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In this article deals with management functions of money for example an European monetary unit. It issuggested that changing essence of money and leaving unchanged their purpose to be equivalent to the trade, webeforehand inform about new money properties, which often come into the conflict with nature of money. Suchproperties have long been made of the money is not a means of exchange of goods, and much more in particular it isan instrument of political and social impact, the way to prove clearly incompatible as it has been in history aboutthe form of artificial of gold equivalent at the foreign exchange operations, the introduction of a single universalcurrency, the organization of military action and others. Consider some of the known contradictions that areactually money. It was determined that most likely, such control must be carried out in the plane of the behavior ofpeople in situations of operations with cash resources. This is probably one of the few but very subjective ways. Andit can be done, for example, probabilistic methods of game theory, decision theory, and others. It is concluded thatthere are already expanding the practice of alternative currencies in trade transactions with the yuan. The BRICScountries for which a gradual entry into the zone of the yuan as the currency of the world's largest creditor - Chinais a matter of time. China has worked hard to expand its credit operations. In particular in 2010 China's stateownedbanks have issued loans totaling more than $ 110 billion. Previously, such investments could boast only theUSA. Is the world changing?! Thus an analysis of possible ways to manage financial systems arising from the theoryand practice of certain contradictions inherent today in the monetary policies of individual countries and makessure that the money is still far out from under public control, and have the opportunity to become the presentcontrols not only the economy but also the entire the state of our society. ; В статье рассматриваются вопросы управления функциями денег на примере европейской денежной единицы. Сделано предположение, что меняя сущность денег и оставляя неизменным их предназначение быть товарным эквивалентом, мы заранее сообщаем деньгам новые их свойства, которыечасто входят в противоречие с природой денег. Такие свойства давно уже делают из денег не средство товарообмена, а нечто большее, в частности, инструмент политического и социального воздействия, способ доказывать явно несовместимое, как это уже бывало в истории в виде искусственного отказа от золотого эквивалента при валютных операциях, введение единой универсальной валюты, организации военных действий и др. Рассмотрены некоторые из известных противоречий, которые относятсясобственно к деньгам. Определено, что по всей видимости, такое управление должно осуществляться в плоскости особенностей поведения людей в ситуациях, связанных с операциями с денежными ресурсами.Это, видимо, одно из немногих, но весьма субъективное направление. И оно может осуществляться, например, вероятностными методами теории игр, теории принятия решений и др. Сделаны выводы, что уже существуют практики расширения альтернативных валют в торговых операциях с юанем. Страны БРИКС, для которых постепенное вхождение в зону юаня, как валюты крупнейшего мирового кредитора - Китая, является делом времени. Китай целенаправленно расширяет свои кредитные операции. Вчастности, только в 2010 году государственные банки Китая выдали кредитов на общую сумму более $ 110 млрд. Ранее такими инвестициями могли похвастаться только США. Мир постепенно меняется?! Таким образом, анализ возможных способов управления финансовыми системами, вытекающих из теории и практики известных противоречий, заложенных сегодня в монетарных политиках отдельных стран и мира дает уверенность, что деньги далеко еще не вышли из-под общественного контроля, и имеютвозможность стать по настоящему регуляторами не только экономики, но и всего состояния нашего общества.

In this article deals with management functions of money for example an European monetary unit. It issuggested that changing essence of money and leaving unchanged their purpose to be equivalent to the trade, webeforehand inform about new money properties, which often come into the conflict with nature of money. Suchproperties have long been made of the money is not a means of exchange of goods, and much more in particular it isan instrument of political and social impact, the way to prove clearly incompatible as it has been in history aboutthe form of artificial of gold equivalent at the foreign exchange operations, the introduction of a single universalcurrency, the organization of military action and others. Consider some of the known contradictions that areactually money. It was determined that most likely, such control must be carried out in the plane of the behavior ofpeople in situations of operations with cash resources. This is probably one of the few but very subjective ways. Andit can be done, for example, probabilistic methods of game theory, decision theory, and others. It is concluded thatthere are already expanding the practice of alternative currencies in trade transactions with the yuan. The BRICScountries for which a gradual entry into the zone of the yuan as the currency of the world's largest creditor - Chinais a matter of time. China has worked hard to expand its credit operations. In particular in 2010 China's stateownedbanks have issued loans totaling more than $ 110 billion. Previously, such investments could boast only theUSA. Is the world changing?! Thus an analysis of possible ways to manage financial systems arising from the theoryand practice of certain contradictions inherent today in the monetary policies of individual countries and makessure that the money is still far out from under public control, and have the opportunity to become the presentcontrols not only the economy but also the entire the state of our society. ; В статье рассматриваются вопросы управления функциями денег на примере европейской денежной единицы. Сделано предположение, что меняя сущность денег и оставляя неизменным их предназначение быть товарным эквивалентом, мы заранее сообщаем деньгам новые их свойства, которыечасто входят в противоречие с природой денег. Такие свойства давно уже делают из денег не средство товарообмена, а нечто большее, в частности, инструмент политического и социального воздействия, способ доказывать явно несовместимое, как это уже бывало в истории в виде искусственного отказа от золотого эквивалента при валютных операциях, введение единой универсальной валюты, организации военных действий и др. Рассмотрены некоторые из известных противоречий, которые относятсясобственно к деньгам. Определено, что по всей видимости, такое управление должно осуществляться в плоскости особенностей поведения людей в ситуациях, связанных с операциями с денежными ресурсами.Это, видимо, одно из немногих, но весьма субъективное направление. И оно может осуществляться, например, вероятностными методами теории игр, теории принятия решений и др. Сделаны выводы, что уже существуют практики расширения альтернативных валют в торговых операциях с юанем. Страны БРИКС, для которых постепенное вхождение в зону юаня, как валюты крупнейшего мирового кредитора - Китая, является делом времени. Китай целенаправленно расширяет свои кредитные операции. Вчастности, только в 2010 году государственные банки Китая выдали кредитов на общую сумму более $ 110 млрд. Ранее такими инвестициями могли похвастаться только США. Мир постепенно меняется?! Таким образом, анализ возможных способов управления финансовыми системами, вытекающих из теории и практики известных противоречий, заложенных сегодня в монетарных политиках отдельных стран и мира дает уверенность, что деньги далеко еще не вышли из-под общественного контроля, и имеютвозможность стать по настоящему регуляторами не только экономики, но и всего состояния нашего общества.

In the article the main approaches to definition of a concept and legal nature of electronic money are investigated. The question of legal regulation features of electronic money release and use in the European Union is considered. Arguments about expediency of fixing in the Ukrainian legislation of electronic money as type of financial services are adduced. The conclusion is drawn that the understanding of electronic money as a type of financial services demands coordination of the basic legislative provisions governing the corresponding public relations with instructions of the domestic legislation concerning rendering financial services in Ukraine. ; Статтю присвячено дослідженню поняття електронних грошей як фінансової послуги. Розглядаються основні наукові підходи до визначення поняття електронних грошей. Вивчається питання про особливості правового регулювання випуску та використання електронних грошей у Європейському Союзі. Вносяться пропозиції з удосконалення вітчизняного законодавства у відповідній частині.

Introduction. Legislative acts of Ukraine stipulate that the monetary unit of Ukraine is the hryvnia, while cash (money) exists in the form of cash (banknotes and coins bearing the nominal value indicated thereon) and in the non-cash form (records on accounts with banks: funds On accounts in and deposits on demand). With the advent of electronic money to scientists, the question arose about the theoretical foundations of the functioning of this payment instrument, since it has signs of both cash and cashless funds and needs theoretical substantiation of its place in the theory of modern money.Purpose. The purpose and objectives of the study are to determine the place of electronic money in the theory of modern money, refine their functions and evaluate their value in the monetary circulation of the country.Methods. Methods used in the article: theoretical analysis and synthesis of the test material, social and qualitative research methods, analytical- statistical method.Results. The legal conflict, which is ambiguous, whether the state is currently guaranteed to provide electronic money in banks or not. Therefore, this inaccuracy in the legislation should be resolved within the legal framework and economic basis. In our turn, we believe it is expedient to introduce a norm on the unequivocal guarantee of the provision of electronic money, as they are cash in national currency of the country where they are in circulation and have the corresponding status of the total equivalent in both cash and non-cash forms money.Originality. In this article, for the first time, the place of electronic money was determined in the theory of modern money and outlined the basic features of electronic money that have properties for both cash and non-cash forms of money.Conclusion. Like other forms of modern money, electronic money is by its nature credit – the obligations of the bank that issued them, to settle at maturity with their user (owner) of traditional forms of money. They perform the same functions as other forms, and the question of the quantity, origin and content of their functions is also controversial and depends on the views of scholars or the views of various scientific schools.

Introduction. Advances in information technology and digitalization of the banking business have created the basis for the modernization of modern payment systems that operate using a wide range of new financial instruments, a special place among which belongs to electronic money. It is electronic money that is gradually replacing traditional forms of monetary relations, covering an increasing range of relationships between market participants and ensuring the movement of goods and services in each business cycle. Given the importance of money supply as a major factor influencing the dynamics of economic processes, a clear understanding of the nature of electronic money and their place and role in the modern monetary system and economy is especially important in the context of effective monetary policy and financial stability.Purpose. The aim of the study is to substantiate and systematize theoretical views on understanding the nature and basic types of electronic money, taking into account the evolution of monetary relations and the banking system, digitalization of which creates new conditions for market participants in the organization of payments using different types of financial instruments.Results. The nature of electronic money as a legal tender cannot be different from the nature of credit money, which is this tool in the country. Only those instruments of circulation and payment that are issued by the banking system of the country and have all the characteristics to regulate their circulation by the central bank should be considered real money, regardless of their material carrier. Therefore, electronic money should be defined as special electronic ways of storing monetary value in bank accounts using a technical device that can be exploited to make payments.Prospects. Necessary directions of further research of electronic money should be the development of proposals and recommendations for a clearer legislative regulation of differences between real money and their substitutes in order to ensure comprehensive protection of the interests of consumers of financial services.

The article deals with the basic provisions of the legislation regarding the definition of payment. An attempt has been made to disclose the meaning of the concepts of electronic money. The legal principles for the use of electronic money have been defined, and the problematic aspects of the use of electronic money as a means of payment have also been analyzed. The authors determine that the emergence and development of such a phenomenon as electronic money is an objective process, because they are endowed with such advantages as convenience, accessibility, ease of use, lack of personification, support of micropayments made them so attractable for users. The role of electronic money in calculations on the Internet is growing rapidly. Therefore, it is important to study the concept of determining the location of electronic money in the state regulation system as a means of payment. As the urgency of the issue is undeniable, the authors attempt to analyze approaches to understanding the concept of 'electronic money' as a means of payment contained in both the legislation of Ukraine and the European Union, as well as in the legal literature. In the course of the analysis, the authors of the article identify the following features of electronic money: electronic money are stored on an electronic device; the issue of electronic money can be made exclusively by the bank; the circulation of electronic money is limited by a certain payment system; electronic money is a monetary commitment to the person who releases it. While researching the issue of introducing electronic money into payment transactions, the authors of the article draw attention to the following. The introduction of the possibility of using electronic money in our country is, of course, progressive, but the question remains about the existence of legislation, the content of which would be based on the best international experience and take into account the issues of consumer rights protection, the obligation of the state regulation, related to the use ...

The article considers the problematic issues of the functioning of cryptocurrency in Ukraine. The risks that provoke cryptocurrency as a tool for the money laundering and the financing terrorism in Ukraine are studied. The level of crime and the use of cryptocurrency in the sphere of money laundering are determined. Topical issues affecting the features of the detection and investigation of a crime are considered. Anti-money laundering law of Ukraine openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system. Furthermore, FATF report on terrorism financing noted the importance of links between financial tools and wider counter-terrorist activity to combat terrorist financing. Terrorism, being a socially dangerous and difficult to predict phenomenon, is changing its forms, methods, but the need for terrorist organizations to collect, move, and use money is always urgent. The legalization (laundering) of proceeds of crime, as well as the financing terrorism, poses a serious threat to national security of Ukraine and its financial system. The use of computer technologies to commit crimes increases their social security, generates new ways of committing them, and simplifies the very process of committing and masking their tracks. Cryptocurrencies are popular on the dark web because they provide a convenient method of obfuscating identities and transaction details. In addition, the absence of rules for exchanges and points of sale, the obligation to identify the e-wallet owner and a clear legal regulation of the use of cryptocurrencies in general, create favorable conditions for criminals. Investigation of such crimes creates considerable difficulties, given the lack of capabilities of law enforcement agencies from the current level of technological and software criminal activity. The author also found out the advantages of such a currency, which determine its use by criminals, and examined ...

The purpose of this research is to determine the prospects for the use of cryptocurrencies on the example of bitcoins. In the process of theoretical research economic and legal features of cryptocurrencies are revealed: their performing of the money functions, types of economic transactions carried out with their involvement, the legal security of the cryptocurrency market. Problems related to the decentralization of cryptocurrencies are analysed. Among them there are the threat to the stability of national currencies, the use of cryptocurrencies for financing of criminal activities, weak financial control over operations in cryptocurrencies, which reduces the possibility of adequate taxation of related incomes. It was found that improving the legal structure of cryptocurrency circulation, ensuring financial control over it would help to reduce the economic dangers and risks associated with the use of virtual money. The tendencies in change of the extracted volume, exchange price, market capitalization of such cryptocurrency as bitcoin are analysed. It is determined that bitcoin shows sharp price fluctuations over short periods of time that are not related to its quantity. But the demand and supply of bitcoins are influenced not only by speculative expectations, but also by fundamental factors, that influence the prices of other stock assets. In addition, the price of bitcoins is affected by development of the computer technologies and by legislative changes. This allows to make predictions about the dynamics of the price of virtual money. Scenarios for the development of the cryptocurrency market in Ukraine are proposed. Legislative support for the bitcoin market would accelerate its development, make its operations safer for its participants and help to counteract money laundering operations. ; У статті досліджено перспективи застосування криптовалют на прикладі біткойнів у світі загалом та в Україні зокрема. Об'єктом дослідження виступає процес обігу криптовалют, предметом дослідження є цифрова валюта біткойн. Виявлено економічні та правові ознаки криптовалют, а саме: виконання ними функцій грошей; види економічних операцій, що здійснюються з їх залученням; правова забезпеченість функціонування ринку криптовалют. Визначено особливості обігу криптовалют у світі та в Україні, тенденції у зміні видобутого обсягу, біржової ціни, ринкової капіталізації такої криптовалюти як біткойн. Проаналізовано динаміку використання біткойнів в якості біржового активу. Виявлено причини законодавчого обмеження обігу криптовалют, фінансово-економічні ризики, пов'яза- ні з їх використанням. Запропоновано сценарії розвитку ринку криптовалют в Україні.

The purpose of this research is to determine the prospects for the use of cryptocurrencies on the example of bitcoins. In the process of theoretical research economic and legal features of cryptocurrencies are revealed: their performing of the money functions, types of economic transactions carried out with their involvement, the legal security of the cryptocurrency market. Problems related to the decentralization of cryptocurrencies are analysed. Among them there are the threat to the stability of national currencies, the use of cryptocurrencies for financing of criminal activities, weak financial control over operations in cryptocurrencies, which reduces the possibility of adequate taxation of related incomes. It was found that improving the legal structure of cryptocurrency circulation, ensuring financial control over it would help to reduce the economic dangers and risks associated with the use of virtual money. The tendencies in change of the extracted volume, exchange price, market capitalization of such cryptocurrency as bitcoin are analysed. It is determined that bitcoin shows sharp price fluctuations over short periods of time that are not related to its quantity. But the demand and supply of bitcoins are influenced not only by speculative expectations, but also by fundamental factors, that influence the prices of other stock assets. In addition, the price of bitcoins is affected by development of the computer technologies and by legislative changes. This allows to make predictions about the dynamics of the price of virtual money. Scenarios for the development of the cryptocurrency market in Ukraine are proposed. Legislative support for the bitcoin market would accelerate its development, make its operations safer for its participants and help to counteract money laundering operations. ; У статті досліджено перспективи застосування криптовалют на прикладі біткойнів у світі загалом та в Україні зокрема. Об'єктом дослідження виступає процес обігу криптовалют, предметом дослідження є цифрова валюта біткойн. Виявлено економічні та правові ознаки криптовалют, а саме: виконання ними функцій грошей; види економічних операцій, що здійснюються з їх залученням; правова забезпеченість функціонування ринку криптовалют. Визначено особливості обігу криптовалют у світі та в Україні, тенденції у зміні видобутого обсягу, біржової ціни, ринкової капіталізації такої криптовалюти як біткойн. Проаналізовано динаміку використання біткойнів в якості біржового активу. Виявлено причини законодавчого обмеження обігу криптовалют, фінансово-економічні ризики, пов'яза- ні з їх використанням. Запропоновано сценарії розвитку ринку криптовалют в Україні.

Independent monetary system of a state is an essential attribute of its sovereignty.In today's conditions grounds to determine money as a commodity and apply a general property regime to it are absent, because its value is practically equal to zero. Summarizing researchers' approaches, money should be considered from the standpoint of absolute and unconditional obligation of a money issuer and dynamic forms of interaction between participants of the financial and economic process.Legal regulation of national money emission is one of the structural elements of monetary system of a sovereign state, which also includes established by law a national monetary unit, money forms, cash token money types, forms of monetary circulation and its regulation.The terms «money issue» and «emission» are not equivalent. Money supply is increasing during emission, in contradistinction to money issue.Today state monetary regalia occupies a leading role in mandatory monetary systems building and functioning.The emission currently has fiduciary (trustful) character, namely it is carried out without providing real money. It allows to use it widely and freely as a way of regulation and influence on the socio-economic situation of a state. Simultaneously, legislation of each state establishes a range of emission activity subjects, procedure of emission, obligations of the issuer, certain means of ensuring interests of users of monetary funds, issued in the financial system of a state. Therefore absence of real complete providing does not mean the opportunity of conducting groundless emission to solve economic problems.Emission in Ukraine is conducted in accordance with the regulations of the National Bank of Ukraine (hereinafter – the NBU), which determine its frequency and scope. The instrument for achieving goals, set by the state, is means and methods of the monetary policy of the NBU.Ukraine's legislation establishes clear and categorical prohibitions on direct repayment of current demand for cash through emission, for the purpose of hyperinflation prevention and devaluation because of critical growth of not provided money supply.For ensuring the monopoly right to conducting money emission in Ukraine, the legislation of Ukraine refuses to legalize widespread cryptocurrency (for instance, «Bitcoin»), recognizing them as prohibited by law «money substitutes».Electronic money issue is only a form of cashless payment instruments. Electronic money is an electronic substitute for banknotes and coins and monetary obligation of the issuer.Electronic money is used as a means of payment, accepted by a limited number of persons, provided by the issuer in exchange for the funds in cash or cashless form and according to the legislation of Ukraine it is not currency values and monetary funds.The system of legal responsibility of the NBU needs a change in the direction of certainty of clear grounds and procedure of responsibility of the NBU board for a violation of grounds, conditions and procedure of conducting money emission in the financial and economic system of the state and the transformation of constitutional legal (political) responsibility into reality. ; Досліджено проблему визначення загального механізму грошової емісії та проблеми реалізації цього процесу в Україні. Розкрито загальне призначення грошової емісії у фінан­совій системі та процедурі грошового обігу. Розглянуто основні засади випуску грошей на підставі реалізації державної монетної регалії.Вивчаючи Національний банк України як монопольний емісійний центр в Україні, зосереджено увагу на природі емісійної діяльності НБУ, гарантіях його правового статусу, що дають змогу проводити емісію на підставі економічних закономірностей.Досліджено форми та правила розрахунків в Україні, зокрема за посередництвом новітнього платіжного механізму «електронні гроші». Визначено перспективи нормативних змін для підвищення якості правового регулювання досліджуваної сфери відносин.

The article considers the concept of monetary substitutе and quasi-money, their ratio and prospects of using to designate non-monetary means of payment, a new definition of the concept of "monetary substitutе" is substantiated. In foreign scientific research, the term "quasi-money" is used much more often than "monetary substitute". In Ukrainian studies, the situation is the opposite. In addition, Ukrainian legislation defines the concept of a monetary substitute, but does not define the concept of quasi-money. However, there is no consensus among researchers about the content of monetary substitutes and quasi-money, as well as the form of their existence, and there is no stable opinion about the criteria for classifying certain objects as monetary substitutes or quasi-money. Monetary substitutes and quasi-money can be viewed as identical and different in content. Since it is not necessary to use two different terms to denote the same phenomenon, it is recommended to distinguish between these terms. So quasi-money is a highly liquid asset that can be quickly and conveniently exchanged for money, but at the same time it is not used as a means of payment. Monetary substitutes are objects of property rights that are used to pay monetary obligations as a means of payment, but are not money. The dominant function of monetary substitutes is to be means of payment. But unlike money, they are not universal, they cannot be used for all payments. In particular, the recipient is obliged to accept monetary substitutes instead of money, if it is determined by the contract or the law requires the recipient to accept substitute as money. The reasons for creating monetary substitutes can be different. This may be the need for government borrowing, financing of targeted actions or programs, but more often the appearance of monetary substitutes is associated either with a lack of money in the economy, or with the emergence of new means of payment other than money. Thus, monetary substitutes help fill the lack of free money in economic circulation and partially perform the same functions that money performs in the economy. ; У статті досліджено поняття грошових сурогатів та квазігрошей, їх співвідношення та перспективи використання для позначення відмінних від грошей засобів платежу, запропоновано авторське визначення поняття «грошовий сурогат». У закордонних наукових роботах термін «квазігроші» уживається набагато частіше за «грошовий сурогат», у вітчизняних джерелах ситуація протилежна, крім того, поняття грошового сурогату, на відміну від квазігрошей, закріплено і нормативно визначено як правовий інститут в українському законодавстві. Водночас у дослідницьких колах немає єдності як щодо змісту понять «грошовий сурогат» та «квазігроші», так і щодо форми їх існування, а також спостерігається відсутність усталеного підходу як до критеріїв віднесення чи не віднесення тих чи інших об'єктів до грошових сурогатів (квазігрошей), так і до переліку об'єктів, що охоплюються термінами «грошовий сурогат» та «квазігро-ші». Зазначені поняття можуть розглядатися і як тотожні, і як відмінні за своїм змістом. З огляду на відсутність об'єктивної необхідності для паралельного використання двох термінів із метою позначення одного явища, доцільно розмежувати зазначені терміни, закріпити за квазігрошима високоліквідні активи, що можуть бути швидко обмінені на грошові кошти, але водночас не використовуються як засоби платежу, а за грошовими сурогатами - об'єкти майнових прав, які використовуються для погашення грошових зобов'язань (як засіб платежу), але водночас не належать до грошових коштів. Хоча панівною функцією грошових сурогатів є функція засобу платежу, на відміну від грошових коштів, грошові сурогати позбавлені ознаки універсальності і можуть використовуватися для обмеженого кола платежів, якщо домовленість сторін або нормативний припис зумовлює прийняття отримувачемгрошового сурогату взамін грошових коштів. Причини для появи грошових сурогатів можуть бути різними, від необхідності державних запозичень до цільових акцій або програм, але найчастіше поява грошових сурогатів пов'язана або з дефіцитом грошових знаків в економіці, або з виникненням нових засобів платежу, відмінних від грошей.