Open AccessCrypt currency as an object of accounting
Author(s) -
Svitlana Drobyazko
Publication year - 2020
Publication title -
ekonomìka, fìnansi, pravo/ekonomìka. fìnansi. pravo
Language(s) - English
Resource type - Journals
eISSN - 2786-5517
pISSN - 2409-1944
DOI - 10.37634/efp.2020.1.2
Subject(s) - cryptocurrency , currency , phenomenon , payment , business , accounting , point (geometry) , electronic money , virtual currency , financial transaction , digital currency , legislation , money laundering , commerce , economics , computer science , finance , monetary economics , database transaction , computer security , law , physics , geometry , mathematics , quantum mechanics , political science , programming language
One of the innovations of recent times has been the discovery of a special kind of currency, called "cryptocurrency". Today, this phenomenon has become a global phenomenon known to most people, including in Ukraine, as a result of the crisis in the domestic banking system, the volatility of the hryvnia, the volatile exchange rate and other difficulties faced by business. At the same time, most authors mainly consider the technical aspects of cryptocurrency mining. However, one-sided research from the point of view of describing the technical model of operation does not allow to reveal their essence as an economic category, and also hinders the rapid establishment of adequate institutional standards, regulatory procedures for emission and exchange. As a result, there was a certain imbalance - economic innovations outstripped the development of legislation that would regulate the relationship between entities in the field of payments and payments in cryptocurrency. Lack of legal support causes considerable difficulty to reflect cryptocurrency transactions in financial accounting. The purpose of the article is to determine the features of accounting cryptocurrency in enterprises. We have determined that cryptocurrency is not a type of electronic money, but is a completely new economic category, so it is necessary to include a sub-account 336 "Cryptocurrency" in the Accounts Plan. The attribution of cryptocurrency to the composition of electronic money is impractical because there are significant differences between these concepts: decentralized nature, mining method of mining, anonymity, etc. Cryptocurrency has its advantages and disadvantages compared to fiat and electronic money. All this makes it an entirely new asset, a new economic category. Certain features of accounting for foreign currency transactions are also characteristic of cryptocurrency transactions. When using digital currency as a payment method, cryptocurrency is included in monetary items. Accordingly, in accounting for cryptocurrency, subject to control by the NBU, the concepts of "exchange rate" and "exchange rate differences" may be fully applied. To calculate depreciation of fixed assets and software used for mining, we propose to use the cumulative method. This method is applied to objects that wear more in the first years of operation and those that are rapidly morally aging.