The rapid development of information technology is transforming the modern economic system. This is especially true of changes in the field of payments and payments, as it is directly related to the development of the economy and the welfare of the population. Today, with the instability of the world economy, changes in public sentiment, distrust of financial institutions, interest in crypto currencies is growing. A cryptocurrency is a digital or virtual currency that uses cryptography to provide security to transactions. It is not controlled by any government or financial institution. Today in the world there are more than 2000 cryptocurrencies.. Cryptocurrencies have a lot of advantages, such as: security, transaction speed decentralization, low fees. This makes them attractive. However, their role in the global economy is quite controversial. Many countries still do not have a clear regulatory framework to regulate this market. This creates unpredictability for investors and companies that work in the field of digital assets.
Today, law enforcement, legal, tax and other authorities are looking for an explanation of how cryptocurrency can operate within the limits of modern laws and whether it has a legal right to exist at all. Countries use three approaches to systematize and control cryptocurrencies. The first approach is simply to significantly limit, or even ban the use of crypto currency. This happens, for example, in Bangladesh, Bolivia, Ecuador, China, Iceland, Thailand, Vietnam, etc. [2]. In Bangladesh, trading bitcoins and other digital currencies can lead to 12 years in prison. [3] The use of cryptocurrency in China is specific, because it is where the trading market has become the largest in the world for bitcoin, while the People's Chinese Bank prohibits the use of virtual money by financial institutions. Vietnam also banned the use of cryptocurrencies by credit institutions in 2014, citing the fact that cryptocurrencies are easy to use for criminal purposes [3]. Usually electronic money is prohibited for use in countries with an authoritarian system of regulation of the economy. The second approach is called "sit and wait" when countries allow the use of electronic money, but do not officially recognize them. An example is most of Europe. Ukraine also follows this approach [2]. The third approach is attempts at regulatory regulation of virtual currency, as in the USA, Great Britain, Japan [1]. A qualitatively new approach to this issue was recently demonstrated by Japan, in which, after a long debate, a law came into force on April 1, 2017, giving bitcoin and 116 other cryptocurrencies the status of a means of payment. In addition, the Japanese Audit Standards Board is now planning to prepare a number of standards and conditions for the use of cryptocurrencies. Research Institute Nomura believes that for such a collection of rules will need to introduce many changes in current Japanese laws.
Despite the challenges, prohibitions, cryptocurrencies have great potential in the development of the global economy. Their technological foundation and innovative potential contribute to global financial and technological change. This creates new opportunities for people in countries with unstable financial systems or high inflation. Many institutional investors, including large investment funds, are already actively investing in cryptocurrencies. For example, in Vienna (Austria) opened the world's first bank that works with the most popular cryptocurrency - Bitcoin.
Cryptocurrencies can become the basis for new decentralized financial systems (DeFi), which will allow users to receive loans, store savings and make other financial transactions without the participation of banks or other traditional financial institutions. Separately, it is worth highlighting the development of stablecoins - cryptocurrencies tied to the value of traditional assets, such as the US dollar or gold. They provide stability and can be used as a more reliable means of exchange and preservation of value. In addition to the financial sector, blockchain-based cryptocurrencies have prospects in other industries. Blockchain technology provides a secure and transparent way of keeping registers and can be used for logistics, healthcare, public services and much more.
Reference list:
1. Leshchyshyn, М.М. Svitovyy dosvid normatyvno-pravovoho rehulyuvannya vykorystannya Bitcoin v platizhniy systemi. Internet-portal naukovykh konferentsiy «Innovatsiyi v upravlinni publichnym sektorom». Retrieved from: https://conferencekneu.wordpress.com/
2. Lyst Natsionalʹnoho banku Ukrayiny «Shchodo vidnesennya operatsiy z «virtualʹnoyu valyutoyu/kryptovalyutoyu «Bitcoin» do operatsiy z […] vid 08.12.2014. № 29-208/72889. Retrieved from: http://zakon2.rada.gov.ua/laws/show/v2889500-14
3. Lyst Natsionalʹnoho banku Ukrayiny «Shchodo vidnesennya operatsiy z «virtualʹnoyu valyutoyu/kryptovalyutoyu «Bitcoin» do operatsiy z […] vid 08.12.2014. № 29-208/72889. Retrieved from: http://zakon2.rada.gov.ua/laws/show/v2889500-14
4. https://zmi.ck.ua/sotsium/perevagi-ta-nedolki-kriptovalyuti-vse-scho-varto-znati.html
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