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Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects

Author

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  • Mykhailo Kuzheliev

    (National University of “Kyiv-Mohyla academy”)

Abstract

The subject of the research is theoretical approaches to the formation and development of the cryptocurrency market and its integration into the national financial system. The purpose of the article is to determine the theoretical foundations of the functioning of the cryptocurrency market based on a systemic approach and to explore the possibilities of its integration into the financial system of Ukraine. Method or methodology of research. The article uses the methods of scientific abstraction, analysis and synthesis, generalization, systematic approach. Results of the article. The article examines the theoretical aspects of the economic category "cryptocurrency". A retrospective analysis of cryptographic money research was carried out. The largest cryptocurrencies by capitalization were studied and it was concluded that Bitcoin remains the leader in terms of price and level of capitalization among existing cryptocurrencies. The state of introduction and development of the cryptocurrency market in Ukraine is considered. In particular, the article presents Ukrainian companies that offer the purchase of their goods and services for cryptocurrency. The prospects for the use of cryptocurrencies in the financial system of Ukraine are outlined. Field of application of results. The results of the research can be used in the process of streamlining the legal framework regulating the circulation of virtual assets and electronic money. Conclusions. A significant potential for the development of the cryptocurrency market is seen in Ukraine. Currently, the issue of implementation, full legal and institutional support for the circulation of cryptocurrencies is open and relevant, but has certain inhibitions, which are caused by an objective factor – the war in the country.

Suggested Citation

  • Mykhailo Kuzheliev, 2023. "Integration of the cryptocurrency market in the financial system of Ukraine: theoretical aspects," University Economic Bulletin, Hryhorii Skovoroda University in Pereiaslav, Faculty of Financial, Economic and Vocational Education, issue 56, pages 137-142, March.
    • Handle: RePEc:aff:colart:y:2023:i:56:p:137-142
    DOI: https://doi.org/10.31470/2306-546X-2023-56-137-142
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