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The Possibilities Of Using Investment Tools Based On Cryptocurrency In The Development Of The National Economy

Author

Listed:
  • Olena Bondarenko

    (O.S. Popov Odesa National Academy of Telecommunication, Ukraine)

  • Oksana Kichuk

    (Odessa National Economic University, Ukraine)

  • Andrii Antonov

    (Zhytomyr State Technological University, Ukraine)

Abstract

The international experience of various countries of the world in the implementation, usage, and economic and legal status of cryptocurrency is compared in this research. The advantages and disadvantages of using cryptocurrency at the present stage of economic and scientific-technical development of Ukraine are considered. The results of the research of the awareness of market participants regarding the advantages and disadvantages of cryptocurrency and the presence of interest in the usage of cryptocurrency are given. The aim of this article is to study the possibilities of using cryptocurrency for economic development. The object of the research is the process of using cryptocurrency in the market in Ukraine, taking into account world experience. Practical implications. The results of a study of the demand for cryptocurrency in Ukraine. The research was conducted with the help of a questionnaire, as a result of which it was found out: the level of awareness of cryptocurrency; subjective perception of cryptocurrency; sources of awareness of cryptocurrency; the presence of the potential interest of Ukrainians in the acquisition of cryptocurrency. It was found what exactly Ukrainians consider the main advantages and disadvantages of cryptocurrency. Value/originality. Cryptocurrency as a means of payment and a type of electronic money is found in the most countries of the world in the "grey" zone, and regulators, if not prohibit, then at least do not recommend citizens to invest in such assets. However, the state of science and technology development of blockchain technologies, which are the basis of cryptocurrency, and the state of demand for cryptocurrency in the Ukrainian market are ready to use cryptocurrency. For the effective implementation of cryptocurrency, Ukraine lacks only the normative framework. Developing a regulatory framework in this area will help to bring cryptocurrency markets to stability. The introduction of international experience in the usage of cryptocurrency in Ukraine, the creation of own model of behaviour will be the first step towards building a transparent and understandable cryptocurrency market, which will lead to the development of the economy as a whole.

Suggested Citation

  • Olena Bondarenko & Oksana Kichuk & Andrii Antonov, 2019. "The Possibilities Of Using Investment Tools Based On Cryptocurrency In The Development Of The National Economy," Baltic Journal of Economic Studies, Publishing house "Baltija Publishing", vol. 5(2).
    • Handle: RePEc:bal:journl:2256-0742:2019:5:2:2
    DOI: 10.30525/2256-0742/2019-5-2-10-17
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    Citations

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    Cited by:

    1. Cristina Gabriela COSMULESE, 2021. "Cryptocurrency As An Investment Or Disruptive Technology: Theoretical Insighs," European Journal of Accounting, Finance & Business, "Stefan cel Mare" University of Suceava, Romania - Faculty of Economics and Public Administration, West University of Timisoara, Romania - Faculty of Economics and Business Administration, vol. 16(26), pages 73-80, June.
    2. Marcel C. Minutolo & Werner Kristjanpoller & Prakash Dheeriya, 2022. "Impact of COVID-19 effective reproductive rate on cryptocurrency," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 8(1), pages 1-27, December.

    More about this item

    Keywords

    cryptocurrency; Bitcoin; demand for cryptocurrency; digital money;
    All these keywords.

    JEL classification:

    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System

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