UKRAINIAN CRYPTОCURRENCY IMPLEMENTATION AS A TOOL FOR THE DIGITAL ECONOMY DEVELOPMENT

Анотація

The article is devoted to a detailed analysis of the Ukrainian cryptocurrency implementation peculiarities and its impact on changes in economy. Additionally, the article gives a brief description of the world economy transformation processes, which are influenced by innovative instruments, primarily cryptocurrencies, blockchain technologies and smart contracts. These changes can fundamentally reshape current economic models and shape the new "digital economy". It's proved that Ukraine's economy must be open and flexible to such transformation processes, and therefore the national cryptocurrency development and implementation can prepare the domestic economy and give it considerable leading advantages over other countries. Moreover, currently working Ukrainian cryptocurrency projects have been researched and the main limitations and pitfalls of their functioning have been studied. The main attention is paid to the private UCH project, which is not only based on the blockchain technology like previous projects, but also uses smart contract platforms in three different spheres of Ukraine's economy and has a great potential for launching significant positive changes for Ukraine's economy. Furthermore, the advantages of the national cryptocurrency introduction and its possible functional features are considered in the article. These are: modernization of financial relationships — the national cryptocurrency is expected to improve, simplify and modernize the financial process; decentralization of financial relationships — the cryptocurrency is based on decentralized databases, which can reduce the number of intermediaries and significantly optimize financial transactions; security improvement of financial relationships — new financial technologies are claimed to provide a higher level of protection against errors and fraud; financial transactions transparency and speed increasement — cryptocurrency payments are more faster and more transparent to customers thanks to innovative instruments; the enhancement of currency functionality — the national cryptocurrency is able to extend the current functional characteristics of money; competitive advantages — the modernization of financial relations will allow to stimulate Ukraine's economy development. As a conclusion, the main obstacle of the national cryptocurrency successful implementation is the lack of comprehensive legislative regulation of the crypto market, which would meet the new needs and challenges of the modern economy.

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