PROSPECTS OF CRYPTOCURRENCY IN UKRAINE AS A MEANS OF PAYMENT, ACCUMULATION AND STORAGE OF ASSETS

Abstract

Introduction. In the context of the digital transformation of the economy and financial markets, cryptocurrencies are gaining increasing importance as an innovative financial instrument. The development of blockchain technologies, the spread of digital assets, and the transformation of financial relations have intensified the issues of legal regulation, security, and efficiency of cryptocurrency use. The purpose of the article is to determine the essence, theoretical foundations, and peculiarities of cryptocurrency circulation in the modern market, as well as the prospects for its use in Ukraine, particularly as a means of payment, accumulation, and asset storage under conditions of economic instability. Results. The essence and peculiarities of cryptocurrency functioning in the context of globalization and digitalization of financial markets are investigated. The main trends in the legal regulation of the cryptocurrency market are identified, and the current state of its development in Ukraine is analyzed. The advantages and risks associated with cryptocurrency use, including cyber threats, high volatility, and regulatory constraints, are substantiated. It is established that the spread of cryptocurrencies contributes to the development of financial technologies, investment attraction, and the expansion of international trade. The prospects for the expansion of cryptocurrency circulation in Ukraine are determined, particularly through the improvement of legislation and the development of the virtual assets market infrastructure. Conclusions. It is established that cryptocurrencies are becoming an important element of the modern financial system and an alternative instrument for payments, accumulation, and asset preservation. Despite existing risks and regulatory limitations, the development of the cryptocurrency market in Ukraine has significant potential. Further development requires the improvement of the regulatory environment and state supervision.