Accounting and control of foreign economic electronic transactions using cryptocurrencies
Authors: Muravskyi Volodymyr , Pochynok Nataliia , Reveha Oleh , Chengyu Liu 
Published: January 2023

Introduction. Digitization of socio-economic processes and the active development of information and communication technologies have led to the emergence of a new phenomenon - “cryptocurrency”, which requires the improvement of accounting and control of electronic transactions. The use of cryptocurrencies in electronic transactions is associated with six stages of their evolution from the accounting and control theory: 1) intangible assets, 2) stocks, 3) investment property, 4) financial instruments, 5) cash equivalents, 6) cash. Today, in international regulations, accounting and control policies, cryptocurrencies are at the initial stage of formation and are positioned as intangible assets. However, the realities of their foreign economic use are ahead of legal and accounting and control regulations. There was a need to transform the methodology and organization of accounting and control of foreign economic electronic transactions using cryptocurrencies.The purpose of the article is to improve the accounting and control of cryptocurrencies in the context of their use in foreign economic electronic monetary transactions.Methods. In the process of the article purpose realization the system, innovative, institutional approaches and methods of economic and mathematical modeling, bibliographic and comparative analysis are used.Results. The need for progressive evolution of the accounting and control understanding of cryptoassets as stocks, investment property, financial instruments and, at the final stage, money is substantiated. The ability of cryptocurrencies to perform the functions of money has been studied: a measure of value, a means of circulation, a means of accumulation, a means of payment, world money. It was determined that cryptographic monetary units can be considered money only in the case of the ability to be a means of international exchange. It has been proven that the final stage of the formation of the concept of “cryptocurrencies” is their recognition as monetary units for international monetary exchange as a component of foreign economic activity. The expressed author’s vision regarding the use of cryptocurrencies in foreign economic electronic transactions, which requires reducing the speculative nature of the cryptocurrency market, avoiding their improper and illegal use, and increasing the level of international control of monetary transactions. It is necessary to establish parity in the control of electronic transactions using cryptocurrencies and confidentiality, which can be implemented with the involvement of international independent audit institutions. An information scheme of an innovative information environment of foreign economic electronic transactions using cryptocurrencies has been developed, in which multi-level integration processes take place with the formation of: An integrated system of electronic communications based on the combination of “Client- bank”, “Internet-bank” and block-chain structuring of account data; Integrated system of information synchronization of banking and accounting and control software; An integrated system of business communications, which connects all participants of international monetary settlements; Integrated accounting and control system.Prospects. The practical implementation of the developed information scheme of the innovative information environment of foreign economic electronic transactions is the basis for the formation of virtual meta-environments in which all financial and economic processes take place exclusively in an electronic format, which requires further research in this direction.