Economy, finances, management: topical issues of science and practical activity

SCIENTIFIC JOURNALS OF VINNITSA NATIONAL AGRARIAN UNIVERSITY

Issue №: 2 (60)

Published: 2022.08.30

DOI: 10.37128/2411-4413-2022-2

Description:
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.

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WHAT MONEY WILL BECOME A MAINSTREAM CASH FLOW – ELECTRONIC OR VIRTUAL?

DOI: 10.37128/2411-4413-2022-2-2

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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).

Annotation

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.

Keywords: money (electronic, virtual, fiat, non-fiat), cryptocurrency, blockchain, bitcoin, cryptocurrency regulation model

List of references

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About the journal

Topics of the journal:

С1 Economics and International Economic Relations (by specialization)

D1 Accounting and Taxation

D2 Finance, Banking, Insurance and Stock Market

D3 Management

D4 Public Management and Administration

D5 Marketing

D7 Trade

J3 Tourism and Recreation

Keywords: economics , international economic relations , accounting , taxation , finance , banking , insurance , stock market , management , public management and administration , marketing , trade , tourism and recreation

Key information:

ISSN (print): 2411-4413

DOI: 10.37128

All-Ukrainian scientific and production journal “Economics, finance, management: topical issues of science and practical activity” is a peer-reviewed open-access journal that publishes original research, theoretical articles and reviews on a wide range of economic and business issues. The articles, which have scientific and scientific-practical significance, highlight theoretical and methodological aspects of the development of agrarian sector of economy and related industries, the results of fundamental and applied research.

The purpose of the journal is to highlight the results of fundamental and applied research in the field of economic sciences, aimed at developing modern approaches to managing economic processes, financial support for enterprise activities and increasing the efficiency of economic systems. The publication is focused on creating a scientific environment for the exchange of research results between scientists, higher education students and practitioners in economic sphere, as well as on the dissemination of modern scientific and methodological approaches to solving current economic and management problems. The journal contributes to the development of the research in the field of enterprise economics, finance, accounting, auditing, management, marketing, entrepreneurship, trade, tourism and recreation, public management and administration, economic development and international economic relations, which meets the modern needs of the socio-economic development of the state.

The journal’s objectives are:

• publishing the results of fundamental and applied research in the fields of economics, international economic relations, finance, management, public administration, accounting, marketing, tourism and recreation, and entrepreneurship;

• promoting the development of modern methods of managing enterprises and organizations, increasing the efficiency of using financial and material resources;

• supporting the research aimed at improving the economic mechanisms of enterprise functioning, developing innovative activity, and increasing the competitiveness of economic structures;

• ensuring the scientific exchange of research results between higher education institutions, scientific institutions, and business entities;

• developing methods of economic analysis, forecasting, and modeling of socio-economic processes;

• disseminating of modern approaches to financial management, accounting, taxation, and control of economic activity;

• promoting the development of interdisciplinary research related to the economic support of the development of agrarian sector of economy and rural areas;

• integration of scientific research results into the international scientific space and increasing the level of scientific communication.

Publisher: Vinnytsia National Agrarian University

Link to the journal on the publisher’s website: ”Economics, finance, management: topical issues of science and practical activity”

Frequency of issue: 4 times a year.

Language of publication: Ukrainian, English.

Editor-in-Chief: Inna Honcharuk

State registration: Decision of the National Council of Ukraine on Television and Radio Broadcasting No. 1337 and No. 1178. Media identifier – R30-05171. Publisher registration number (EDRPOU) 00497236.

Publisher’s ROR: https://ror.org/05m3ysc06 Publisher’s DOI prefix: 10.37128 ISSN (print): 2411-4413

Publisher DOI prefix: 10.37128 ISSN (print): 2411-4413

The scientific journal is included in category "B" of the List of scientific professional publications of Ukraine, in which the results of dissertations for the degree of Doctor and Candidate of Sciences in the specialties C1 (051) - Economics, D1 (071) - Accounting and Taxation, D2 (072) – Finance, Banking, Insurance and Stock Market, D3 (073) – Management, D5 (075) – Marketing, D7 (076) – Entrepreneurship and Trade, (241) – Hotel and Restaurant Business, D4 (281) – Public Management and Administration (Order of the Ministry of Education and Science of Ukraine dated March 17, 2020 №409)

History of journal:

Founded in 1997 under the name ”Bulletin of Vinnytsia State Agricultural Institute”. In 2010-2014 it was published under the name “Collection of Scientific Papers of Vinnytsia National Agrarian University”. Since 2015 “Economics, finance, management: current issues of science and practical activity” (Certificate of State Registration of Mass Media No. 21154-10954 PR dated 12/31/2014).