JEL classification: D81; F10; M31
The consequences of long-term strict quarantine restrictions during the COVID-19 pandemic, and now the military actions caused by the military aggression of the Russian Federation against Ukraine, led to the deepening of disparities in all sectors of the Ukrainian economy. Furthermore, the paradigm of economic relations proved the effectiveness of their reconstruction and ensuring further sustainable development based on the principles of innovation. It is the financial sphere that is able to implement the tools of innovative development most quickly and at the lowest cost while simultaneously complying with the conditions for minimizing financial risks. That is why we consider it necessary to define clear vectors of innovative development in the financial sphere, aimed at minimizing financial risks, protecting assets and financial instruments, ensuring smooth operation of all links in the financial system. The study of the components of the financial policy in our state, in particular the tax and currency policy, proved the absence of actual scientifically based recommendations regarding rational strategies of action in the extreme conditions in which Ukraine is and which indirectly indicates certain negative trends in the quality of the management of the state’s financial system. Positive trends of innovative development are observed in the banking system that protects the owners and clients of banks from a significant part of the risks. Among such measures, the transfer of servers of one of the leading Ukrainian state banks abroad and the active use of cloud services should be outlined. The innovative set of tools that made it possible to preserve the stability of the financial system during hostilities are payment tools based on modern information technologies: payment cards, banking mobile applications, POS terminals at retail outlets, cryptocurrencies. Under the current conditions, cryptocurrencies are turning into a powerful and convenient innovative financial instrument. The main advantages of cryptocurrencies are defined as preservation of financial assets, ability to relieve tension significantly from the foreign exchange market; efficiency in the organization of cash flows and financial settlements on a regional and global scale. The following are identified as the main problems of using cryptocurrencies: high volatility of cryptocurrencies; lack of widespread practice of using cryptocurrencies in business transactions; the probability of an increase in the cost of transactions and exchange rate risks in comparison with traditional financial and monetary instruments; limited distribution of cryptocurrencies in Ukraine in the corporate sector, small and medium-sized businesses due to imperfect regulation by the state, and the financial system.
Keywords: financial innovations, financial assets, minimization of financial risks, financial instruments, cryptocurrencies.
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The article was received 23.10.2022