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Features of Accounting for Settlements with Virtual Assets (Cryptocurrency) in the Field of e-Commerce: The International and Domestic Experience
Panasyuk V. M., Halchak K. R., Bosyi V. A.

Panasyuk, Valentyna M., Halchak, Khrystyna R., and Bosyi, Volodymyr A. (2023) “Features of Accounting for Settlements with Virtual Assets (Cryptocurrency) in the Field of e-Commerce: The International and Domestic Experience.” Business Inform 2:222–228.
https://doi.org/10.32983/2222-4459-2023-2-222-228

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 3

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UDC 336.717.7:005.74

Abstract:
Over the past few years, the term «cryptocurrency» has firmly entered the public consciousness. Virtual assets are gaining popularity because of their main advantages: availability, anonymity, the ability to make quick money, etc. Cryptocurrency is a code in a large book called «blockchain». Owing to the fact that the technology of «blockchain» is inherently similar to an accounting book, the world’s leading scientists are studying the issue of its implementation in the accounting system. This would allow to record each transaction automatically, reduce the cost and increase the speed of transactions. The article discusses the issue of accounting for settlements in the field of e-commerce using speculative assets. The regulatory framework for taxation of transactions with cryptocurrencies in Ukraine is analyzed. Several approaches to accounting for transactions with risky assets in Ukraine are proposed. The results of the study provide a detailed assessment of the situation in the international trade market and the state of development of settlements using cryptocurrencies, highlights the problematic aspects of normative regulation and accounting for transactions with risky assets in Ukraine and over the world. The field of e-commerce includes all transactions carried out via the Internet. This is indeed doing business online, i. e., by means of websites, social networks or mobile applications. The introduction of a method of making payments with cryptocurrency will greatly simplify the processing of transactions. This payment in digital currency is delivered anywhere in the world, regardless of the place of departure without intermediaries. At this, the cost of the transaction, or the payment fee, is much lower than with a regular bank transfer. The cryptocurrency market is currently quite volatile, classifying transactions with digital assets as «high-risk». The introduction of cryptocurrencies as a full-fledged means of payment is impossible without market regulation by financial institutions. Until that happens, commodity prices in cryptocurrency can fluctuate up to 25% compared to the previous day. Trading under such price conditions is impossible. However, a type of cryptocurrency such as «stablecoins» is protected from market fluctuations, since their pricing principle is based on the exchange rate of the real currency. For example, the USDT stablecoin is pegged to the US dollar, so its value changes along with the value of the real currency. In this case, an electronic currency such as USDT can be considered a means of payment and used in e-commerce.

Keywords: e-commerce, cryptocurrency, risky assets, speculative assets, virtual assets, financial instruments, accounting for settlements.

Tabl.: 3. Bibl.: 10.

Panasyuk Valentyna M. – Doctor of Sciences (Economics), Professor, Professor, Department of Accounting and Taxation, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]
Halchak Khrystyna R. – Masters Student, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]
Bosyi Volodymyr A. – Masters Student, West Ukrainian National University (11 Lvivska Str., Ternopil, 46009, Ukraine)
Email: [email protected]

List of references in article

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Panasyuk, V., and Bosyi, V. “Accounting of Operations with Cryptocurrency Transactions in Modern World: Prospect for It's Development as a Monetary Unit“. Proceedings of the VI International Scientific and Practical Conference. Osaka, Japan. 2023. https://isg-konf.com/scientific-directions-of-research-in-educational-activity/
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Wintermeyer, L. “Ukraine Demonstrates That Cryptocurrency Is a Potent Tool for Marshaling Grassroots Support“. Forbes. March 21, 2022. https://www.forbes.com/sites/lawrencewintermeyer/2022/03/21/ukraine-demonstrates-that-cryptocurrency-is-a-potent-tool-for-marshaling-grassroots-support/?sh=1bf7822662d4

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