Koreia zapretila ICO vsled za Kitaem [South Korea banned ICO after China]. (n.d.). rbc.ru. Retrieved f r om ht t p : // w w w.rb c .r u / mo ne y/ 29 / 0 9 / 2 017/ 59ce0aa99a7947e94cf30743?from=main [in Russіan].
19. Yaponskii rynok bitkoinov stal krupneishym v mire blagodaria pritoku treiderov iz Kitaia [The Japanese market of bitcoins has become the largest in the world due to the inflow of traders from China]. (n.d.). republic.ru. Retrieved from https://republic.ru/posts/86462 [in Russіan].
20. «Realnyi puzyr»: Uorren Baffet udvoil somneniia o bitkoine [«The Real Bubble»: Warren Buffett doubted doubts about bitcoin]. (n.d.). worldcrisis.ru. Retrieved from http://worldcrisis.ru/crisis/2845859 [in Russіan].
21. Bitkoinu predskazali deviatikratnyi rost [Bitcoin was predicted a ninefold increase]. (n.d.). lenta.ru. Retrieved from https://lenta.ru/news/2017/10/25/bitcoin [in Russіan].
22. Chto by ehto ni bylo, naduvaetsia ono ochen bystro [Whatever it is, it inflates very quickly]. (n.d.). expert.ru. Retrieved from http://expert.ru/2017/08/10/lopnet-li- puzyir-bitkojna [in Russіan].
23. V pravitelstve obsudili mesta razmeshcheniia centrov po dobyche kriptovaliuty [The government discussed the location of centers for the production of crypto currency]. (n.d.). rbc.ru. Retrieved from http://www.rbc.ru/technology_ and_media/10/08/2017/598ad1909a79476bbc6c5f96 [in Russіan].
24. Kapitalizatciia rynka kriptovaliut prevysila $200 mlrd [The market capitalization of the Crypto currency exceeded $200 billion]. (n.d.). kommersant.ru. Retrieved from https://www.kommersant.ru/doc/3459395 [in Russіan].
25. Kursy kriptovaliut [Crypto-currency rates]. (n.d.). bitinfocharts.com. Retrieved from https://bitinfocharts. com/ru/markets/ [in Russіan].
26. Kurs bitkoina podnialsia vyshe chetyrekh tysiach dollarov [The rate of bitcoin rose above four thousand dollars]. (n.d.). ria.ru. Retrieved from https://ria.ru/economy/ 20170813/1500275500.htm [in Russіan].
27. U kriptovaliuty Bitcoin Cash est perspektivy, schitaet ekspert Sberbank CIB [Bitcoin Cash has currency outlook, expert Sberbank CIB believes]. (n.d.). ria.ru. Retrieved from https://ria.ru/economy/20170802/1499629401.html [in Russіan].
28. Pantielieieva, N. (2015). Novi formy hroshey v umovakh formuvannia informatsiinoho suspilstva [New forms of money in the formation of an information society]. Visnyk NBU – NBU Bulletin, 5, 26–31. bank.gov.ua. Retrieved from http://bank.gov.ua/doccatalog/document? id=17795590 [in Ukrainіan].
29. SMI: shest krupnyh bankov mira prisoedinilis k proektu novoi kriptovaliuty [Mass media: six large banks of the world joined the project of new crypto currency]. (n.d.). ria.ru. Retrieved from https://ria.ru/economy/20170901/ 1501549155.html [in Russіan].
30. Gref predskazal budushchee [Gref predicted the future]. (n.d.). utro.ru. Retrieved from https://utro.ru/articles/ 2016/11/14/1304545.shtml [in Russіan].
31. Taki shekel [It is Shekel]. (n.d.). lenta.ru. Retrieved from https://lenta.ru/articles/2017/08/13/bitreligion [in Russіan].
32. Bozhestvennyi dohod: chem kriptovaliuta tak privlekaet veruiushchih [Divine income: what does the crypto currency so attract believers]. (n.d.). ria.ru. Retrieved from https://ria. ru/religion/20170816/1500419618.html [in Russіan].
33. Chy zakonni bitkoiny v Ukraini [Are there lawful bitcoins in Ukraine]. (n.d.). epravda.com.ua. Retrieved from https://www.epravda.com.ua/publications/2017/08/ 11/627993 [in Ukrainіan].
34. Bitkoin – valiuta maibutnoho? [Bitcoin – the future currency?] (n.d.). media.slovoidilo.ua. Retrieved from https://media.slovoidilo.ua/media/infographics/4/33161/ 33161-1_ru_origin.png [in Ukrainіan].
35. Glava ECB razbil nadezhdy Estonii na sobstvennuiu kriptovaliutu [The head of the ECB broke Estonia’s hopes for its own crypto currency]. (n.d.). news.finance.ua. Retrieved from http://news.finance.ua/ru/news/-/410172/ glava-etsb-razbil-nadezhdy-estonii-na-sobstvennuyukriptovalyutu [in Russіan].
36. Bitcoin i drugie kriptovaliuty nezakonny v Ukraine – glava soveta NBU [Bitcoin and other crypto-currencies are illegal in Ukraine – head of the NBU Council]. (n.d.). biz. nv.ua. Retrieved from http://biz.nv.ua/finance/bitcoin- i-drugie-kriptovaljuty-nezakonny-v-ukraine-glava-sovetanbu-859089.html [in Russіan].
37. Skolko ukraintsy platiat za Bitcoin i kak ego ispolzuiut [How many Ukrainians pay for Bitcoin and how it is used]. (n.d.). strana.ua. Retrieved from https://strana.ua/articles/ analysis/64162-skolko-ukraincy-vykladyvayut-za-bitcoini-kak-ego-ispolzuyut.html [in Russіan].
38. V Ukraini startuvalo vidkryte testuvannia systemy kryptomativ [Open testing of the crypto-ATM started in Ukraine]. (n.d.). pogliad.ua. Retrieved from https://pogliad. ua/news/money/v-ukrayini-startuvalo-vidkrite-testuvannyasistemi-kriptomativ-342890 [in Ukrainіan].
39. Vse, chto nuzhno znat o bitkoine [All you need to know about bitcoin]. (n.d.). ru.slovoidilo.ua. Retrieved from https://ru.slovoidilo.ua/2017/03/29/infografika/obshhestvo/ vse-chto-nuzhno-znat-bitkoine [in Russіan].
40. Bitkoinovaia lihoradka. Siloviki loviat kriptovaliutu, a deputaty – skupaiut [Bitcoin fever. Policeman catch crypto currency, and deputies – buy]. (n.d.). rian.com.ua. Retrieved from http://rian.com.ua/analytics/20170816/ 1026802526.html [in Russіan].
41. Puzyr ili zoloto? Bitkoin-lihoradka v Ukraine [Bubble or gold? Bitcoin fever in Ukraine]. (n.d.). korrespondent.net. Retrieved from http://korrespondent.net/business/ financial/3869445-puzyr-yly-zoloto-bytkoyn-lykhoradkav-ukrayne [in Russіan].
42. Bitcoin v Ukraine [Bitcoin in Ukraine]. (n.d.). embassyofbitcoin.com. Retrieved from http://www. embassyofbitcoin.com/service-and-items-for-bitcoinin-ukraine/ [in Russіan].
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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
ISSN 
ISSN 
