ECONOMIC AND LEGAL RISK OF CRYPTOCURRENCY USE
Abstract
The article compares the concepts of virtual currency (cryptocurrency) and electronic money. It is established that such assets, although different from each other, have certain similar features. Electronic money, unlike cryptocurrency, has a legal status, a legally defined issuer, a fixed offer and is regulated and supervised. It is established that there are four qualitative characteristics that increase the usefulness of financial information that is relevant and accurately presented - it is comparability, reliability, timeliness and clarity. Thus, the issue of reflecting in the financial statements of digital assets that affect the assets of the enterprise, determining the liquidity of the balance sheet, understanding of the transactions in connection with which the company has acquired digital assets. Based on this, cryptocurrency assets have every chance to become an integral part of the world economy, as some countries are already inclined to introduce such currency in the process of use and exchange for goods or other funds. If an enterprise is able to control certain assets, such as cryptocurrency, and to carry out storage and accumulation operations with it, this affects the reflection of such assets in the financial statements of the enterprise and the assessment of the solvency of such enterprise. It is established that the liquidity of digital assets depends on their recognition in the accounting policy as a certain asset. If they are recognized as cash, they are the most liquid assets of the first group, but if they are recognized as digital goods, then this is the third group of liquidity. It is determined that the risk of using cryptocurrency has an economic and legal nature. Its essence is that the value of cryptocurrency is set by the ratio of supply and demand for it. When investing real money in cryptocurrency, the demand for it may not increase or decrease due to its unpopularity. But it should also be noted that such economic risk must be associated with legal, as the state can legalize transactions with cryptocurrency, but not with all, but only with a specific one, such as bitcoin and its "forks". Thus, based on the peculiarities of the use of cryptocurrency, the following risks can be identified, such as legal, economic, technical and others.
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