BUSINESS INFORM JOURNAL.

УКР

ENG

Search:

REGISTRATION CERTIFICATE

KV #19905-9705 PR dated 02.04.2013.

FOUNDERS

RESEARCH CENTER FOR INDUSTRIAL DEVELOPMENT PROBLEMS of NAS of Ukraine (KHARKIV, UKRAINE)

ROR

EDRPOU 05481984

According to the decision No. 802 of the National Council of Television and Radio Broadcasting of Ukraine dated 14.03.2024, is registered as a subject in the field of print media.
ID R30-03156

PUBLISHER

Liburkina L. M.

CATALOG

Public Administration Mechanisms in the Sphere of Digital Currencies: Architecture and Structural Asymmetries in Ukraine
Fedirko N. V., Vuzii V. S.

Fedirko, Nataliia V., and Vuzii, Vitalii S. (2026) “Public Administration Mechanisms in the Sphere of Digital Currencies: Architecture and Structural Asymmetries in Ukraine.” Business Inform 7:940–940.

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
Downloads/views: 0

UDC 351.82:336.744]:004.738.5(477)

Abstract:
The relevance of the study stems from the rapid growth of the digital currency market and the widening gap between its dynamics and the State’s capacity for efficient public administration of this sphere. Existing research remains fragmented and largely focused on the financial and legal dimension, whereas a holistic public-administration approach accounting for the interaction between the global and national levels of regulation has not yet been developed; for Ukraine this problem is aggravated by martial law, capital movement restrictions and the risk of currency substitution. The aim of the article is the theoretical and methodological substantiation and systematisation of public administration mechanisms for digital currencies, and the conceptualisation of the structural asymmetries identified in their formation and application at the global and national levels on the basis of a risk-based approach. The study employs the method of typologisation; systemic and critical analysis of legal acts and documents of supranational institutions (FATF, FSB, BIS/CPMI, IOSCO, IMF); causal analysis; the matrix (morphological) method for constructing analytical tools; a comparative method for juxtaposing the regulatory regimes of Ukraine, the EU, China and the G20 countries; and a risk-based approach. The managerial characteristics of digital currencies, the relationship between risks and regulatory objectives, the mechanisms of public administration, and their structural asymmetries at the national and global levels are examined. Three interrelated analytical tools are proposed: a framework of management-relevant characteristics of digital currencies, a «risks – objectives» model, and a matrix of public administration mechanism formation at the global and national levels. It is found that unified regulation of digital currencies is impossible, since the maturity of managerial influence depends on the currency type: for cryptocurrencies and stablecoins global standards outpace national practice, whereas for central bank digital currencies the opposite asymmetry holds. The scientific novelty lies in the shift from a financial-legal to a public-administration approach and in conceptualising public administration mechanisms together with their structural asymmetries in actual global and national governance practice. Practical recommendations are proposed regarding the delineation of regulators’ mandates, the reduction of jurisdictional gaps, and the protection of monetary sovereignty.

Keywords: digital currencies; public administration mechanisms; cryptocurrencies; stablecoins; central bank digital currency; structural asymmetries; risk-based approach; global governance.

Tabl.: 3. Bibl.: 41.

Fedirko Nataliia V. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of National Economy and Public Administration, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]
Vuzii Vitalii S. – Postgraduate Student, Department of National Economy and Public Administration, Kyiv National Economic University named after Vadym Hetman (54/1 Beresteiskyi Ave., Kyiv, 03057, Ukraine)
Email: [email protected]

List of references in article

Adrian T., Bains P. & Bechara M. (2025). Understanding Stablecoins. Washington, DC: International Monetary Fund. https://www.imf.org/-/media/files/publications/dp/2025/english/usea.pdf
Arner D. W., Auer R. & Frost J. (2020). Stablecoins: Risks, Potential, and Regulation. Basel: Bank for International Settlements. https://www.bis.org/publ/work905.htm
Atlantic Council. (2026). Central Bank Digital Currency Tracker. Atlantic Council. https://www.atlanticcouncil.org/cbdctracker/
Babych Ye. Yu. & Liptuha V. O. (2024). Finansovo-pravove rehuliuvannia obihu virtualnykh valiut [Financial and legal regulation of virtual currency circulation]. Naukovyi visnyk Uzhhorodskoho natsionalnoho universytetu. Seriia «Pravo», 86, 221–226. https://doi.org/10.24144/2307-3322.2024.86.3.33
Bank of Canada, Bank of England, Bank of Japan, European Central Bank, Federal Reserve, Sveriges Riksbank, Swiss National Bank & Bank for International Settlements. (2020). Central Bank Digital Currencies: Foundational Principles and Core Features. Basel: BIS. https://www.bis.org/publ/othp33.htm
Bereslavska O. I. & Pidsosonna Ya. H. (2024). Instytutsionalni osnovy rehuliuvannia kryptoaktyviv [Institutional foundations of crypto-asset regulation]. Naukovi zapysky Natsionalnoho universytetu «Ostrozka akademiia». Seriia «Ekonomika», 32, 62–68. https://doi.org/10.25264/2311-5149-2024-32(60)-62-68
Braine L. & Shukla S. (2022). Illustrative Industry Architecture to Mitigate Potential Fragmentation across a Central Bank Digital Currency and Commercial Bank Money. arXiv:2203.17018. https://doi.org/10.48550/arXiv.2203.17018
Carapella F., Chang J.-W. & Infante S. (2024). Financial Stability Implications of CBDC. Washington: Board of Governors of the Federal Reserve System. https://doi.org/10.17016/FEDS.2024.021
Cecchetti S., Niepelt D., Rey H. & Vives X. (2026). Digital Money. London; Paris: CEPR Press. https://cepr.org/publications/books-and-reports/barcelona-8-digital-money
CoinGecko. CoinGecko: cryptocurrency prices, charts and crypto market cap. https://www.coingecko.com/
Diia.Osvita. Kryptohramotnist ta blokchein [Cryptoliteracy and blockchain]. Osvitnii serial Diia.Osvita. https://osvita.diia.gov.ua/courses/lesson/urok-0-plitonij
European Parliament & Council of the European Union. (2023, June 9). Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937. Official Journal of the European Union. http://data.europa.eu/eli/reg/2023/1114/oj
Fedirko N. (2026). CBDC ta upravlinnia makroekonomichnoiu stabilizatsiieiu: uroky dlia Ukrainy v umovakh viiny [CBDC and macroeconomic stabilization management: lessons for Ukraine in the conditions of war]. Aspekty publichnoho upravlinnia, 2(14), 46–59. https://doi.org/10.15421/152605
Financial Action Task Force (FATF). (2021). Updated Guidance for a Risk-Based Approach. Virtual Assets and Virtual Asset Service Providers. Paris: Financial Action Task Force (FATF). https://www.fatf-gafi.org/content/dam/fatf-gafi/guidance/Updated-Guidance-VA-VASP.pdf
Financial Stability Board (FSB). (2023). High-level Recommendations for the Regulation, Supervision and Oversight of Crypto-asset Activities and Markets: Final Report. Basel: Financial Stability Board (FSB). https://www.fsb.org/uploads/P170723-1.pdf
Guo Y., Yousef E. & Naseer M. M. (2025). Examining the Drivers and Economic and Social Impacts of Cryptocurrency Adoption. FinTech, 1(4). https://doi.org/10.3390/fintech4010005
Homoliak I., Peresini M. & Holop P. (2023). CBDC-AquaSphere: Interoperable Central Bank Digital Currency Built on Trusted Computing and Blockchain. arXiv:2305.16893. https://doi.org/10.48550/arXiv.2305.16893
Hrudnytskyi V. M. (2023). Pravove rehuliuvannia obihu virtualnykh (tsyfrovykh) aktyviv v Ukraini [Legal regulation of the circulation of virtual (digital) assets in Ukraine]. Kyivskyi chasopys prava, 2, 43–49. https://doi.org/10.32782/klj/2023.2.6
International Monetary Fund (IMF) & Financial Stability Board (FSB). (2023). IMF-FSB Synthesis Paper. Policies for Crypto-Assets. International Monetary Fund (IMF), Financial Stability Board (FSB). https://www.fsb.org/uploads/R070923-1.pdf
International Organization of Securities Commissions (IOSCO). (2023). Policy Recommendations for Crypto and Digital Asset Markets: Final Report. Madrid: International Organization of Securities Commissions (IOSCO). https://www.iosco.org/library/pubdocs/pdf/IOSCOPD747.pdf
Jones M. (2022). Project mBridge: Connecting Economies through CBDC. Basel: Bank for International Settlements. https://www.bis.org/publ/othp59.pdf
Khutorna M. E. & Tkachenko Yu. P. (2021). Svitovi modeli rehuliuvannia tsyfrovykh valiut i suchasni initsiatyvy tsentralnykh bankiv [World models of digital currency regulation and modern initiatives of central banks]. Visnyk Universytetu bankivskoi spravy, 1, 42–49. https://doi.org/10.18371/2221-755X1(40)2021237578
Kolektyv avtoriv (2011). Mekhanizmy derzhavnoho upravlinnia. Entsyklopediia derzhavnoho upravlinnia: u 8 t. T. 2: Metodolohiia derzhavnoho upravlinnia [Mechanisms of public administration. Encyclopedia of public administration: in 8 vols. Vol. 2: Methodology of public administration]. Kyiv: NADU. https://files.znu.edu.ua/files/Bibliobooks/Inshi74/0055027.pdf
Luu H. N., Nguyen C. P. & Nasir M. A. (2023). Implications of Central Bank Digital Currency for Financial Stability: Evidence from the Global Banking Sector. Journal of International Financial Markets, Institutions and Money, 89. https://doi.org/10.1016/j.intfin.2023.101864
Michail N. & Selvadurai N. (2023). Towards an Effective Regulatory and Governance Framework for Central Bank Digital Currencies. Stanford Journal of Blockchain Law & Policy. https://stanford-jblp.pubpub.org/pub/regulatory-governance-framework-cbdc
Mukhin V. A. (2025). Perspektyvy ta vyklyky vprovadzhennia rehuliuvannia rynkiv kryptoaktyviv (MiCA) v Ukraini [Prospects and challenges of implementing crypto-asset market regulation (MiCA) in Ukraine]. Pravo ta innovatsii, 1, 118–123. https://doi.org/10.37772/2518-1718-2025-1(49)-15
Mulenga R., Matongo C. & Phiri C. (2025). Digital Money: Opportunities, Challenges and the Future Outlook. International Journal of Finance, 1(10), 31–53. https://doi.org/10.47941/ijf.2486
Natsionalna komisiia z tsinnykh paperiv ta fondovoho rynku. (2025). Model rehuliuvannia ta nahliadu na rynku virtualnykh aktyviv Ukrainy: prezentatsiia [Model of regulation and supervision in the virtual asset market of Ukraine: presentation]. Kyiv. https://www.nssmc.gov.ua/wp-content/uploads/2025/03/povnovazhennia-rekuliatoriv-virtualnykh-aktyviv-1.pdf
NBU. (2023). E-hryvnia – tsyfrovi hroshi Natsionalnoho banku Ukrainy. Proiekt kontseptsii vprovadzhennia [E-hryvnia – digital money of the National Bank of Ukraine. Draft implementation concept]. NBU. https://bank.gov.ua/admin_uploads/article/Draft_vision_introducing_e-hryvnia_2023.pdf
Pavlovskyi I. (2025, September 19). Rehuliuvannia kryptovaliut u 2025 rotsi: novi pravyla YeS, SShA ta Azii [Cryptocurrency regulation in 2025: new rules of the EU, USA, and Asia]. Highload.tech. https://highload.tech/uk/blogs/regulyuvannya-kryptovalyut-u-2025-rotsi-novi-pravyla-yes-ssha-ta-aziyi
Raskin M., Saleh F. & Yermack D. (2019). How Do Private Digital Currencies Affect Government Policy?. Cambridge, MA: National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w26219/w26219.pdf
Redchenko Ya. (2025). Evoliutsiia mizhnarodnoho rehuliuvannia tsyfrovykh valiut: vid pershykh kryptovaliut do tsyfrovykh valiut tsentralnykh bankiv [Evolution of international regulation of digital currencies: from the first cryptocurrencies to central bank digital currencies]. Yurydychnyi visnyk, 6, 290–298. https://doi.org/10.32782/yuv.v6.2025.36
Schwarcz S. L. (2022). Regulating Digital Currencies: Towards an Analytical Framework. Boston University Law Review. https://www.bu.edu/bulawreview/files/2022/04/SCHWARCZ.pdf
Singh A. K. I., Derry A., Tontivanichanon Ch. & Nga L. T. K. (2025). Global Regulatory Frameworks for Digital Assets: Comparative Analysis and Potential International Cooperation. World Scientific Annual Review of Fintech, 3, 1–22. https://doi.org/10.1142/S2811004825300030
Stupak V. (2025). Economic Risk and Cryptocurrency: What Drives Global Digital Asset Adoption?. Journal of Risk and Financial Management, 8(18). https://doi.org/10.3390/jrfm18080453
Supriadi E. (2025). Digital Currency Governance and Global Risk Management: Implications for World Economic Stability. Dinasti International Journal of Economics, Finance & Accounting, 5(6), 4909–4918. https://doi.org/10.38035/dijefa.v6i5.5664
Teng H.-W., Hardle W. K. & Osterrieder J. (2026). Digital assets: risks, regulations, mitigation. Financial Innovation, 12. https://doi.org/10.1186/s40854-025-00848-y
Verkhovna Rada Ukrainy. (2025, April 24). Proiekt Zakonu Ukrainy «Pro vnesennia zmin do Podatkovoho kodeksu Ukrainy ta deiakykh inshykh zakonodavchykh aktiv Ukrainy shchodo vrehuliuvannia oborotu virtualnykh aktyviv v Ukraini» vid 24.04.2025 r. № 10225-d [Draft Law of Ukraine «On Amendments to the Tax Code of Ukraine and Some Other Legislative Acts of Ukraine Regarding the Regulation of Virtual Asset Circulation in Ukraine» dated April 24, 2025, No. 10225-d]. https://itd.rada.gov.ua/billinfo/Bills/Card/56271
Verkhovna Rada Ukrainy. (2019, December 6). Zakon Ukrainy «Pro zapobihannia ta protydiiu lehalizatsii (vidmyvanniu) dokhodiv, oderzhanykh zlochynnym shliakhom, finansuvanniu teroryzmu ta finansuvanniu rozpovsiudzhennia zbroi masovoho znyshchennia» vid 06.12.2019 r. № 361-IKh [Law of Ukraine «On Prevention and Counteraction to Legalization (Laundering) of Proceeds from Crime, Financing of Terrorism and Financing of Proliferation of Weapons of Mass Destruction» dated December 6, 2019, No. 361-IX]. https://zakon.rada.gov.ua/laws/show/361-20#Text
Verkhovna Rada Ukrainy. (2021, June 30). Zakon Ukrainy «Pro platizhni posluhy» vid 30.06.2021 r. № 1591-IX [Law of Ukraine «On Payment Services» dated June 30, 2021, No. 1591-IX]. https://zakon.rada.gov.ua/laws/show/1591-20#Text
Verkhovna Rada Ukrainy. (2022, February 17). Zakon Ukrainy «Pro virtualni aktyvy» vid 17.02.2022 r. № 2074-IX [Law of Ukraine «On Virtual Assets» dated February 17, 2022, No. 2074-IX]. https://zakon.rada.gov.ua/laws/show/2074-20#Text