V. Korneev, Doctor of Science (Economics), Professor State Research Institute of Informatization and Modeling of Economics of the Ministry of Economic Development of Ukraine, Кум, Ukraine, О. Cheberyako, Doctor of Science (Historical), Professor Taras Shevchenko National University of Kyiv, Кум, Ukraine CRYPTOCURRENCY: ERA AND FIELD OF FINANCIAL INNOVATIONS

Essence of cryptocurrencies is considered in the article, their risks and prospects of development in Ukraine and world. Advantages and disadvantages of crypto currency are described. Positions of foreign central banks and other financial regulators are lighted up in relation to cryptocurrencies and markets of cryptocurrencies. It is offered, that the experience of Japan, Switzerland, the United States and England in this question should be used as a fairway. It is marked that corresponding activity and financial services must be licensed by the state as a type of professional activity on the stages of formation of cryptocurrency (mining) and support of its circulation (trading and financial consulting).

Key words: cryptocurrency, digital money, blockchain technology, mining, crypto wallet, ISO, Bitcoin, Litecoin, Ethereum, Peercoin.

Date of submission 03/11/2017

DOI: https://doi.org/10.17721/1728-2667.2018/196-1/6


  1. Vinya, P. and Keynsi, M., 2017. Epoch of cryptocurrencies. As bitkoin and blokcheyn change a world economic order, OOO “Mann, Ivanov i Ferber”, Moskva.
  2. Pashinska, A., 2017. The 5 most popular cryptocurrencies in the world. In addition to bitokin. Available at: https://espreso.tv/article/2017/08/30/altematyvni_kryptovalyuta (Accessed 4 September 2017).
  3. The official site of ukr.media. 2017. “Bitcoin split up and went up – what does it mean!”. Available at: https://ukr.media/business/316936/ (Accessed 8 August 2017).
  4. Ivanova, A., 2017. China was able to reduce the cost of bitcoin by 1000 dollars. Available at: http://comandir.com/ 2017/09/06/167055-kitaj-smog-ponizit-stoimost-bitkoina-na-1000-dollarov. html (Accessed 6 September 2017).
  5. The official site of Finansovyiy geniy. 2015. “Bitcoin system: pluses and minuses. Available at: http://fingeniy.com/sistema-bitcoin-plyusy-i-minusy/ (Accessed 15 June 2017).
  6. The official site of com. 2017. “Advantages and disadvantages of Bitcoin”.Available at: http://owm24.com/artic/36/preimushchestva-i-nedostatki-bitcoin.html
  7. The official site of Mirovoy krizis. 2017. “IMF Managing Director Christine Lagarde on crypto-currencies, P2P financial services and AI”. Available at: http://worldcrisis.ru/crisis/2830199?utm_source=subscr&utm_medium=mail&utm_ campaign=best (Accessed 10 October 2017).
  8. Klyueva, N., Japan officially recognized bitcoins as a means of payment. Available at: http://podrobnosti.ua/2170187-japonija-ofitsialno-priznala-bitkoiny-platezhnym-sredstvom.html (Accessed 2 April 2017).
  9. Ocheretnyuk, , 2017. In Japan announced the launch of a new currency. Available at: http://podrobnosti.ua/2201140-v-japonii-objavili-o-zapuske-novoj-valjuty.html (Accessed 26 September 2017).
  10. The official site of business-swiss. 2017. “Bitkoin”,available at: http://business-swiss.ch/mirovy-e-valyuty/bitkoin/
  11. Skripin, V., 2017. In China the ICO was banned, the market reacted by falling quotes of all major crypto-currencies. Available at: https://itc.ua/news/v-kitae-zapretili-ico-ryinok-otreagiroval-padeniem-kotirovok-vseh-krupnyih-kriptovalyut/ (Accessed 4 September 2017).
  12. The official site of biz.nv.ua. 2017. “NBU has determined the status of Bitcoin in Ukraine”. Available at: http://biz.nv.ua/finance/nbu-opredelil-status-bitcoin-v-ukraine-1910824.html (Accessed 25 September 2017).
  13. Hromaev, T., 2017. Control of circulation of crypto currency is impossible and does not make sense. Available at: https://finclub.net/analytics/timur-khromaev-kontrolirovat-obrashchenie-kriptovalyut-nevozmozhno-i-ne-imeet-smysla.html (Accessed 4 September 2017).
  14. The official site of Forklog. 2017. “The Bank of England announced the benefits of issuing crypto-currency for GDP. Available at: https://forklog.com/bank-anglii-zayavil-o-polze-emissii-kriptovalyut-dlya-vvp/ (Accessed 19 July 2017).
  15. Karpenko, O., 2017. In Ukraine for the first time officially sold the apartment for crypto currency. Available at: https://ain.ua/2017/09/26/kvartiru-za-ethereum (Accessed 26 September 2017).
  16. The official site of Vedomosti, 2015. “The New York Stock Exchange launched the index of bitcoins”. Available at: https://www.vedomosti.ru/finance/articles/2015/05/20/nyu-iorkskaya-birzha-zapustila-indeks-virtualnoi-valyuti-bitkoin (Accessed 20 May 2015).
  17. The official site of Forklog. 2017. “ICO through the eyes of venture investors – a killer or a window of opportunity?”. Available at: https://forklog.com/ico-glazami-venchurnyh-investorov-ubijtsa-ili-okno-vozmozhnostej/ (Accessed 1 September 2017).
  18. Chobanyan, M., 2017. How bitcoins conquer Kiev. Available at: https://hmarochos.kiev.ua/2016/03/09/yak-bitkoini- pidkoryuyut-kiyiv/
  19. Ivanova, A., 2017. What can be bought in Ukraine for bitcoins, available at:http://ubr.ua/ukraine-and- world/technology/chto-mojno-kupit-v-ukraine-za-bitkoiny-363824
  20. Chaparro, F., 2017. Hedge funds are cashing in on bitcoin mania – there are now more than 50 dedicated to cryptocurrencies. Available at: http://www.businessinsider.com/bitcoin-price-surge-leads-to-growth-in-hedge-funds-2017-8 (Accessed 30 April 2017).
  21. The official site of Coinessa. 2017. “For the Bank of England a centralized analog bitcoin is developed”. Available at: https://www.coinessa.com/news/dlya-banka-anglii-razrabotan-tsentralizovannyj-analog-bitkoina/
  22. The official site of MInfIn. 2017. “How to calculate the cost of cryptocurrencies”. Available at: ttps://minfin.com.ua/ua/2017/10/30/30695626/ (Accessed 30 October 2017).
  23. Biryukov, A and Pustogarov, I., 2015. Bitcoin over Tor is not a good idea. In Security and Privasy, (SP), Symposium on, pages 122-134. IEEE, 2015. DOI: 10.1109/SP.2015.15
  24. Kovalchuk, T., 2013. “Innovations in the field of money systems and some of their features”, Bankivska sprava, 7, 3-12.
  25. Reznichenko, Ye., 2017. Bitcoin: Future currency or financial pyramid?, Available at: http://ua.prostobank.ua/e_banking/statti/bitkoyin_
  26. Slozko, O., 2014. Modern trends in the transformation of the world financial system; in Slozko, O.O. (ed.), ISEMV NAN Ukrainy, Kiev, Ukraine.
  27. The official site of Bitcoin. 2017. Available at: URL: https://bitcoin.com