<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate transactions involving cryptocurrencies and other virtual assets. To achieve this goal, a complex set of general scientific and specialized research methods was applied, including comparative legal analysis, system-structural examination, generalization method, as well as methods of analysis and synthesis, DFD to build a model of the influence of cryptocurrency on the financial security of the state. As a result, we delved into the economic essence of blockchain-based cryptocurrencies as an alternative to traditional fiat currencies based on the principle of decentralization. It has been established that Bitcoin has a unique "hardness", due to which this cryptocurrency is rightly called «digital gold». The article analyzed the dynamics of the development of the use of blockchain technologies for 2009-2022, the results of which indicated the continuation of their annual growth in use. The article presents the results of a study on the introduction of cryptocurrency in Ukraine, which made it possible to systematize the main risks associated with it. In further research, it is possible to continue studying the economic-legal mechanism of the introduction of the national cryptocurrency in Ukraine and the use of blockchain in other financial processes at the state level.</p>
</abstract>

This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate transactions involving cryptocurrencies and other virtual assets. To achieve this goal, a complex set of general scientific and specialized research methods was applied, including comparative legal analysis, system-structural examination, generalization method, as well as methods of analysis and synthesis, DFD to build a model of the influence of cryptocurrency on the financial security of the state. As a result, we delved into the economic essence of blockchain-based cryptocurrencies as an alternative to traditional fiat currencies based on the principle of decentralization. It has been established that Bitcoin has a unique "hardness", due to which this cryptocurrency is rightly called «digital gold». The article analyzed the dynamics of the development of the use of blockchain technologies for 2009-2022, the results of which indicated the continuation of their annual growth in use. The article presents the results of a study on the introduction of cryptocurrency in Ukraine, which made it possible to systematize the main risks associated with it. In further research, it is possible to continue studying the economic-legal mechanism of the introduction of the national cryptocurrency in Ukraine and the use of blockchain in other financial processes at the state level.

The Change of the Monetary Paradigm: Financial Security and Cryptocurrency

H.S. Skovoroda Kharkiv National Pedagogical University

O.M. Beketov Kharkiv National University of Urban Economy

Volodymyr Vinnichenko Central Ukrainian State University

Financial Internet Quarterly

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

{"article-title":"The Change of the Monetary Paradigm: Financial Security and Cryptocurrency"}

This study aims to investigate the economic characteristics of cryptocurrencies and assess the current legal framework regarding the potential to regulate...

The Change of the Monetary Paradigm: Financial Security and Cryptocurrency

Data publikacji: 20 cze 2024

Zakres stron: 89 - 101

Otrzymano: 18 mar 2024

Przyjęty: 15 maj 2024

DOI: https://doi.org/10.2478/fiqf-2024-0014

Słowa kluczowe
Financial Security, Bitcoin, Hard Money, Cryptocurrency, Virtual Assets, Monetary System, Financial System

© 2024 Iryna Mihus et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

The Change of the Monetary Paradigm: Financial Security and Cryptocurrency

Data publikacji: 20 cze 2024

Zakres stron: 89 - 101

Otrzymano: 18 mar 2024

Przyjęty: 15 maj 2024

DOI: https://doi.org/10.2478/fiqf-2024-0014

Słowa kluczoweFinancial Security, Bitcoin, Hard Money, Cryptocurrency, Virtual Assets, Monetary System, Financial System

© 2024 Iryna Mihus et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Słowa kluczowe
Financial Security, Bitcoin, Hard Money, Cryptocurrency, Virtual Assets, Monetary System, Financial System