Proceedings of the  III International Scientific Congress Society of Ambient Intelligence 2020 (ISC-SAI 2020)

Cryptocurrency Market: Problems and Development Prospects in Ukraine

Authors
Svitlana Yermak, Margaryta Satanievska
Corresponding Author
Svitlana Yermak
Available Online 23 March 2020.
DOI
https://doi.org/10.2991/aebmr.k.200318.031How to use a DOI?
Keywords
cryptocurrency, blockchain technology, bitcoin, cryptocurrency market, government regulation
Abstract
The article investigated the history of the emergence and development of cryptocurrency, its main features, technology of use and types are considered. The bitcoin exchange rate against the US dollar has been studied in dynamics over the past 5 years and at a specific date (February 9, 2020). A rating of cryptocurrencies by price in USD and volume of capitalization according to the data at the beginning of 2020 was constructed. The main advantages and disadvantages of using cryptocurrency are highlighted. A study of the global cryptocurrency market and the features of its development in Ukraine with a separation into the primary and secondary market was carried out. It was revealed that Ukraine is among the five countries in the number of users of various Bitcoin wallets and cryptocurrency services have been available for payment since October 2015. The legislation of Ukraine in the field of cryptocurrency market regulation is considered. It is revealed that legislative acts in this sphere are at the stage of formation. Problems of development of the cryptocurrency market in Ukraine have been identified, among them the lack of a certain legal status of bitcoin and other cryptocurrencies, which is the main factor limiting their active distribution and development of the relevant infrastructure.Order to ensure reliable state control over the “gray” market, which actually operates in Ukraine, the necessary measures are proposed aimed at its legalization and regulation, in particular: amendments to the current legislation in the field of banking and money circulation, namely: Laws of Ukraine “On National Bank of Ukraine ”,“ On Banks and Banking ”,“ On Payment Systems and Transfer of Funds in Ukraine ”, etc.
Open Access
This is an open access article distributed under the CC BY-NC license.

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Proceedings
Part of series
Advances in Economics, Business and Management Research
Publication Date
23 March 2020
ISBN
978-94-6252-933-5
ISSN
2352-5428
DOI
https://doi.org/10.2991/aebmr.k.200318.031How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Svitlana Yermak
AU  - Margaryta Satanievska
PY  - 2020
DA  - 2020/03/23
TI  - Cryptocurrency Market: Problems and Development Prospects in Ukraine
PB  - Atlantis Press
SP  - 248
EP  - 256
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200318.031
DO  - https://doi.org/10.2991/aebmr.k.200318.031
ID  - Yermak2020
ER  -