Avhustova O.
PhD, senior lecturer, department accounting and taxation, Kyiv national
university of trade and economics, Kyiv, Ukraine
Zakrevska О.
PhD, senior lecturer, at the Department of National Economics and Finance,
KROK University, Kyiv, Ukraine
CRYPTOCURRENCY IN THE WORLD ECONOMY
AND ITS ACCOUNT IN UKRAINE
Introduction. The constant process of changing and developing in cyber-
economy has led to the emergence of a new system, or maybe it's better to say, assets
– cryptocurrency. Although this phenomenon has not been studied to date (the study
of this problem is carried out by such scholars as M. Abramowicz, B. Bernanke, P.
Krugman, A. Greenspan, H. Venter, О. Petruk, V. Kostyuchenko), however, the
practice of various companies indicates active investment into cryptocurrency system
development.
Thus, the market leader of online payments PayPal has partnered with such
crypto-companies as BitPay, GoCoin and Coinbase. International payment system
MasterCard, which brings together 22 thousand financial institutions in 210 countries
of the world, became one of 11 companies that invest in the Digital Currency Group, a
company that helps build and strengthen the foundation for using digital currencies and
blockchain technologies. In addition, such giants as American Citibank and American
stock exchange Nasdaq were not afraid to invest into the new project, and together with
Chain they have developed and are ready to present a new trading platform based on
blockchain. The project is called Nasdaq Linq and will allow trading in shares within
the private market [6].
In Ukraine no more than 20 companies accept payment for goods and services via
cryptocurrency. In particular, the grocery store “Natural Products” (Kyiv city) has
introduced the option of paying via bitcoins since June 2015; service center for
equipment repair Ukrainian iPhone Service (Kyiv city) began providing services in
exchange for bitcoins at the end of 2014; Ukrainian startup Yaware, which develops
employee control tools and other business and production proposals, accepts Bitcoin
payments since October 2014; the “Yuskutum” law office also provided an opportunity
to pay via cryptocurrency for legal services in 2013 at the request of customers [5, 11].
Therefore such cryptocurrencies as Bitcoin and Ethereum are used for purchases,
trade and payment across the globe. Nowadays there are over 1,100 cryptocurrencies,
and the most popular one is Bitcoin. The estimated value of the cryptocurrency
economy is $650 billion.
It is also worth noting that at the beginning of 2016 the PrivatBank (Ukraine)
provided the opportunity to buy and sell the most common cryptocurrency - Bitcoin.
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