Halyna Zabchuk, Ihor Pashchuk


Introduction. The rapid development of information technology is transforming the modern economic system. This is especially true of changes in the area of calculations and payments, as it is directly linked to economic development and the well-being of the population. Today, with the global economy volatile, changing public sentiment, distrust of financial institutions and interest in cryptocurrencies or virtual money is increasing. Governments and central banks of different countries are often very conflicted about the use of these innovations. Therefore, studying the cryptocurrency market and regulating it as a tool for making payments and payments will reduce the risk of cash flow loss to existing institutions and will have an impact on the financial system. Methods. The following methods are used during the study: analysis and synthesis; abstract and logical (theoretical generalizations and formulation of conclusions); methods of induction and deduction, comparative method and system-structural method have been applied in the study of the legal regulation of cryptocurrencies in different countries, to determine the main approaches to such regulation. Results. The nature, history of the phenomenon, as well as the advantages and disadvantages of cryptocurrency are examined in the article. Features of creation and production of this currency are revealed. The cryptocurrency market is growing rapidly, and the state, which has not adapted the tax code to the current challenges of the digital economy, is underperforming budget revenues, as cryptocurrencies are outside the legal jurisdiction. Today, there are over 2,000 different cryptocurrencies, so it is necessary to develop common standards for the regulation of cryptocurrencies. The legal regulation of electronic currency in different countries is analysed and the prospects of using cryptocurrency in Ukraine are investigated. Discussions. Due to technology improvements, legislation and improved infrastructure, cryptocurrency will play a significant role in people's daily lives, reducing cash flow and thus stabilizing inflation and the monetary system as a whole.


monetary system; electronic money; cryptocurrency; bitcoin; cryptocurrency exchange rate

Full Text:



Lyst Natsionalʹnoho banku Ukrayiny «Shchodo vidnesennya operatsiy z «virtualʹnoyu valyutoyu/kryptovalyutoyu «Bitcoin» do operatsiy z […] vid 08.12.2014. № 29-208/72889. Retrieved from:

Halushka, Ye.O. (2005). Sutnistʹ kryptovalyut ta perspektyvy yikh rozvytku [The essence of cryptocurrencies and their development prospects]. Molodyy vchenyy [Young scientist], 4 (44), 634–638. Retrieved from: files/journal/2017/4/147.pdf

Leshchyshyn, М.М. Svitovyy dosvid normatyvno-pravovoho rehulyuvannya vykorystannya Bitcoin v platizhniy systemi. Internet-portal naukovykh konferentsiy «Innovatsiyi v upravlinni publichnym sektorom». Retrieved from:

Likhachov, М. Skromna charivnistʹ bitkoina: ukrayinsʹki realiyi vykorystannya kryptovalyut [Modest Bitcoin Charm: Ukrainian Realities of Using Cryptocurrencies]. Forbes Ukrayina [Forbes Ukraine]. Retrieved from:

Molchanova, Е. (2014). Hlobalʹna servisna pryroda suchasnykh kryptovalyut [The global service nature of modern cryptocurrencies]. Mizhnarodna ekonomichna polityka [International economic policy], 1(20), 60–79. Retrieved from:

Dinamika kursa bitkoina za vse vremya: Istoriya Bitcoin s 2008 po 2018. Retrieved from:

Obriy: Informatsiyno-novynnyy resurs. Retrieved from:

U Vidni vidkryvsya pershyy u sviti bitkoin-bank [The world's first bitcoin bank opens in Vienna]. Konkurent – dilove internet-vydannya Volyni [The competitor is a business online edition of Volhynia]. Retrieved from:

Shcho take bitkoyn? Retrieved from: https: // matematychna_valyuta_abo_kolektyvna_ilyuzia_scho_take_ bitkoiny_i_do_chogo_yogo_prykladat

CryptoCurrency Market Capitalizations. Retrieved from: http://

Cryptocoins News: official site. Retrieved from: https://www.

Top 12. Countries in Which Bitcoin is Banned: official site Сryptocoins News. Retrieved from:



  • There are currently no refbacks.

Creative Commons License
This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License.

Ліцензія Creative Commons"Scientific Club "SOPHUS"
State Agrarian and Egineering University in Podilya
Ternopil National Economic University