The Place of Cryptocurrency in the System of Financial Instruments

Aliona Hnatovska; Olena Manzhosova; Anna Marushchak; Uliana Oleksiy

Aliona Hnatovska National University "Odessa Law Academy" https://orcid.org/0000-0001-7171-3209
Olena Manzhosova National University "Odessa Law Academy" https://orcid.org/0000-0002-8873-4783
Anna Marushchak National University "Odessa Law Academy" https://orcid.org/0000-0002-4611-4906
Uliana Oleksiy National University "Odessa Law Academy" https://orcid.org/0000-0002-3374-7114

Keywords: Bitcoin, blockchain, cryptocurrency, issue of cryptocurrencies, regulation of circulation of cryptocurrencies.

Abstract

The article deals with the problems of determining the place of the cryptocurrency in the system of financial instruments and the study of its legal status in Ukraine and in the world. The problems of influence of cryptocurrencies on the economy of Ukraine and other countries across the world, potential threats posed by the cryptocurrency system for users of such systems and ways of legal regulation of cryptocurrency transactions are considered. The terminology that is widely used in the cryptocurrency field is analyzed, the main types of cryptocurrencies and the technologies on which they function are considered. Their characteristic features, positive and innovative concepts, which were introduced with their appearance, are identified. The legal status of cryptocurrencies and their prevalence has been investigated. The modern concepts of regulation of the cryptocurrency market in Ukraine and in the world are characterized. In the course of researching the subject of the article, the authors conclude that it is necessary to establish state control over the regulation of the legal status of cryptocurrency and prevent its possible negative impact on the country's economy. It was also concluded that a draft law would be considered that would address the issue of regulation and control of cryptocurrency transactions.

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Author Biographies

Aliona Hnatovska, National University "Odessa Law Academy"

Candidate of Juridical Sciences, Associate Professor, National University "Odessa Law Academy"

Olena Manzhosova, National University "Odessa Law Academy"

Candidate of Juridical Sciences, Associate Professor National University "Odessa Law Academy"

Anna Marushchak, National University "Odessa Law Academy"

Candidate of Juridical Sciences, Associate Professor, National University "Odessa Law Academy"

Uliana Oleksiy, National University "Odessa Law Academy"

Candidate of Juridical Sciences, National University "Odessa Law Academy"

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