Virtual Currencies: Distribution and Prerequisites for Recognition

Abstract

The article discusses the theoretical and methodological principles of recognition of the economic nature of virtual currencies and analyzes the use of technologies on which it is built in everyday life. The present time is significantly different from the previous: the world is ruled by technology, and commodity is information. In this environment, virtual currencies were born and actively used. This is especially true not only of the cryptocurrency, but also of the processes on which it is built. Cryptocurrencies are actively spreading, with their number increasing to more than two thousand types of virtual currencies during their existence. Despite this popularity, cryptocurrency transactions are not regulated in most countries of the world. Therefore, the legal status of virtual currencies remains a problematic issue not only for Ukraine, but in other countries of the world. The lack of legal regulation of virtual currencies has led to an increase in illegal, shadow transactions, the tool for which has become a cryptocurrency, since transactions conducted with it can not be tracked. In the world, different approaches to determining the economic nature of virtual currency, it is defined as electronic money, virtual goods, property, virtual currency, means of payment. The lack of a unified approach to interpreting the economic nature of virtual currencies complicates accounting for transactions with them. The article is based on an analysis of approaches to determining the economic nature of virtual currencies and the technologies on which they are based. Keywords cryptocurrencies, virtual currencies, Blockchain, mining.