Preconditions for Cryptocurrency Accounting as the Official State Currency

Анотація

Abstract. Introduction. The world today, gets acquainted with a new tool which is cryptocurrencies also known as virtual money. Governments and Central Banks of different countries often dispute about the use of these innovations. Some researches believe that virtual money (cryptocurrencies) is a crime, others believe that we are talking about a true revolution in the world of finances. Some of them share radical views and propose to impose criminal penalties on one who distributes and uses virtual money in view of the possibility of the potential for using them for the money-laundering purposes or for the financing of terrorism; others point out the inevitability of the development and spread. The latter is epitomized by the adoption of cryptocurrency as the official state currency. However, such a decision of governments imposes new questions and problems of cryptocurrencies accounting. Purpose. Deepening the theoretical foundations of the bitcoin accounting as an official currency and, accordingly, a legal instrument of payment. Results. The article deals with the economic essence of cryptocurrency, current situation and prospects for the development of this phenomenon in the world through the analysis of scientific articles of leading scientists and experts. In addition, the paper considers preconditions for cryptocurrency accounting as the official state currency on the example of Bitcoin in El Salvador and The Central African Republic, discusses the reasons of the adoption of cryptocurrency as the official state currency by poor countries. Conclusions. It is found that the use of bitcoin is an important factor in solving the country's current economic and financial problems, which was used by El Salvador and The Central African Republic for today. Among such problems are the investment climate, speed and cost of payments, access of the population to banking services. The possibility of a negative impact of the use of cryptocurrencies on the economy is also allowed. As for accounting, the issues of adoption of bitcoin as an object of accounting, accounting estimate, accounting methods and criteria for its recognition in financial statements remain unresolved. Keywords: cryptocurrency; bitcoin; legal currency; accounting object; cryptocurrency accounting; accounting and financial reporting problems.

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