INTERNATIONAL EXPERIENCE IN USING CRYPTOCURRENCY AND THE PROSPECTS FOR THEIR DEVELOPMENT
Journal Title: Інноваційна економіка - Year 2017, Vol 71, Issue 9
Abstract
Purpose. Identify the advantages and disadvantages of cryptocurrency, the peculiarities of their functioning, as well as the international experience of their use. Methodology of research. General scientific methods were used in the process of research, in particular: methods of comparison and generalization - in determining the essence of crypto currencies, their advantages and disadvantages; the method of economic analysis - when conducting a study on the use of cryptocurrency in different countries around the world. Findings. The article defines the essence, advantages and disadvantages of cryptography. The most popular cryptographic products in the world are identified: PTC, Ethereum, DASH, Monero and NEM. It is proved that crypto-exchanges are actively developing due to the proliferation of the Internet, increased e-commerce, anonymity, convenience and speed of settlement, and cause significant transformations in world payment systems. The peculiarities and spheres of functioning and possibilities of using crypto currency in several countries of the world are revealed: Ukraine, France, Finland, Estonia, Thailand, Spain, USA, China, Russia, Germany and Norway. Prospects for the use of the cryptocurrency have been grounded. It has been established that the development of virtual currencies is subject to secrecy of the legal basis, and the form itself: the form of law, the rules and the law, the future will be the regulation of the functioning of the cryptocurrency and the payment. Originality. Generalized and scientifically substantiated the results of international experience in the use of cryptocurrency. The conditions, bases, peculiarities and areas of functioning, possibilities and prospects of using cryptocurrency are established. Practical value. The results obtained from the study of international experience on the use of virtual currencies are practical for domestic financial institutional activity. They will facilitate the development of an effective mechanism for the functioning and regulation of cryptocurrency.
Authors and Affiliations
Nataliia Zadorozhnіuk, Artem Ishchenko, Anastasiia Tsybulko
Keywords
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