Abstract
Various mechanisms for implementation, and at the same time contradictory approaches to the essence, evaluation, reflection, and regulation, led to the need to consider and improve approaches to the recognition of cryptocurrency. Based on the critical analysis of the legal provisions in Ukraine and the approaches of scientific experts, practitioners and international experience, the economic essence of cryptocurrency is substantiated. The legal, economic and accounting aspects of cryptocurrency recognition in developed and transformational economies are revealed. In order to meet the information needs of users, the peculiarities of the application of methods for estimating cryptocurrency commodities and the influence of the chosen method on the reflection of such an asset in the financial statements have been identified. The necessity to clarify and harmonize existing national accounting standards for recognizing and reporting on cryptocurrency transactions has been identified. The proposed approach to the identification and recognition of cryptocurrency goods will improve the relations between the owners of cryptocurrency and the state, legalize cryptocurrency transactions and form an effective system for managing such transactions in Ukraine.
Highlights
The emergence of cryptocurrency is another step in the development of the digital economy
In order to develop a transparent cryptocurrency market, which will ensure the use of cryptocurrency against money laundering or terrorism, above all, at the macro level, it is necessary to create legal environment
The difference arising from the change in the value of the cryptocurrency will be determined by the enterprise for profit or loss
Summary
The emergence of cryptocurrency is another step in the development of the digital economy. As the current practice shows, investment in system development and distribution of cryptocurrency goods in the world are more active every day; more and more enterprises carry out operations with cryptocurrency, e.g. Wikipedia, the leader of the online payment market, PayPal, Microsoft, KFC Canada, MasterCard Gyft payment system, 4Chan, Amazon, various travel services,etc. The Fund is developed for the use of cryptocurrency, increasing the number of trading platforms based on blockchain and online cryptocurrency and token payments. Ukrainian enterprises are increasingly using cryptocurrency (currently, 50 large enterprises). One of the impetus for this was the appearance of the first Ukrainian cryptocurrency – Karbowanec (Ukrainian Karbowanec or KRB) in 2016. As noted by the Ukrainian Internet source: “The Karbowanec is cryptographically protected (encrypted) information, and karbowanecs are units of exchange, i.e. units of information”. As of September 1, 2018 the cost of 1 KRB was 4.49 UAH
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