PROSPECTS FOR THE DEVELOPMENT OF DIGITAL CURRENCY IN UKRAINE

Abstract

Money for people has always been an inexhaustible source of opportunities, power and influence. The poor man cannot live in peace: he is forced to constantly think about how to feed himself, where to get warm clothes and shoes for the winter, where he spend the night today. Thus, it is safe to say that even today a person cannot exist in isolation from the money and the market economy. But it is also absolutely possible to confirm that people of our time can no longer exist without IT-technologies. Innovations greatly simplify our lives and change it radically. Today, in order to pay in the subway or in a cafe, we use a new technology of contactless payment of electronic payments PayPass, although in the past could not even imagine this. Electronic money is increasingly displacing cash from our daily lives. If you look at the history of money, you can track how money changed. First, as a payment resource used valuable resources such as grain or livestock, then they were replaced by gold, and later people began to use banknotes. But today, banknotes are increasingly beginning to lose their relevance in connection with the emergence of more convenient money - electronic money. The evolution of money does not stand still, so today we can see the emergence of a new phenomenon in modern money – cryptocurrency. Cryptocurrencies are a relatively new subspecies of electronic money, functioning entirely within the computer network. Cryptocurrency is different from ordinary money – it is anonymous, decentralized and reliable, so in theory in the future may well replace the money that exists now. But what can we say about it today and what future can we foresee for the next decades for cryptocurrency? In this article, we propose to consider the concept of cryptocurrency as an economic category and to track its history. Also in this publication will be presented the advantages and disadvantages of cryptocurrency as a currency in the country. In addition, it is proposed to consider the experience of foreign countries in the process of recognizing the cryptocurrency like as a monetary unit and draw conclusions about the prospects of cryptocurrency development in Ukraine and in the world.