ACCOUNTING DIGITAL CURRENCY IN THE PAYMENT MARKET
DOI:
https://doi.org/10.31471/2409-0948-2020-2(22)-151-163Keywords:
object of accounting, digital currencies, identification, accounting of cryptocurrency.Abstract
The article is devoted to the study of digital currency accounting in the payments market. Analysis of digital currencies has shown that they have the following properties: digital currency uses cryptography for security against counterfeiting; the issue is carried out by the system itself, which is independent and uncontrolled; it is impossible to establish in what way this or that cryptocurrency was received (exchange for goods or real money, mining). The characteristics of different currencies were given, it was established that each of them can be used for different purposes, namely: Ethereum - smart contracts; Lightcoin - digital money for fast transactions; Ripple - for the purposes of venture funds; Dash is a completely anonymous digital currency, usable for Darknet.
The scientific novelty lies in the substantiation of approaches to the identification of digital currencies as objects of accounting. Particular attention should be paid to the recognition of digital currency when accounting for it, as it has certain implications for the reflection of such an asset in the accounts, analytical and synthetic registers and in the financial statements. The approach of different countries to the legal regulation of such an asset is analyzed. Because the legal conflict in the future does not allow to tax those transactions that use digital assets. At present in Ukraine there are no normative legal acts on regulation of accounting and taxation of digital currencies. An approach to reflect the movement of payments using digital currency in the CBDC network is proposed. The primary document from the blockchain network is provided to confirm the transaction on the transfer of cryptocurrency BitcoinCash to a third party. The process of payment verification is presented taking into account the innovations in displaying digital currencies in the banking network. The main verification process is defined, which is generalized at certain stages of its implementation.
Prospects for further research will be to determine the advantages and disadvantages of using digital currencies when paying a company with another for certain goods, works or services. It is necessary to compare the use of digital currencies, the national currency of the hryvnia and the US dollar. In the future, this will allow the company to determine under what conditions which price should be used in the implementation of foreign economic activity to improve cross-border cooperation.
References
Qassim, A. (2018). “Cryptocurrency: Global Accounting Leaders Seek Guidance”. Bloomberg BNA. available at :https://www.bna.com/cryptocurrency-global-accounting n57982091448 (accessed 8 august 2020).
PwC (2018). “Cryptographic assets and related transactions: accounting considerations under IFRS”. [Report]. PricewaterhouseCoopers LLP.
Zheliuk, T. and Brechko, O. (2016), “The use of cryptocurrency in the payments market: new opportunities for national economies”, Visnyk Ternopil's'koho natsio nal'noho ekonomichnoho universytetu, vol. 3, pp. 50—60. [in Ukrainian].
Koryagin, M. and Liva, V. (2012), “Ecash: features of the use and accounting”, Visnyk Natsional'noho lisotekhnichnoho universytetu Ukrainy: zbirnyk naukovo tekhnichnykh. prats', vol. 22.5, pp. 241—246. [in Ukrainian].
Slobodenyuk, О. (2018), "How to keep bitcoin accounting in accountancy: an example of real business", available at: https://buhgalter911.com/news/news 1040088.html (Accessed 28 August 2020)
Sundqvist E., Hyytiä P. (2019) Accounting for Cryptocurrencies-A Nightmare for Accountants. Available at : https://www.diva-portal.org/smash/get/diva2:1331799/FULLTEXT01.pdf (accessed 8 august 2020).
Grant Thornton (2018) a. “IFRS Viewpoint Accounting for cryptocurrencies - the basics”. [Report] Grant Thornton.
Tarasova, T. O., Cherchata, A. O., Staverska, T. O. (2019). Oblikovo-analitychne zabezpechennia ryzyk-menedzhmentu v umovakh staloho rozvytku pidpryiemstva. Naukovyi visnyk Ivano-Frankivskoho natsionalnoho tekhnichnoho universytetu nafty i hazu (seriia «Ekonomika ta upravlinnia v naftovii i hazovii promyslovosti», (2(20), 142-153. https://doi.org/10.31471/2409-0948-2019-2 (20)-142-153
Andrusiv, U., Kinash, I., Cherchata, A., Polyanska, A., Dzoba, O., Tarasova, T & Lysak, H. (2020). Experience and prospects of innovation development venture capital financing. Management Science Letters , 10(4), 781-788. doi: 10.5267/j.msl.2019.10.019
Solodan K. et al. (2019) “Legal Regulation Of Cryptocurrency Taxation in European Countries”,European Journal of Law and Public Administration, Vol. 6, pp. 64-74. [in Ukrainian].
Golubyeva N. Yu. (2017) “Pravove regulyuvannya kry`ptovalyut: chy` na chasi?”, Chasopy`s cy`vilisty`ky`, Vol 26, pp. 22-28.
Tarasova, T., Usatenko, O., Makurin, A., Ivanenko, V. & Cherchata, A. (2020). Accounting and features of mathematical modeling of the system to forecast cryptocurrency exchange rate. Accounting, 6(3), DOI: 10.5267/j.ac.2020.1.003
Pantyelyeyeva N. M. (2020) “Finansova bezpeka v umovax cy`frovoyi ekonomiky`: ochikuvannya i real`nist`”, Finansovy`j prostir, Vol. 2, pp. 22-37. [in Ukrainian].
Davoodalhosseini M., Rivadeneyra F., Zhu Y. (2020) “CBDC and Monetary Policy”, Bank of Canada, Vol. 4.
Ginneken C. L. (2019) Settlement of cross-border transactions through Central Bank Digital Currency (CBDC): analysis from a risk management perspective : dis. – University of Twent.
Downloads
Published
How to Cite
Issue
Section
License
Copyright and Licensing Terms
Copyright Statement
The authors who publish in the journal accept the following conditions:
- The authors retain the copyright and grant the journal the right of first publication, licensed with Creative CommonsCC BY-NC-SA , which permits other people to remix, transform, and build upon the material and use the material for non-commercial purposes, give appropriate credit and distribute the contributions under the same license as the original.
- The authors can conclude additional agreements on the non-exclusive distribution of the journal’s published version of the work (for example, publication of the work in electronic repositories) with an acknowledgment of its initial publication in this journal.
- The authors can upload the published articles on the Internet (for example, in electronic repositories or on web-sites), as it will stimulate fruitful scholarly discussions and increase the citation rates of the published articles.
1.png)
1.png){kind=logo}
