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BUSINESS INFORM №11-2015

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48

Section: Finance, Money Circulation and Credit
UDC 346.7:336.76:336.743
Bacho R. Y.
State Regulation of the Markets of Financial Services in the Context of Virtual Currencies (Crypto-Currencies) Availability (p. 294 - 298)

The article is concerned with a generalized comparison of electronic and virtual currencies (crypto-currencies) in the face of widespread distribution of Internet services. The advantages and disadvantages of using crypto-currencies for commercial purposes have been allocated. Special attention is paid to the fact that most regulators of the market of financial services propose to refrain from crypto-currencies because they do not have collateral and are not controlled by State regulators of countries. The carried out operations with virtual currencies are not subject to State regulation to prevent abuse and legalization (laundering) of incomes received through criminal way as well as terrorism financing. It has been proven that nascency of virtual currencies is a consequence of the negative impact of the financial and economic crisis of 2008-2009. The purpose of crypto-currencies is to create an alternative to existing legal payment means, which are circulating in the banking system. It has been concluded that availability of crypto-currencies as pseudo-monetary means is the newest challenge for the authorities of the State regulation of the markets of financial services at both the national and supranational levels. However, it should be noted that with the creation of e-money the people, which hadn't been secured with financial services before, were included within the scope of the formal financial system afterwards.
Keywords: crypto-currency, virtual currency, State regulation, mining, bitcoin, financial services
Tabl.: 1. Bibl.: 18.

Bacho Robert Yo. – Doctor of Sciences (Economics), Professor, Head of the Department, Department of Accounting and Auditing, Ferenc Rakoczi II Transcarpathian Hungarian Institute (6 Koshuta Square, Beregovo, Zakarpatska oblast, 90202, Ukraine)
Email: [email protected]

Article is written in Ukrainan
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Reference to this article:
Bacho, Robert Yo. (2015) “State Regulation of the Markets of Financial Services in the Context of Virtual Currencies (Crypto-Currencies) Availability.” Business Inform 11:294–298.


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