CRYPTO-CURRENCY AS A NEW FINANCIAL INSTRUMENT: ADVANTAGES AND DISADVANTAGES OF ITS USE AND PROBLEMS OF LEGAL REGULATION
TOMCHUK Olesya – Candidate of Economic Sciences, Associate Professor of the Accounting Department, Vinnytsa National Agrarian University (Vinnytsya, 3, Soniachna Str., e-mail: email@example.com).
FOSTOLOVYCH Valentyna – Candidate of Agricultural Sciences, Associate Professor of the Department of Accounting and Taxation in the Fields of the Economy, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: firstname.lastname@example.org).
The article presents the present-day vision and mechanism for the formation of financial instruments in the form of encoded resources. The legal status of such instruments has been explored and the positive and negative aspects of their use have been identified and grouped. The study of the change in the value of this type of currency during the year according to Coinmarketcap data has been conducted and the most investment-attractive types of encoded virtual currencies have been identified. The basic elements that cause complexity in the use of cryptographic currencies of various types are determined. It was investigated that the recognition of crypto-currencies as a financial instrument at the state level raises the need to regulate and control their circulation and develop the system of taxation. The main restrictions in accumulation and management of crypto-currencies in Ukraine in accordance with the Draft Law No. 7183-1 are presented. Specific features of influence of coded currencies on financial system are indicated.
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071 Accounting and taxation
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The journal is the successor to the edition ”Collection of Scientific Papers of Vinnytsia National Agrarian University. Series: Economic Sciences. "