Issue №: 2 (60)
The journal deals with the issues of efficiency of functioning of the national economics and organizational forms of management of the national economy. Attention is paid to the problems of marketing, management and efficiency of production and economic activity of agrarian enterprises. The issues of public administration and administration, accounting and taxation, banking and insurance, forecasting and modeling of economic processes, foreign economic activity, commodity flows of economic entities and their infrastructure support.
WHAT MONEY WILL BECOME A MAINSTREAM CASH FLOW – ELECTRONIC OR VIRTUAL?
ZAKHARCHENKO Volodymyr – Doctor of Economic Sciences, Professor of the Department of Administrative Management and Alternative Energy Sources, Vinnytsia National Agrarian University (21008, Vinnytsia, 3, Soniachna Str., e-mail: zakharchenkovn@i.ua).
The article considers the current issues of monetary circulation in Ukraine and the world in the context of global challenges related to the world financial crisis of 2008-2009, the coronavirus pandemic and the Russian-Ukrainian war. The purpose of the study is a comparative analysis of electronic money, both fiat and virtual, as non-fiat, regarding the possibilities of their transformation into mainstream, that is, to occupy their dominant position in the money circulation systems of Ukraine and the world. It is noted that virtual money is often also called cryptocurrencies, because it is based on the blockchain technology, which provides a cryptographic system for protecting information. It is emphasized that their main technological feature is the decentralized nature of the crypto network. This means that they are not emitted or controlled by the state, and therefore cannot belong to fiat money (as opposed to electronic). Both advantages and disadvantages of virtual money compared to electronic ones have been identified. The presence of such shortcomings in cryptocurrencies, as a significant energy consumption of mining coins, high market volatility, the presence of «bad actors» in crypto networks and the displacement of national currencies, acutely raises questions about their regulation. It is proposed to distinguish between the five models of regulation of cryptocurrencies: repressive (with their complete prohibition); conservative (with the possibility of their purchase and sale in crypto exchangers); liberal (with permits for most operations with them); legal turnover; permitting (with recognition as a means of payment on par with the dollar and other reserve currencies). It is noted that despite the significant restrictions, especially according to the demands of repressive and conservative regulatory models, the cryptosector is rapidly developing both in the world and in Ukraine. As a positive moment in the development of the cryptosector in Ukraine, it is noted that it is already «working» in support of Ukraine in the war with the russian federation. It is concluded that the mainstream of cash flow should be electronic money. Virtual money should not bypass their share in cash and become another reserve currency. Otherwise, it will give cartblanche to transnational capital and undermine the basis of the current world system – the division of the world into separate states.
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About journal
051 Economics
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It was founded in 1997 under the name "Bulletin of the Vinnytsia State Agricultural Institute". In 2010-2014 he was published under the title “Collection of scientific works of Vinnitsa National Agrarian University”.
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The journal is the successor to the edition ”Collection of Scientific Papers of Vinnytsia National Agrarian University. Series: Economic Sciences. "
