The Change of the Monetary Paradigm: Financial Security and Cryptocurrency

Mihus Iryna (), Marchenko Volodymyr (), Dombrovska Alla () and Panchenko Oksana ()
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Mihus Iryna: Scientific Center of Innovative Research, Estonia
Marchenko Volodymyr: H.S. Skovoroda Kharkiv National Pedagogical University, Ukraine
Dombrovska Alla: O.M. Beketov Kharkiv National University of Urban Economy, Ukraine
Panchenko Oksana: Volodymyr Vinnichenko Central Ukrainian State University, Ukraine

Financial Internet Quarterly (formerly e-Finanse), 2024, vol. 20, issue 2, 89-101

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 >. 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.

Keywords: Financial Security; Bitcoin; Hard Money; Cryptocurrency; Virtual Assets; Monetary System; Financial System (search for similar items in EconPapers)
JEL-codes: G15 G20 G32 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:finiqu:v:20:y:2024:i:2:p:89-101:n:1007

DOI: 10.2478/fiqf-2024-0014

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