Legal regulation of electronic money in Ukraine
Students Name: Sapii Myroslava Mykhailivna
Qualification Level: magister
Speciality: Law
Institute: Institute of Jurisprudence and Psychology
Mode of Study: part
Academic Year: 2020-2021 н.р.
Language of Defence: ukrainian
Abstract: Sapiy MM Bortnyk NP "Legal regulation of electronic money in Ukraine". Master’s thesis. Lviv Polytechnic National University, Lviv, 2020. International financial markets are characterized by an increasing role of electronic technologies in ensuring their effective operation. The evolution of forms of money took place in Ukraine as well - electronic money began to be used by domestic economic agents for payments in the Ukrainian segment of the Internet. Therefore, the role of electronic money in payments on the Internet is growing rapidly. According to the National Bank of Ukraine in the first half of 2020 compared to the same period last year there was a significant increase: the volume of issued electronic money - up to 85.4 million UAH (more than twice, as in 2018 in total issued electronic money in the amount of 83.2 million UAH); volumes of transactions with electronic money - up to UAH 4.9 billion (60% more); number of electronic wallets - up to 67.9 million units. (more by 20%). The purchase and sale of securities on stock exchanges is carried out on the basis of electronic trading systems, the volume of e-commerce on the Internet is growing, electronic money systems have been created and are functioning. Despite this, the growth rate of e-money issuance in Ukraine is much lower than in other highly developed countries, due to factors at both micro and macro levels. The functioning of these types of payment instruments is subject to market laws, which can be influenced by the state through certain regulatory mechanisms. Therefore, at the present stage it is important to study the development of domestic electronic money systems, taking into account global trends and national characteristics of state regulation of electronic money. Analysis of sources and publications shows that, despite the active functioning of electronic money in Ukraine, in the domestic scientific literature so far little attention is paid to their study. Some aspects of the issue are covered by V. Mishchenko, A. Moroz, M. Savluk and other Ukrainian scientists. At the same time, modern aspects of the functioning of the electronic money market in accordance with the existing domestic regulatory framework and international practice are reflected at an insufficient level. In the works of foreign scholars, in particular M. Woodford, A. Genkin, C. Goodhard, M. King, S. Klein, B. Cohen, G. Seljin, A. Shamrayev, B. Schmidt, L. White, B. Friedman argued that electronic money has huge and little-explored potential. Also, the representatives of basic economics have not reached a consensus on the essence of electronic money and the role they will play in the future. However, we cannot but acknowledge that, thanks to the information and technological revolution, electronic money has become a real phenomenon of economic life. Well-known economists are discussing the consequences of the development of e-money, including the impact of e-money issuance on monetary policy, the activities of central banks with these innovative payment instruments and the role of the state in this process. The object of research is the process of formation and development of electronic money and systems that allow calculations with their use. The subject of the research is state regulation of electronic money development in Ukraine. The purpose and objectives of the study. The purpose of the study is to assess the status and volume of electronic money in Ukraine and determine further prospects for their operation as a new means of payment based on government regulation. The implementation of this goal involves the following tasks: • to reveal the theoretical and methodological principles of electronic money research • identify the features of the electronic money market; • analyze the functioning of electronic payment instruments in Ukraine; • determine the role and functions of the bank in issuing electronic money; • outline the rules of electronic money circulation in Ukraine; • assess the amount of electronic money and the state of electronic payment systems; • describe the problems of legal regulation of electronic money in Ukrainian legislation; • make a forecast on the dynamics of electronic money in Ukraine • to reveal the peculiarities of electronic money circulation taking into account international legal norms; • highlight proposals for improving the electronic money market in Ukraine. Key words: electronic money, circulation of electronic funds, legal regulation of electronic funds. List of used literature sources 1. Archive of publications of the National Bank of Ukraine. Kyiv, 2019. URL: https://bank.gov.ua/publications?page=1&perPage=5&search=&document= & pubCategory = 1 & keywords = & created_from = & created_to. 2. Vavdiyuk NS Circulation and regulation of electronic money in Ukraine / NS Vavdiyuk, HV Talakh // Economic Forum. 2017. No 2. S. 249–259. URL: http://nbuv.gov.ua/UJRN/ecfor_2017_2_43. 3. The impact of regulation on the development of the electronic payments market: the example of Ukraine. Analytical report for public discussion. Institute for Economic Research and Policy Consulting. Kyiv, 2010. URL: http://www.ier.com.ua/files/Projects/2010/2010_12/report_ukr_18112010_f or_RT.pdf. 4. Grinkov, D. Circulation of electronic money in Ukraine: opportunities and prospects / D. Grinkov. Kyiv, 2012. No7-8. Pp. 1-6 URL: http://ufin.com.ua/analit_mat/ gkr / 189.htm. 5. Directive 2009/110 / EC of the European Parliament and of the Council on the taking-up and pursuit of the business of electronic money institutions. URL: http://zakon3.rada.gov.ua/laws/show/994_a18.