Revista
de la
Universidad
del Zulia
Fundada en 1947
por el Dr. Jesús Enrique Lossada
DEPÓSITO LEGAL ZU2020000153
ISSN 0041-8811
E-ISSN 2665-0428
Ciencias del
Agro,
Ingeniería
y Tecnología
Año 14 N° 39
Enero - Abril 2023
Tercera Época
Maracaibo-Venezuela
REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 14, N° 39, 2023
Stanislav Pohrebniak et al/// Digitization of monetary transactions in the field of public-private … 432-444
DOI: http://dx.doi.org/10.46925//rdluz.39.24
432
Digitization of monetary transactions in the field of public-private
partnership: International-legal experience
Stanislav Pohrebniak*
Liydmyla Panova**
Viktoriia Kachuriner***
Natalia Arabadzhy****
ABSTRACT
The purpose of the work is to analyze the international legal experience of digitization of
monetary payments in the field of public-private partnerships, as well as to highlight key
features and positive trends in this matter. The object of the study is the international legal
experience of digitization of monetary settlements in the field of public-private partnerships.
The research methodology consists of the following research methods: theoretical
generalization, scientific abstraction, system analysis, comparative analysis, historical
method, and a group of logical methods. With the help of the conducted research, the
peculiarities of digitization of monetary settlements in the field of public-private
partnerships in different countries were analyzed. In particular, it was determined that the
process of digitization of monetary payments in the sphere of public-private partnership
differs in different countries.
KEY WORDS: digitization, public-private partnership, monetary policy, contract law.
* Professor of the Department of Theory and Philosophy of Law, Yaroslav Mudryi National Law
University. ORCID: https://orcid.org/0000-0002-9422-4202
** Associate Professor of Civil Law Department, Taras Shevchenko National University of Kyiv
(Kyiv, Ukraine). ORCID: https://orcid.org/0000-0002-1393-8626.
*** Associate Professor of the International Law and Comparative Law Department,
International Humanitarian University, Ukraine. ORCID: https://orcid.org/0000-0003-2553-
5071
**** Associate Professor of the Department of State and Legal Disciplines, International
Humanitarian University, Ukraine. ORCID: https://orcid.org/0000-0002-7635-1259
Recibido: 19/10/2022 Aceptado: 09/12/2022
REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 14, N° 39, 2023
Stanislav Pohrebniak et al/// Digitization of monetary transactions in the field of public-private … 432-444
DOI: http://dx.doi.org/10.46925//rdluz.39.24
433
Digitalización de transacciones monetarias en el ámbito de la
colaboración público-privada: Experiencia jurídica internacional
RESUMEN
Teniendo en cuenta que cada vez se digitalizan más esferas de la vida pública, es necesario
analizar la digitalización de los pagos monetarios en el ámbito de la colaboración público-
privada, teniendo en cuenta la experiencia jurídica internacional. El objetivo del trabajo es
analizar la experiencia jurídica internacional de digitalización de pagos monetarios en el
ámbito de las asociaciones público-privadas, así como destacar las principales características
y tendencias positivas en esta materia. El objeto de estudio es la experiencia jurídica
internacional de digitalización de liquidaciones monetarias en el ámbito de las
colaboraciones público-privadas. La metodología de investigación consta de los siguientes
métodos de investigación: generalización teórica, abstracción científica, análisis de sistemas,
análisis comparativo, método histórico y un grupo de métodos lógicos. Con la ayuda de la
investigación realizada, se analizaron las peculiaridades de la digitalización de liquidaciones
monetarias en el ámbito de las asociaciones público-privadas en diferentes países. En
particular, se determinó que el proceso de digitalización de los pagos monetarios en el ámbito
de la asociación público-privada difiere en los distintos países.
PALABRAS CLAVE: digitalización, asociación público-privada, política monetaria, derecho
contractual.
Introduction
The fast development of technologies contributes to the digitization of the economy
and other spheres of social life. Moreover, the coronavirus pandemic and the spread of online
payments created the prerequisites for the introduction of innovations in previously familiar
systems: monetary payments, and the conclusion of contracts. Globalization and integration
processes contribute to determining the need to introduce new tools for national economic
development and highlight advantages in the main areas of the economy.
Therefore, in the modern conditions of the development of social relations, it is
extremely important to review the concepts of public-private partnership to understand the
peculiarities of the implementation of such projects and the digitization of monetary
transactions in the implementation of such a partnership. Today, it is important to get a
comprehensive understanding of public-private partnership projects. In particular,
REVISTA DE LA UNIVERSIDAD DEL ZULIA. 3ª época. Año 14, N° 39, 2023
Stanislav Pohrebniak et al/// Digitization of monetary transactions in the field of public-private … 432-444
DOI: http://dx.doi.org/10.46925//rdluz.39.24
434
governments of developing countries face problematic issues regarding financing,
implementation, and infrastructure support (including agricultural projects) to provide and
support services and economic growth in general.
The experience of foreign countries shows that public-private partnership projects
can improve service, and infrastructure and can contribute to economic "updating".
It is worth noting that public-private partnerships are generally defined as a way of
contracting for the development and maintenance of infrastructure services, using the
innovation and skills of the private sector to manage operations that often involve private
financing. However, a single generally accepted definition of public-private partnership has
not yet been formed. In particular, different definitions are used to describe the project
depending on the country. Public-private partnership is a universal form of cooperation
between the state/territorial communities and businesses, which allows for solving a wide
range of problems related to digitization (Vinnyk, 2020).
Digitization of monetary settlements in public-private partnerships has many
advantages for both public and private partners. Thus, the private partner gets the
opportunity to innovate and interact with customers, and the public partner can regulate,
monitor, and ensure trust in such a partner. A major role in ensuring trust is a clear
understanding of legal regulation and the consistency of the state's actions both internally
and during communication and cooperation with other states.
International experience shows that many countries successfully implement projects
in the field of public-private partnerships and digitize monetary transactions for such
projects. Projects in the field of introducing innovations in agriculture and infrastructure
projects are being successfully implemented. At the same time, there are different models of
such digitization: from innovations in currency (implementation of digital currency) to the
actual process of making transactions. The differences are seen precisely in the variety of
digital currency. Although, the experience of foreign countries in embedding digital currency
in other assets and incentivizing them is also interesting (smart contracts to program the
simultaneous exchange of currency and bonds). At the same time, as foreign practice shows,
it is also important to ensure the participation of a private partner for the digitization of
monetary payments, because, for the public sector, the implementation of innovations is a
complex, expensive, and potentially inefficient process.