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  International Conference about project “EP Social Inclusion Women Entrepreneurship E-learning”

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  Bitcoin Cryptocurrency as Money – a Monetary Analysis by Using the Ludwig von Mises Regression Theorem

  Money came into existence on the basis of market relations in the absence of state intervention. The first means of exchange date back earlier than the development of clearly-established structures of public administration. The need for money was generated during an early form of trade, the barter. In general, the actual functions of money cover ... Money came into existence on the basis of market relations in the absence of state intervention. The first means of exchange date back earlier than the development of clearly-established structures of public administration. The need for money was generated during an early form of trade, the barter. In general, the actual functions of money cover three general categories: a medium of exchange, a store of value and a unit of account. Money should be a universal force. This does not mean that money can be used by everyone; it requires wide application and sustainability. Ludwig von Mises' regression theorem is a praxeological analysis of the marginal utility of money. It analyzes reaching a historical moment when a commodity becomes a medium of exchange. The emergence of a new medium of exchange is based on an existing pricing mechanism. The subjective monetary value at the moment can be thus calculated. Bitcoin is a medium of exchange, but it still has no universal status. Cryptocurrency does not contradict the regression theorem and has the theoretical basis to turn into money. It depends on the preferences of economic agents whether this will happen or not.

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  Evaluation of the Effects of Certain Regulatory Decisions for the Financial Market In Bulgaria

  The capital market in Bulgaria is not a working one and is not useful for the national economy. Despite the regulatory framework that meets the highest global standards, companies are unable to gather new capital and investors do not have access to quality Bulgarian financial assets. Securitization is presented only through the isolated segment of ... The capital market in Bulgaria is not a working one and is not useful for the national economy. Despite the regulatory framework that meets the highest global standards, companies are unable to gather new capital and investors do not have access to quality Bulgarian financial assets. Securitization is presented only through the isolated segment of real estate investment trusts. The banking market is wide but concentrated in ownership and far from modern banking, and full integration with the European financial market remains unclear. These weaknesses are result of ineffective government intervention, constitute a regulatory failure and have consequences - a capital market that fails to generate adequate investment opportunities for Bulgarian capital and to finance high value-added projects, bank concentration with all the negatives on depositors, borrowers and investors, unfulfilled financial integration with effects on the entire national financial system and ultimately, the colossal loss of national income.